More than 4 years ago, I was giving advice on finding a job in an employer’s market. Right now, things have changed significantly and workers are in the best position they’ve been in years. Businesses are hiring more than ever, and you have real leverage to command better pay and better working conditions–all of which are pointing towards an employee’s market
In an employee’s market, opportunities abound and smart moves can mean significant rewards like $10,000+ raises, more flexibility, and better job security. In this post, I’ll show you how you can maximize your opportunities in an employee’s market.
Get A Strong Raise
We recently conducted a survey that revealed that 70% of Americans say they don’t earn enough money. 70%!
But you have the power to increase your salary right now. I’m talking about BIG numbers.
A recent report from the Bureau of Labor Statistics showed that “1 in 7 US businesses raised wages in 2021 because of the pandemic.” About 5% of businesses also paid temporary or permanent wage premiums, one-time bonuses, referral bonuses, and more.
Need proof? Take a look at a few of the responses I received when I asked my Twitter followers to share if they’ve gotten a $10k raise in the last 12 months. (I got so many responses that I had to delete the tweet!)
Here’s a story from Nicolle G.:
“I was interviewed on my maternity leave. I was offered the job within 2 weeks of my initial interview. It is currently work from home, which is great and allows me to spend a lot of time with my new baby. My last job … I had made just about $36,000. My salary now is just over $57,000 — plus way better benefits. To add the cherry on top, I’m eligible to earn just over $69,000 after one year at this job.”
All $10k+ raises. All within the last 12 months.
If it’s possible for them, it’s possible for you.
This is the power of being in an employee’s market. YOU have the leverage. Learn how to negotiate a gigantic salary increase and start enjoying the perks.
Request More Work Flexibility
Companies are also bending over backward to offer perks like flexible work arrangements. If you want to work from home, reduce hours, or even shift your schedule, now is the time to ask. Employers understand that to retain talent, they need to offer more than just a paycheck. You can negotiate different types of flexibility, including:
Remote Work
The shift to remote work is one of the biggest changes in the modern job market. Whether you want a full-time remote position or a hybrid setup that allows you to work from home part-time, now is the perfect time to request it. Employers are increasingly open to these arrangements to keep talent engaged and happy.
Flexible Hours
If your schedule is more important than location, consider negotiating flexible hours. This option lets you adjust your work hours to fit your lifestyle, whether that’s starting earlier, working four-day weeks, or customizing your daily schedule.
Part-Time Options
For some, working fewer hours while maintaining their position is the ultimate goal. If this is what you’re seeking, now is the time to ask. Part-time work arrangements allow you to reduce your hours while keeping the security and benefits of your role.
It’s clear that employees are prioritizing flexibility, and businesses are responding in order to keep their best talent.
Look For A Better Job
If you’re not getting what you need from your current employer—or just want to switch industries—start looking elsewhere. The demand for workers is high, which means it’s much easier to find a job that offers better pay, benefits, and flexibility.
Use this time to polish your resume and cover letter, prepare for job interviews, and reach out to your network. This way, you’ll be prepared for when your Dream Job shows up.
According to a Pew Research Center study, 61% of workers who switched jobs in 2021 said it was easy to find a new position. And more than half reported getting better pay, more advancement opportunities, and greater flexibility in their new roles. Don’t hesitate to take this step—it’s a golden opportunity.
I encourage you to check out all of the free resources linked in this post. I get emails all the time from people who have used my free material to change jobs, get raises, or negotiate other perks. Want to go even deeper? My Find Your Dream Job program shows how you can use advanced negotiation power dynamics, including a script to guide you through the discussion.
How An Employee’s Market Is Different From An Employer’s Market
In an employer’s market, companies hold most of the power. More workers are competing for fewer jobs, making it difficult to negotiate higher pay or better benefits. However, in an employee’s market, the balance shifts and the power moves into the hands of the workforce.
That means that workers can quit their jobs, but then immediately move into a new job, often one with higher pay, better perks, or both. Here’s what Secretary of Labor Marty Walsh told Business Insider: “People are using their ability, their leverage right now to move into better-paying jobs.”
True, inflation does dampen some of the effects, but many workers are getting THOUSANDS of dollars in raises, enough to offset much if not most of rising inflation.
Secretary Walsh added, “Workers are using their leverage in the labor shortage to get better pay. Walsh also pointed out that the most successful companies will be those who adapt to what employees want.
This power shift creates a unique opportunity for you to negotiate for more, whether it’s better pay, flexible working conditions, or additional perks.
Take Advantage Of This Opportunity
The current labor market won’t last forever. If you want to secure a raise, find a better job, or get more flexibility in your career, now is the time to act. It’s your moment to take control and build a career that truly supports your Rich Life.
Want to make even bigger career moves? Check out our Ultimate Guide to Getting a Raise and learn how to maximize your negotiation strategies so that you can start getting paid what you deserve today!
