Posted in Article
07.28.2021
As of April 2021, new jobless claims have hit their lowest point since the beginning of the COVID-19 pandemic. Though millions of jobs were lost and not yet recovered since the beginning of the pandemic, negotiating a salary and the skills needed to do so successfully are more important than ever.
However, the nuances feel like they have changed slightly. How do you negotiate a higher salary when you’re still working remotely? How does your current boss or potential new manager quantify your worth in this newly evolved work-from-home culture? On the flip side, how have negotiations tactics changed for your current company or your potential new employer? Has everything stayed the same?
Overall, the good news is that the skills needed to negotiate your pay rate are largely the same. Michael Neece, CEO of InterviewMastery.com, says, ‘You have more leverage than you think. It’s so time-consuming for the employer. It’s so hard for them to find someone to hire. So all of a sudden, the leverage shifts to the job seeker when they really want you.” InterviewMastery.com provides video-based apps to recruiters, candidates seeking employment, and hiring teams. The takeaway here? While it’s easy to feel as though you, the applicant, are the one without any power in the situation as you have the most to gain, i.e., stable employment, this is simply not true. It takes resources to find a talented, capable person to do the work and these hiring managers and teams want to fill the position sooner rather than later.
As a rule, the first person to give a number during a salary negotiation loses. Gregg Podalsky, CEO of American Recruiting & Consulting Group, says that the trick question the applicant will be asked during an interview is, ‘What are your salary requirements?’ and that this is a trap. Podalsky elaborated, “Job seeks can either lock themselves in at whatever number they gave, or they can scare the client off because they go in with too high of a number.” Hiring experts agree. It is widely supported that by not giving a number early on in the process but instead asking for a salary range for the position, the applicant retains some of their leverage.
This is where the long-term effects of COVID come in. Once you receive the job offer and start negotiating your salary, you have to be careful. We are in a new and different job market. If they offer you a number you are hoping was higher, you can make a counteroffer of your preferred number and tell them that you can start in two to three weeks if they are willing to raise their offer. This way, you can reject their offer but accept the elevated offer if they are willing to work with you. If they can’t meet you at your new number, be mindful that we are all in the uncharted, post-pandemic territory.
As we continue to move forward into 2021, we will start to see a larger mix of companies that allow you to work from home part-time and go into the office part-time. These concessions are being made by companies all over the world. But as our workplace paradigms and values shift, you may be able to see that salary negotiations shift as well. A larger offer for your position may have been available to you pre-pandemic, but now, as companies are adjusting to the current market, the flexibility of negotiations could change as well.