Lets say you’re happy at your current company, but feel that the market rate for your skills has increased over the past year. Maybe that’s partially due to 7 – 8% YoY inflation, which seems like a valid concern when discussing cost of living adjustments. But I’ve seen several people say citing inflation is a bad strategy, since it doesn’t say anything about your contributions.
The conventional wisdom is to demonstrate your value to your company, Which I suppose is always valid. But over my career, I’ve had mixed results with trying to translate various accomplishments and achievements into dollar values for the company. It’s usually “Good job, and we hear, you, but there’s no budget.”
But given then current worker shortage, I wonder if that dynamic has been flipped somewhat. That a large part of your current “value” is your very presence in the position. And if they don’t recognize your value then it’s their loss, and replacing you will turn into their headache.
Personally, I’ve been contacted for a few jobs which pay between 10 and 20% more. I’m wondering if the best negotiating tactic is simply sharing my newfound market research, and telling them I have no desire to leave but will be forced to listen to these opportunities if the gap in compensation remains so large. For context, I am in the middle portion of my career which requires skills and experience specific to our field.
What I have learned is no positions are unreplaceable. And employers may not even care about labor shortage at all.
If you share the details of any offers that you have, you need to be prepared to leave if they don’t play ball. Don’t be surprised if they view your market research as a lack of loyalty. Employers tend not to trust people who they believe are on their way out the door or are a “flight risk”. Just have a plan for if they still say no.
Get aligned with a new job (with offer letter at hand), then try and negotiate your requested raise with your current employer. If they don’t bulge, accept the new job, and give the current employer their 2 weeks notice. Don’t tell them your job seeking plans or status. That should not be the catalyst for them to agree on a requested raise. Plus, it can backfire.
I doubt they’ll give you a raise based on recruiter messages. You can try, but my guess is the only way you’ll get that raise is to interview and show your current job the higher offer
You just get a new job. I’ve never understood people’s desire with staying with an employer that obviously doesn’t care if they stay or leave.
“I’m being offered more money to go elsewhere. I have a family to support, and I’m begging you to help me justify staying here by giving me a significant raise”
What job field are you in? This is a big factor in determining how much leverage you have. What’s the salary range for your job? This is important to know how your company aligns their ranges to the market ranges. It also can help in your negotiations. Negotiating during merit discussion is likely too late. Most companies have budgets and have to get increases approved by multiple people. If you want to have your manager be open to considering a higher than normal merit, you should negotiate right before they do performance reviews. If you work for a small company or are making close to minimum wage, you probably have a better chance to bring up inflation as part of your negotiation.
Cynically speaking, an employer is going to pay you the lesser of
1. the profit that you generate for them, or
2. what it would cost to replace you if you left (the market wage for your position)
To the extent that inflation factors into these calculations at all, it is that inflation can reduce (1) by driving up your employer’s other costs. In other words, high inflation potentially makes your employer *less* able to give to a raise.
High inflation does not itself increase the market wage for your position. So what if your personal expenses are going up. How does quitting your job for one that pays the same or even less help you?
However, a strong demand for workers *will* increase the market wage for your position, and thus increase the wage that your employer should be willing to pay to keep you. If not then you can leave that employer for another employer who will pay you more.
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