Attention employees – in a tight labor market, you have the upper hand. At least for as long as the labor market remains at historically low levels. The Bureau of Labor Statistics says that unemployment is still around 3.9% and in 2018 wages went up a bit. This means the American worker can expect employers and recruiters to be very interested in enticing them. Workers with top skills are in demand. Here’s how you can take advantage of today’s tight labor market.
Time to Job Jump?
“The employer/employee relationship is a fully transactional one (it is not a marriage), and the rules of the game allow – and even dictate – that you leave one employer for another from time to time.”
Much has been written about the new normal, fueled in part by millennials, to stay in a job for just a few years, then jump for more money. Job jumping your way to a raise is something many workers are considering; Mind The Workplace says 71% of employees were thinking about leaving their current role. What was the top reason they gave? Low salary.
If you’re one of those workers, it’s probably time to reach out to a recruiter, who can probably connect you with opportunities where the salary or bonus structure is higher. This is particularly true in the technology field, where skills are highly in demand. Recent data published from CNBC shows that people who switched jobs saw their wages rise by nearly 4%.
However, many technology workers hate the drama of switching jobs. If you like the work environment you’re in, how can you leverage the current state of the employment market to improve your situation? Here are some ways to help you ask for an increase at work:
- Research salary trends on sites like Glassdoor, and then gather the data that shows you are being paid less than the going market rate.
- Request a meeting with your supervisor and define this data along with evidence of your performance. If you have been meeting or exceeding the job expectations, share this information with your employer.
- If your request is denied, handle it professionally. Try to balance the other perks of the job against the salary then ask yourself is it time to reach out to a recruiter.
- Recruiters work confidentially and can help you search for new opportunities that fit within your skillset and salary requirements.
Taking the next step toward a new job can feel earth-shattering. You may not feel that your skills are in demand or that you lack significant experience. But Forbes shares some insight that you may not have realized:
“In a tight job market, employers become more willing to modify or adjust the qualifications for positions and even consider fewer years of work experience and reduced educational requirements to get you in the door and fill their jobs.”
The point here is that low unemployment means that you have more control over your career path. The jobs are out there if you’re willing to take the plunge. Blackstone helps candidates renegotiate their careers by matching them with the best technology positions. Talk to us.