Prices increase. How much should your salary increase?

CNN

By Kathryn Vasel, CNN Business

When it comes to salary negotiations, job candidates carry a lot of clout these days.

“There are a number of economic factors that are relevant to thinking about wage negotiations right now,” said Linda Babcock, professor of economics at Carnegie Mellon University. Along with rising inflation, the nationwide labor shortage – there are now nearly two jobs available for every job seeker – has given workers “much more bargaining power. than they traditionally had in weaker labor markets,” she said.

With that in mind, here’s how the experts suggest you handle salary negotiations in today’s market:

Nice to meet you, how much do you want to earn?

Recruiters are tackling the issue of salary much earlier these days.

“What has really accelerated in the last few months is companies asking candidates very early in the process what their salary expectations are…at the start of maybe the first interview or the screening interview, c It’s something I see happening a lot more than I’ve used it. said Kate Dixon, CEO and Founder of Dixon Consulting.

But just because they ask doesn’t mean you have to give a number.

Dixon recommends saying something like, “Without knowing more about the work and your total rewards, it’s hard for me to give you a firm number at this point. What is the hiring range for the position? »

Keep in mind that many states and cities have laws prohibiting employers from asking about salary history, and some laws require companies to provide salary ranges in certain situations.

Prices are rising…so how much should your salary be?

If you have an offer and the salary is less than you expected to earn, don’t hesitate to negotiate – just be sure to do your homework first.

“There’s more leverage, there’s a labor shortage, businesses need good employees, and with inflation, asking for more is justified,” Rellie said. Derfler-Rozin, associate professor of management and organization at the Robert H. Smith. University of Maryland School of Business. “There is room for negotiation. The key is preparation. »

Several factors should go into a salary figure, including typical compensation for someone in your role, your industry and location, the unique skills and value you will bring to the company, and economic conditions. such as inflation and the labor market.

“It’s really important to be well calibrated. You don’t want to come in and ask too little, but you certainly don’t want to ask too much that it’s not believable,” Babcock said.

Online job sites, including Glassdoor and Payscale, can help you find the salary range of someone in a similar role in the industry, but talking directly to other people in the field can also be useful.

“I encourage people to go beyond what you find on the web,” Derfler-Rozin said. “If you know people who have worked there or have worked in a similar place, try to have a casual conversation with them and get their advice. People are generally more willing to help and mentor… than we actually expect.

While inflation may be part of your reason for negotiating a higher salary, Derfler-Rozin said it shouldn’t be the central argument. Instead, she said to focus on your unique skills and values.

After showing enthusiasm for the offer, she recommended saying something like, “I hope we can discuss something that appropriately reflects the value I bring to the company based on my performance. , my past skills and education. Also, naturally taking into account factors such as the cost of living and rising inflation.

When you don’t want to go to the office every day

Negotiating full or partial remote work is likely much easier since the pandemic has forced many companies to send workers home to work.

If you’re looking for a flexible work schedule, Dixon recommended emphasizing the business benefits of the arrangement.

Dixon suggested saying something like, “Over the past few years I’ve found that working remotely really increases my productivity, so I’d like to spend two days at home and three days in the office. How does that land?

But if being able to work remotely is a must for you, don’t wait to talk about it until you have an offer.

“More employers are being upfront about it: ‘it’s an entirely remote role,’ or ‘it’s a hybrid role,'” Dixon added.

To find out about the work schedule early on, she suggested saying something like, “I’m happy to talk to you about the role. Given the way I like to work, I only consider hybrid or fully remote opportunities. Can you tell me how the organization sees this? »

Get that ring light

Although working from home allows you to avoid travel, it requires certain equipment, which can be expensive.

“It certainly makes sense to have a good camera, lighting system, chair, printer, whatever they would buy for you if you were in the office. It’s a reasonable thing to ask for them,” Babcock said.

You can ask if the company offers a work-from-home allowance. And, if they don’t, Babcock suggested creating a spreadsheet of the item projections and the costs you plan to incur to set up your home office.

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