#CareerAdvice : #JobSearch -Tips for Leveraging Today’s Hot Job Market—Without Overplaying Your Hand.
It is the hottest job market in decades, but that doesn’t mean playing it to your advantage is easy or obvious.
After more than eight years of U.S. job growth—the longest streak on record—employers across a swath of industries from health care to manufacturing have more positions than they can fill. The demand is a big reason the share of workers voluntarily quitting their jobs hit a 17-year high in 2018, said Jed Kolko, chief economist at job site Indeed, who adds that many of the biggest wage gains have gone to those who have jumped to new positions.
“If the market does soften and companies start cutting back on their expenses, it’s not always a good thing to be the newest or highest-paid person,” Ms. Britton said.
But outside a group of highly sought-after tech workers routinely fielding job offers, it can be tough for employees to know how much leverage they have to parlay the tight labor market into higher pay, a promotion or better job. While many of the old rules of job-hunting etiquette and strategy still apply, it pays for job seekers to be bolder than they might have been in previous years, recruiters and hiring managers say.
“Now is a great time for people to consider job opportunities they didn’t bother looking seriously at before,” as employers drop education and experience requirements for some roles, and boost training and support for new hires in others, said Brandi Britton, district president for staffing and recruiting firm Robert Half.
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She recommended researching roles online for which your skills and expertise might be advantageous and asking for informational interviews with colleagues and acquaintances to learn about new fields. But she cautions against job hopping solely for a salary boost. “If the market does soften and companies start cutting back on their expenses, it’s not always a good thing to be the newest or highest-paid person,” Ms. Britton said.
Real-estate mogul and “Shark Tank” investor Barbara Corcoran advised anyone itching for a change to first schedule a career discussion with their manager, even if the appointment is weeks away or they don’t know yet what exactly they want to achieve. “You might be anxious for the next month, but that will force you to prepare your pitch,” she said.
Employees should approach the conversation with a list of accomplishments and the ways they contribute to the firm beyond the standard requirements of the job, building an argument for why their talents should be put to use on bigger and better things, she said.
If you do go in with an offer from another firm in hand, Ms. Corcoran recommended broaching the subject by stressing how much you value your current role, then asking about your prospects for advancing at the firm and only bringing up the outside job offer as a last resort. Just “telling your boss someone wants you and you want more money if you’re going to stay is the business equivalent of putting a gun to someone’s head,” she said.
Many bosses are willing to look for ways to meet the compensation goals of employees when it seems mutually beneficial, she added: “It’s such a pain in the neck to replace someone who’s mid career with a good track record, who contributes to the team and is easy to work with.”
Likewise, recruiters say it is important to emphasize to any prospective employer with whom you interview that your goal isn’t so much higher pay (even if it is) as it is a better chance to fulfill your career goals.
Sometimes more unconventional tactics work. Cassidy Williams, a senior software engineer in Seattle who has held five jobs in the past five years, said she was rarely looking for the offers when they came her way. Before accepting a new job, Ms. Williams said she typically creates a pro-and-con spreadsheet, weighing the advantages of staying versus leaving. She then shared it with her parents, friends and mentors to get their input.
In one case, she even shared it with both her then-employer and the prospective one, pointing out the differences, including higher pay, between the two. “It was actually incredibly helpful,” Ms. Williams said. Though her employer was willing to discuss a raise, she said she ultimately decided to take the new job.
Even if you are planning to stay put for now, the stability of today’s job market makes it an opportune time to gird for when it does cool. Katie Bardaro, chief economist for compensation research firm PayScale Inc., recommended asking for a stretch assignment outside of one’s normal responsibilities, or signing up for a free training program or other company-offered education benefit. More employers are offering or expanding such perks to retain workers. At companies such as Walt Disney Co. and Discover Financial Services , for example, entry-level workers such as line cooks and call-center staff can earn a fully paid college degree while they work.
“The important thing is to keep growing and learning, through new projects or other opportunities, so you don’t run the risk of stagnating,” Ms. Bardaro said.
—Chip Cutter contributed to this article.
Author: Kelsey Gee at kelsey.gee@wsj.com
WSJ.com | January 23, 2019