It’s an employee’s market right now. Here’s how to make the most of it.
Less than two years ago, I was giving advice on finding a job in an employer’s market.
I said to shift your mindset from that of a job seeker to that of a Top Performer. Don’t try to just land a job. Show the company why they’d be lucky to have you. You want to evaluate the company in the same way they’re evaluating you.
In an employer’s market, you might feel that you’re at a disadvantage because there are so many other people competing for the same job.
Rather than think of yourself as one of hundreds of applicants to a job, instead think of yourself as the BEST applicant for a job. You need to show the company why you’re the best candidate for the job … and why they’d be lucky to have you. (I show you how in my Find Your Dream Job program.)
Can I tell you the secret?
That advice is the same even in an employee’s market!
The difference: in an employee’s market, you’re in a better position to negotiate. Here’s what to do:
- Get crystal clear on your Dream Job and company.
- Network. Find people who work at your Dream Company or in your Dream Job and reach out to them.
- Dial in your resume and cover letter.
- Prepare to negotiate.
How an employee’s market is different from an employer’s market
You’ve heard about the “great resignation” or whatever the hell they’re calling it now. Workers are quitting in record numbers … but businesses are hiring MORE people than ever.
That means that workers are able to 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, adding: “People are using their ability, their leverage right now to move into better paying jobs.”
True, inflation does dampen some of the effect, but many workers are getting THOUSANDS of dollars in raises, enough to offset much if not most of rising inflation.
Labor Secretary Marty Walsh said “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.
That opens up a HUGE opportunity for you to negotiate raises and additional perks.
Here’s another example. A Pew Research Center study looked at why people quit their jobs in 2021 and what they’re doing now.
“A majority of those who quit a job in 2021 and are not retired say they are now employed, either full-time (55%) or part-time (23%),” the report found. “Of those, 61% say it was at least somewhat easy for them to find their current job, with 33% saying it was very easy.”
And those new jobs paid more: “At least half of these workers say that compared with their last job, they are now earning more money (56%), have more opportunities for advancement (53%), have an easier time balancing work and family responsibilities (53%) and have more flexibility to choose when they put in their work hours (50%).”
Get a $10k+ 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!)
“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.
If you want to switch industries, this is an amazing time. If you want to negotiate a flexible lifestyle like working from home, you can do that. Or if you want to negotiate a gigantic salary increase, it’s possible.
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. And if you want to go even deeper, my Find Your Dream Job program shows how you can use advanced negotiation power dynamics. We even include the exact word for word scripts to say in negotiations.
Don’t wait to take advantage of this big opportunity
Now is a GREAT time to make a huge change in your career.
There’s no better time to find a job that lets you love what you do, get paid what you’re worth, and enjoy a career tailor-made to fit your lifestyle and goals — in short, to have a Dream Job that supports your Rich Life.