Picture this: You just received a job offer after months of searching. It’s now time to discuss salary. The initial offer is tempting, in fact, it’s 10% higher than what the recruiter offered during the preliminary screening. You take it. Months later your landlord hikes your rent. What was to be meaningful financial progress did not get you ahead at all.
That’s the reality many workers are facing. A recent Pew Research Study suggests that today’s wages have the same purchasing power as they did in 1974, especially for lower wage workers. Despite low unemployment and higher paychecks (adjusted for inflation) we’re just not financially progressing.
It certainly seems bleak but you have control regarding your income. What can you do as a jobseeker to ensure your personal financial progression?
“That’s a good place to start”
If you’re being lowballed in a salary negotiation, don’t be afraid to literally say “That’s a good place to start”. Hiring managers have wiggle-room and expect to use it if you plead your case. This initial offer does not anchor you to a set amount, so understand what the responsibilities are worth and where you need to be financially to re-anchor, so-to-speak.
Understand your buying power.
What do you need financially and what can you do about it? Firstly, understand your regional labor market. Wages vary depending on where you live; do your research before you go into negotiation. It stands that you should be making a reasonable salary per your city. An administrative assistant in the Bay Area should make more than one working in Cincinnati.
At Talent Works we’ve found that going back to school or earning additional accreditations actually improves your professional acumen by +21.9%. If going back to school isn’t possible, check-out what skills/online courses you can take to give you the edge over competition.
Negotiation makes a difference. Need help? We’re the Jiminy Cricket to your job search.
For $10/month we can automatically find the best jobs and pre-fill job applications for you based on your desired role, location and years of experience. In addition, you’ll get our Interview Guarantee — if we can’t get you an interview within 60 days, we’ll refund everything back to you, guaranteed. (90% of job-seekers using TalentWorks get an interview in 60 days or less).