There are specific techniques to help you make that determination, but a good starting point is considering what drives the employment market.

Understand the Dynamics of the Job Market

Generally speaking, the employment industry is like any other industry. It is governed by economic cycles, fluctuation in consumer demand for the skills of certain professionals, and psychological forces that come into play when certain jobs are touted as “hot” and others as “not.”

To illustrate: Consider what has occurred over the past year among the dot-com firms. A year ago, anyone with six months’ technical experience with a dot-com enterprise — even a small unknown — could virtually write his or her own ticket in making a profitable move to another Internet-based organization. Quality of project involvement and time-sensitive delivery of Web-based services mattered more than tenure on the job. “Talented techies” could interview with competitor firms, knowing that their demonstrated skills and successful projects could earn them significant salary increases and other impressive perks.

That has since changed. The dot-coms are no longer the darlings of Wall Street. The astonishing drop in their stock value over the past year has made investors very leery of offering second- or third-round financing. As a result, instead of launching major hiring campaigns, prominent Internet companies have downsized considerably, with the prospect of more job cuts on the horizon.

In simple terms, the market worth of a Senior Product Manager, Technical Illustrator, or Web Developer working for a dot-com is not what it was a year ago. And who can say for certain how that will change in the near future? Thus, job security — always an elusive concept — is all the more illusory in today’s workplace.

Realize Your Market Worth Is Relative

Against this backdrop of understanding the dynamics of the employment industry, certain rules for determining one’s marketability become apparent.

Rule One

Your market worth is a matter of what a prospective employer is willing to pay for your services vis-à-vis other competitor sources of such a service.

There are, of course, objective means of attaching monetary value to specific jobs within a company. Large corporations have compensation and benefits analysts who research their industry’s hiring and compensation trends in order to be competitive in attracting highly qualified professionals.

You can get a feel for what the going rates are by looking at Web sites such as Salary.com, which offers objective salary comparisons and differentials within a profession based on geographical demographics. In reality, though, determining a candidate’s marketability is also based on subjective considerations.

You may be the very best at what you do — and sincerely believe that you deserve top dollar for your work experience and skills — but an employer may determine that what you offer is not exactly what the company needs, or that your strengths in certain areas are counterbalanced with deficiencies in other areas.

In selecting one candidate over another, an employer always needs to assess what each “brings to the table.” All things considered, for a given job opening it may be prudent to hire someone with less experience, but one who is trainable and can be groomed for additional responsibility over time. On the other hand, it may be beneficial to hire a seasoned professional who can do the job of more than one employee with less experience. Although the cost of hiring a proven producer is higher, that individual offers greater likelihood of a good return on investment early on. Thus, he or she can be viewed as a more marketable commodity.

Rule Two

Your market worth can be enhanced considerably through professional development.

A prospective employer is willing to pay more for your services if your career evidences a clear track record of success in important areas. What this means, on one hand, is that seniority on the job is no definite indication of matching accomplishments. Some folks work on a job five years and are no further ahead in their work-related accomplishments and professional development than someone else who has held the job for one or two years.

How would you rate your own career growth over the last three to five years? What have you achieved to better yourself as a professional, rather than just spend more time on the job?

Specifically: Have you earned an advanced degree or professional certification? Have you developed new skill sets that enable you to make a greater contribution to the success of your company? Have you received any industry or professional awards or other evidence of peer-recognized distinction? Have you advanced on the job more quickly than others who were hired in similar positions?

Be honest. If you can answer these questions in the affirmative, it’s obvious that you have taken steps to enhance your overall marketability. On the other hand, if you have been on a career plateau and your professional growth has stalemated over the last several years, then don’t expect prospective employers to be overly excited about interviewing you to discuss impressive employment opportunities.

Size up the Competition

Before launching a job-search campaign, it’s advisable to consider the competition. One way to do this is to work with professional recruiters who are experts in placing professionals with your background and abilities. Working full-time in the employment industry, they have their pulse on hiring trends and can offer an objective assessment of a given candidate’s marketability.

A brief informational telephone conversation or face-to-face meeting will establish the interest factor in working with you. If recruiters determine you to be a “hot commodity” on the job market, they won’t hesitate to tell you. Likewise, if you are not as marketable as other candidates with whom they are working, they will indicate such through subtle verbal cues. Pay attention and read between the lines.

This does not mean that they can never help you. But the absence of enthusiastic interest obviously indicates that their database contains more marketable individuals whose job campaigns warrant the bulk of their time and attention.

Another way to size up the competition is through market analysis of print and online employment postings. Scan the want ads in major newspapers and professional journals in your field. Also, register confidentially with several major employment portals, including IMDiversity.com. Target the positions you are ideally suited for, and then ask some hard-hitting questions:

• What is the nationwide demand for persons with your skills?
• How long have certain positions been advertised and gone unfilled?
• What is the range of starting compensation for such positions?
• To what extent would you qualify as an exceptional candidate?

With answers to these questions, you can prepare to launch a search campaign that maximizes your chances to land the ideal position you seek.