Following the labour shortage in the U.S and in most parts of the world since 2020, U.S workers, especially women, now have more negotiating power, as regards their employment rewards.
The Covid-19 pandemic which led to a total or partial lockdown in most regions of the world, caused many workers to rethink their 9-5 career and a significant fraction of who were forced to work from home and some who lost their jobs, resorted to becoming freelancers, independent contractors and remote workers. The development resulted to shortage of employable skilled workers in various industries, available for employment.
Nearly half of US workers who asked for a raise last year got one, survey finds https://t.co/FTu8933dW4
— Business Insider (@BusinessInsider) March 31, 2022
According to the results of a FlexJobs’ Work Insight 2022 survey, involving a thousand participants, 47% of 1,248 employees who asked for a pay raise last year, got one. Some of the highlights of the survey showed that 83% of the respondents prioritize salary amongst all other factors when job hunting while a significant percentage indicated that remote work flexibility was a major deciding factor for them. In addition, the results of the survey showed that more people are now willing to discuss about their salaries with co-workers than ever before, as much of the salary renegotiation requests are arising from questions about salary transparency.
With over 40million Americans quitting their jobs last year, it’s and employers in U.S and around the world, willing to pay more to have workers back in the workplaces, skilled workers have had their biggest paychecks since the last two decades, this year.
“No matter what kind of raise, bonus, or other perks workers received last year, the Great Resignation has helped many feel more confident about negotiating a higher salary or asking for a raise,” FlexJobs wrote in their study.
However, the big paychecks seem more like a necessity than the mouth-watering bonus that it could be easily perceived as, giving the level of global inflation, caused by many different factors. This means that the workers are not actually going to reap the increase as supposed, as they have more bills to pay now, more than ever.
This whole situation could be an opportunity for women. Often denied but very true it is, that women in various industries seem to be going home with smaller paychecks than their male colleagues, for reasons I can’t actually discuss in this post. The shortage of workers will give them more negotiating power now more than ever, as employees have limited options than before.
Mindful of the fact that most of their current employees might be unwilling to increase their wages, it is a wonderful time to go job hunting and negotiate with new employees, for a more deserved remuneration.