So here’s a surprising truth. Chances are a new job will pay better than the one you have. Why? Well, most employees don’t negotiate their salary. Glassdoor recently reported that in 2021 women are 19% less likely to ask for a raise this year than men. Just over half of all employed workers have any intention of negotiating a pay raise, bonus and/or cost-of-living increase.
Workers not negotiating higher salaries is one big reason professional services firm Aon plc projected that in 2019 companies would increase their base pay budgets by just over three percent. This was the best number since the 2008 recession. With the COVID-19 pandemic’s effect on employment, pay raises stagnated in 2020. Which isn’t great news because let’s face it, three percent isn’t a whole lot. Turns out the easiest way to make more money is to get a new job. The average job switcher bumps their pay by 5% while some see double or even quadruple that number. Conducting a successful job search can pay big dividends –– but only if you pay attention to your pay. So, here’s how to get a better paying job.
1. Don’t Sell Yourself Short
It’s often easier to talk ourselves out of something rather than into it. When you see postings demanding years more experience than you have or a specific skill, that doesn’t always mean you won’t be considered. Yes applicant tracking systems weed out people who don’t have desired qualifications. There are still ways to tailor your resume to champion the skills you have and the leadership role you play. Forcing yourself to take on more responsibility and pursuing a position outside of your comfort zone is a great way to earn more money in a new job. Another thing to keep in mind that a low-level job at one company may be a high-paying career at another. Managing a law firm’s website gave one person the skills to land a Director of Communications job.
2. Do Your Research
There’s little point in switching jobs if your new employer goes out of business a few months later. Do your due diligence –– just as you would if you were interested in buying a business. Companies unexpectedly fail all the time and some businesses are better at concealing losses than at turning a profit. The point is to not let laziness or shortsightedness determine your future. Besides data provided on publicly traded companies, look for reviews and other information on job posting sites.
3. Network
As I pointed out earlier, outside hires generally earn more than internal promotions. That’s why you need to get a jump on lower-priced competition and submit your resume as early as possible. Job postings may not even appear online until long after internal candidates are vetted. Reaching out to your contacts can potentially move your resume up in the pile. It reminds them that you’re on the job hunt. That’s definitely how to get a better paying job.
4. Negotiate
Your work isn’t done when you are offered a job. Not only do most salaries have some wiggle room, you may earn more precisely by asking if the offered wage is the highest available. Remember, don’t give out your ideal number –– let the prospective employer make an offer and move up from there. Make sure you know your worth based on both the local marketplace and national averages provided by the U.S. Bureau of Labor Statistic’s National Occupational Employment and Wage Estimates.
It’s okay to ask for a bit more time. Ask the interviewer for a day to think the offer over. If you are waiting to hear back from another potential employer, you may need a bit more time. If they need an answer sooner, they will let you know.
5. Self Improvement Pays Off
Maybe you took a management seminar, perhaps your interests are photography. Large companies have a need for just about every skill set. Unfortunately not mentioning them can keep you from being considered. If you feel there are gaps in your resume or other things you want to learn, take care of it now. Lockdowns forced students into online classes but in 2021 many colleges will not only continue to educate students remotely but expand their offerings. That makes excuses for not earning a credential or certificate much harder to come by.
The COVID-19 pandemic upended ordinary life –– from travel to employment. Yet in 2021, the outlook is improving. There’s no reason to doubt that this may continue and help you find a better paying job.
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