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Why More People Are Looking for a New Job and Have High Salary Expectations

Introduction

The pandemic has disrupted the labor market unprecedentedly, creating new challenges and opportunities for workers and employers alike. Despite the hardships, many people have shown remarkable resilience, adapting to the changing circumstances by losing their jobs, switching careers, or reevaluating their priorities and preferences. As the economy recovers this resilient spirit is driving more people to seek new employment and have high salary expectations. According to a recent survey by Joblist, a job search platform, 74% of workers are actively looking for a new job or open to new opportunities, and 83% expect a pay raise in their next role. We explore the reasons behind this trend, the implications for employers, and the tips for seekers to negotiate their salary effectively.

The Reasons Behind the Job Search Surge

Several factors contribute to the increased job search activity and salary expectations among workers. Some of them are:

• The pandemic has exposed the gaps and weaknesses in many industries and organizations, such as the lack of flexibility, safety, support, and recognition. Many workers have experienced burnout, stress, and dissatisfaction with their current jobs and are looking for a change.
• The pandemic has also created new opportunities and demands in specific sectors, such as technology (with roles like software developers and data analysts in high demand), health care (especially for nurses and healthcare administrators), e-commerce (with a need for digital marketers and e-commerce managers), and education (particularly for online tutors and instructional designers). These sectors offer more growth potential, innovation, and competitive compensation, attracting workers from other fields.
• The adoption of remote work, expanding the pool of available jobs and candidates. Workers can now apply for jobs that are not limited by their geographic location and leverage their skills and experience across different markets.
• Many workers are rethinking their values and goals and seeking more meaningful and fulfilling work. They are looking for jobs that align with their passions, interests, and purpose and offer more autonomy, flexibility, and work-life balance.
• The cost of living for many workers, especially in areas such as housing, health care, food, and transportation. Workers need higher salaries to cover their expenses and to save for their future.

The Implications for Employers

The increased job search activity and salary expectations among workers pose significant challenges for employers, especially in a tight labor market. However, employers have shown remarkable adaptability, responding to workers’ changing needs and preferences by offering more attractive and competitive compensation packages. Some of the strategies that employers can use are:

• Conduct regular market research and benchmarking to understand the current salary trends and expectations in their industry and region and to adjust their pay scales accordingly.
• Offer more than just base salary, such as bonuses, commissions, stock options, profit sharing, and other incentives that reward performance and loyalty.
• Provide comprehensive and flexible benefits, such as health insurance, retirement plans, paid time off, wellness programs, tuition reimbursement, and other perks that enhance workers’ well-being and satisfaction.
• Emphasize the non-monetary aspects of the job, such as the organization’s mission, vision, values, culture, and impact and the opportunities for learning, growth, and advancement.
• Engage and retain their current employees by providing regular feedback, recognition, appreciation, and support and creating a positive and inclusive work environment.

Tips for Seekers

The increased job search activity and salary expectations among workers also create new opportunities and challenges for seekers, especially in a competitive and dynamic labor market. Seekers must prepare and position themselves for the best possible outcomes and negotiate their salary effectively.

Some of the tips that seekers can follow are:

• Thorough research and analysis are key for seekers to feel prepared and confident in the marketplace. They should delve into the industry, the organization, and the role they are applying for. Understanding the salary range and the factors that influence it will give them a competitive edge in negotiations.
• Assess and communicate their value proposition by highlighting their skills, experience, achievements, and potential and demonstrating how they can add value to the organization and solve its problems.
• Be confident and assertive but also realistic and flexible in their salary expectations and negotiations. Based on their research and value proposition, they should have a clear and reasonable salary goal and be prepared to justify and support it with evidence and examples.
• Consider the whole compensation package, not just the base salary, and to evaluate the benefits, incentives, and non-monetary aspects of the job, such as the work environment, the culture, the impact, and the growth opportunities.

This is a competitive market, and seekers should partner with the expertise of a Career Ownership Coach® to navigate and negotiate with confidence. Their coach may uncover unique opportunities that seekers are not aware of. Career Ownership Coaches® help define your goals and explore diverse career options, ensuring you find clarity in your path—all at no cost.

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