Why the Current Job Market Give You More Negotiating Power
- Right now, the WI unemployment rate is about 3.2% (To give you a reference, in 2010 it was about 9.3%.) Most employees are currently working and companies are really struggling to fill open positions.
- Companies are offering higher wages, sign on bonuses, flexible schedules, and more incentives to attract candidates
- In turn, employees have more job possibilities to consider and they are being very selective. They don’t have to settle and take the first offer.
- If you enjoy your current role but are seeking higher pay/salary, talk with your supervisor first. Bring a list of your accomplishments and documentation. Make the conversations brief, professional and ask for the consideration.
- If it is a promotion or higher-level responsibilities, bring 3-5 reasons why you would be a good fit and also 1-2 things you will commit to in order to grow in the role. In a tight market, many companies do not want to lose key employees. In the past, they may reject a current employee for a promotion due to a lack of experience; however, some are modifying or adjusting the requirements needed. This may be the opportunity for you to achieve your goals without having to leave the company.
- If these conversations don’t go as desired, be sure to create a strong resume that highlights your accomplishments. Use strong action words and proofread it several times.
- Network, ask friends for their recommended places to work, and search online ads. Find out what it takes to be successful in the role and sell yourself. Be professional, friendly and be able to articulate how you have saved your current company time, money, efficiencies, etc.
- Negotiate regarding pay, benefits, and key areas of importance to you without sounding arrogant or demanding. Be positive, professional and confident but also explain that they in turn will get a stellar employee.