Since the Great Recession of 2007-2009 and the Financial Panic, the COVID-19 pandemic has been a significant event reshaping the U.S labor market. Nearly 20 million employees left their jobs between March and April of 2020. With workers quitting their jobs at a record pace, employers now live at the edge of lower retention rates and increased resignation.
Almost two-thirds of the private sectors in the United States raised the weekly wage to 5% higher in 2021 than in the second quarter of 2020. The most recent data by the Quarterly Census of Employment and Wages shows that private sector payroll workers are getting a higher wage. Still, the sharply higher inflation has affected workers’ real purchasing power.
Considering all the stats and facts above, asking for a salary negotiation at this point is a difficult task. You are in for some rough ride, especially if it is your first time thinking about having a salary negotiation discussion with your boss. Fortunately, a study says that 75% of managers expect negotiation during a job offer. However, workers often do not initiate negotiations opportunity.
To help you further with this we have brought some experts-backed tips that might help you get your desired salary.
Try Staying Silent after Saying What You Want
Salary negotiation is nerve-wracking. Employees often cover up the discomfort with more and more words, only to justify what they are asking. If you are well aware of your worth and know your market value, you do not need to explain your demand. You should prepare for questions your employers ask about the negotiation, but you should not over-explain yourself.
Furthermore, it would help if you did not extend the discussion to a personal level. Instead, putting a clear statement like “I am looking for a salary in the X range, based on my market values and skills.” A report like this represents confidence and increases your chances of receiving a positive response.
Try Being Reasonable
The biggest turn-off in negotiations is when candidates ask for an outrageous salary and stick to it.
Higher inflation rates allow easier things in life like cable TV, internet, and phone service. Fortunately, several service providers like Cox offer phone and internet bundles, which adds value to the services. With bundles, you not only get a hassle-free combined service, but if you choose Cox, then Cox Customer Service adds to the exceptional user experience.
While bundles can cover the entrainment need in your house, there are more bills left for you to pay. For this, you need a pay raise. However, we suggest you try being reasonable with your demand. You have to make sure that you leave space for a positive response from your employer.
Go by Worth, Not Market
The current labor market is intense. It is easy to find job openings with hundreds of people resigning daily. It is easy to find your market value time by putting your title online. However, nothing throws an employer off than a candidate claiming their market value. It would help if you were compelled to highlight how you are the best fit for the role and add value to the organization.
Wrapping it Up!
You have to highlight the value you add to the potential or current organization. You can elaborate on the goals you have achieved for the company or looking forward to completing. Rest; make sure you are confident at the time of salary negotiations.