October, 2005--So what are you waiting for?
For several years, employers held the upper hand when negotiating. They offered two choices when they extended an offer--take it; leave it. They knew that very few people were going to leave an offer given how poor the labor market was, particularly in the New York metropolitan area.
Now, in the fourth quarter of 2005, we are facing a different market filled with labor shortages, good sized salary increases (nothing crazy, but good increases). So when I ask the question, What are you waiting for," there is only one answer that makes sense--I'm getting a bonus at year end and then I'll make a change.
You see, for those of you who rode the storm out, you have spent several years getting token salary increases while the cost of living has been inflating again. Now we have gas prices up 50% in the past year and you know food prices will go up (food gets delivered in trucks that use fuel, right), the cost of government will go up (all the federal programs with cost of living adjustments automatically built in plus labor unions seeking "livable wages"), your rent will go up to deal with higher fuel bills (or your home heating oil costs will continue to head toward the moon. Everyone has their hands in your pockets.
Get your raise and go.
Firms are looking at junior talent and giving them huge percentage increases. They are using consultants again after years of laying off "the sauce" (no disrespect to consultants; it's an expression to explain how companies followed the straight and narrow of hiring low cost employees, rather than high billable hour consultants). Search firms are back to hiring every out of work imbecile who knows how to use a touchtone phone and calling them "senior recruiters".
Look, loyalty reeived little reward during the recession. companies merged themselves or had poor earnings thad led to thousands of layoffs, right? People had managers who promised them that they had a future.
Look, if you make $75000 + bonus and you've been at one company for two or three years, you need to make a job change to get a big bump in your compensation.
Follow the math for a moment. If you change jobs for $10000 and get a 4% increase the next year, you will have earned in the area of $20200 more than in your previous job ($10000 the first year, then $10000 plus a $400 increase the second makes $20400. I deduct $200 for a raise at the old company). Over 5 years, you will make at least $51000 more than in your previous job--before bonus. Are you that rich that you can ignore more than $50000?
So dust off your resume and work on it now! Start to see how your skills fit into the market and start to look at taking better care of your career.
Jeff Altman
Concepts in Staffing
Now, in the fourth quarter of 2005, we are facing a different market filled with labor shortages, good sized salary increases (nothing crazy, but good increases). So when I ask the question, What are you waiting for," there is only one answer that makes sense--I'm getting a bonus at year end and then I'll make a change.
You see, for those of you who rode the storm out, you have spent several years getting token salary increases while the cost of living has been inflating again. Now we have gas prices up 50% in the past year and you know food prices will go up (food gets delivered in trucks that use fuel, right), the cost of government will go up (all the federal programs with cost of living adjustments automatically built in plus labor unions seeking "livable wages"), your rent will go up to deal with higher fuel bills (or your home heating oil costs will continue to head toward the moon. Everyone has their hands in your pockets.
Get your raise and go.
Firms are looking at junior talent and giving them huge percentage increases. They are using consultants again after years of laying off "the sauce" (no disrespect to consultants; it's an expression to explain how companies followed the straight and narrow of hiring low cost employees, rather than high billable hour consultants). Search firms are back to hiring every out of work imbecile who knows how to use a touchtone phone and calling them "senior recruiters".
Look, loyalty reeived little reward during the recession. companies merged themselves or had poor earnings thad led to thousands of layoffs, right? People had managers who promised them that they had a future.
Look, if you make $75000 + bonus and you've been at one company for two or three years, you need to make a job change to get a big bump in your compensation.
Follow the math for a moment. If you change jobs for $10000 and get a 4% increase the next year, you will have earned in the area of $20200 more than in your previous job ($10000 the first year, then $10000 plus a $400 increase the second makes $20400. I deduct $200 for a raise at the old company). Over 5 years, you will make at least $51000 more than in your previous job--before bonus. Are you that rich that you can ignore more than $50000?
So dust off your resume and work on it now! Start to see how your skills fit into the market and start to look at taking better care of your career.
Jeff Altman
Concepts in Staffing
