Want to earn 23% more? Here's how to maximize your leverage with employers regarding salary, flexibility, and perks.
This week, we’re focusing on an essential topic: women increasing their earnings. Knowing how to boost income is crucial for building wealth and securing a stable financial future. Current data suggests that there’s never been a better time for women to pursue new job opportunities and negotiate for higher pay.
In November, the latest figures showed a staggering 4.5 million people voluntarily left their jobs, with estimates suggesting about 47 million people made this choice in 2021 — roughly 33% of the workforce. These numbers may seem surprising, but many individuals have valid motivations for making a change.
Today marks a prime time for women to negotiate salaries, the best since 2008. Research from the Conference Board reveals that companies have earmarked more funds for raises than in the last 15 years. Additionally, a study by Skynova indicates that job changers are securing an average salary increase of 23%, which is significant.
We’re hearing that job seekers are now finding opportunities with higher salaries, more flexibility in work schedules, and additional perks. Given this shifting landscape, it’s important to understand what’s really happening in the job market and what you should know before embarking on your job search.
To shed light on these topics, we’re joined by Kathryn Minshew, CEO and co-founder of the job search platform The Muse, and co-author of “The New Rules of Work: The Modern Playbook to Navigating Your Career.” A recent survey from The Muse found that 67% of adults are considering changing jobs this year.
Join us as Kathryn and I explore what job seekers truly desire. (Spoiler: Work-life balance, growth potential, and company culture matter more than just salary!) We discuss the current restlessness among workers and whether individuals are indeed finding the flexibility and family-oriented benefits they’ve long sought.
We also examine how the pandemic has transformed job searching, networking, and interviewing. It’s crucial to be aware of these important shifts as you navigate your career path.
“There’s so much you can request,” Kathryn explains. “This is an excellent moment to ask for flexibility if that’s important to you, to inquire about additional benefits, and to review the whole compensation package. Each employer has unique circumstances, but there’s ample opportunity to achieve what you want, especially if you’re clear about it and engage in open discussions.”
We tackle the often-controversial topic of job hopping—does it really carry the stigma we’ve been led to believe? And what should you keep in mind when updating your resume, especially if you have gaps or short-term positions?
As a bonus, Kathryn also provides tips on crafting a resignation letter that can help secure a positive reference from previous employers. In our Mailbag section, we address salary negotiation and strategies for refinancing student loans. Lastly, in Thrive, we discuss the importance of utilizing, trading, or selling your gift cards promptly.
