Salary negotiations can be tricky, but there’s no avoiding them. At some point in your career, whether you’re applying for a job or angling for a promotion, you’ll find yourself in the middle of a salary negotiation.
These conversations don’t have to be uncomfortable. As with anything in life, knowledge and preparation can make all the difference. As an employee, if you know your value and you can back it up Quantifiable resultsYou can make a compelling case during your salary negotiations.
However, there are always changing trends and things to consider when job seekers are preparing to negotiate their salary.
The economy can change in a heartbeat
This is an important point to remember and 2020 is a good example of how quickly the economy can change. As a result of the COVID-19 pandemic closing businesses and changing business models, many companies have been forced to lay off employees.
With the availability of vaccines in 2021, businesses are starting to reopen but the market is completely different. For example, industries like restaurants, retail, hospitality and the like have been significantly affected by the pandemic. Seasonal jobs They are struggling to fill jobs and raising wages to entice job seekers to work for them.
On the other hand, many employees got a taste of remote work in 2020, so the demand for remote jobs is increasing. recent FlexJobs Survey Post-pandemic, 65% of people still want to work remotely full-time, and another 33% prefer a hybrid work arrangement where they split their time around the clock between the office and home.
Many in-demand industries such as tech & software, cybersecurity, e-commerce, gaming and telemedicine lend themselves to remote work and the market for such roles will be extra competitive. If you find yourself looking for a job in one of these industries or other in-demand industries, you may be going up against people with very similar skills.
This can significantly affect your value, especially if you live in a market where there are more qualified people with the same skill than available jobs. In these cases, you may have to go the extra mile to stand out, and you may still be looking at a small pay cut.
But, on the opposite end of the spectrum, if you live in a market where your skills are in demand and there isn’t much competition, you can use that to your advantage during salary negotiations.
Salary largely depends on experience, location and financial conditions. All of these things are very fluid and that’s why it’s important to do research.
Speaking of research..
Never stop researching
Salary research is not limited to job seekers. This is something that all professionals should do.
Even if things are going well at your job and you’re not necessarily in the market for a raise, sometimes it’s a good idea to check the market to see what the average salary is for your position at any given time.
The need for stable salary research is even more important in a post-pandemic economy where the market is highly volatile. Every industry has been affected differently by COVID-19, and this will ultimately play a role in the salary increases that companies offer to current employees and new hires.
According to published research on the topic Society for Human Resource Management On the website, company leaders are expected to increase compensation between 2.6% and 3% in 2021, but industries will be affected as disproportionately as in 2020.
There are free resources available that can provide some valuable information about job salaries. Glassdoor has Salary Calculator Appraisal allows professionals to enter information about their current career, work experience and market to provide a market value.
The more information you have about your worth, the more comfortable you will be about negotiating salary. It’s also important to remember that salary is only one part of the equation. Many companies offer strong offers Employee benefits packages Includes generous paid time off and good health insurance and retirement benefits, among other perks.
Salaries are always changing
Just because you get a certain salary today doesn’t mean it will stay the same or increase. Job responsibilities and requirements can change, and the best employees are usually one step ahead and willing to be flexible.
Take a step back and think about how your job would change. Get the skill sets you need to get ahead and take the time to find ways to go the extra mile and expand your job responsibilities. By doing this, you can not only grow in your job position, but also set yourself up Move up Inside the company.
These qualities will not only help you justify your salary but also give you some leverage in salary negotiations if you are seeking a salary increase.
Salary and career planning go hand in hand
Salary increases usually do not happen by accident. They are usually the result of hard work and continuous career growth. From the moment you start a job, you should always be thinking of ways to not only meet but also exceed expectations.
By creating a career map, you can gradually plan your goals and strategies Increasing your value As an employee. As you check these achievements, you can get a sense of whether you are on schedule or ahead of schedule to reach certain career milestones.
Tracking these milestones is important because it helps determine the right time to bring up the topic of salary and strengthen your case during negotiations. Remember, it’s important to always know that you belong to a business and the value you bring to your employer.
Some salary negotiation tactics will never change, but at least for the immediate future, it’s important to keep track of post-pandemic trends and their effects on salary.
Need more help with salary negotiations?
We’d love it if you signed up Work It Daily Event Subscription! Get your career questions answered at our next live event!
This article was originally published on an earlier date.
From your site articles
Related articles around the web