We wouldn’t be surprised if a job move or a pay rise was on your mind right now.
In the U.S. the annual inflation rate has increased from 3.2% in 2011 to 8.3% in 2022, and at one point this year it was hovering at 9.1%, a figure not seen since 1981.
High inflation means people are paying higher prices for a range of consumer goods, energy, gas and groceries than they previously were, and for many, salaries haven’t kept pace.
Many workers across sectors now have less money in their pockets, and as a result, some companies are responding. In May, Microsoft doubled its global budget for merit-based salary raises. In June, Walmart upped wages for 36,000 pharmacy technicians by raising wages to more than $20 an hour, and online retailer Overstock.com opted to help its employees by offering stock to staff.
Investment company T. Rowe Price also gave more than 85% of its global staff 4% salary increases, on top of their normal salary increases, "to reward their commitment and ensure that we remain an employer of choice".
If you’re working for a similar company right now, you’re lucky, because according to a survey from Mercer, the human resources consulting firm, 45% of employers are not factoring inflation into salary budgets. The company surveyed 300 U.S. employers in March this year and discovered that less than a quarter will make changes to their salary budgets because of inflation, despite the fact that 42% reported that they have been asked by their employees to take financial actions to help with rising costs.
For example, Grand View Research estimates that by 2030, the cloud sector will generate $1.6 trillion in revenue and when it comes to cybersecurity jobs, the US Bureau of Labor Statistics says that by 2026, job demand for cybersecurity experts will go up by 28%.
Thanks to the churn brought on by the “Big Resignation”, job seekers are benefiting from a tight labor market and getting more of what they ask for right now.
So, how can you ensure you get a great salary package if you do make a move?
1. Do your homework
There are plenty of online resources that can help you research the average wage for your sector.
Glassdoor is helpful to give you a baseline for salaries in your job and location.
Once you know that, factor in other elements that make you a great hire, such as additional qualifications and awards that might help you to ask for more money.
If you have specialist knowledge that is of value, can program in multiple languages, or have recently completed a new certification or advanced training in a high-demand area, then that’s great news for your market value.
2. Play it cool
It’s very common for a recruiter to ask you for the salary you’re looking for on an initial call.
While you want to avoid being vague, you can let them know what you’d like to be paid, based on the industry standard and your own experience and current compensation. Or you can hedge your bets and explain that you’d rather have a full understanding of the role before discussing salary.
3. Keep calm
When it comes to requesting a salary at a new company, you need to keep it both professional and calm.
After all, you don’t always have transparency on what the budget is for this job, so have a list of prepared talking points ready, if you’re asked to justify your request. Each should be rational, factual, work-based, and rooted in your performance and abilities.
You’ll need to be prepared for a no, even if you think your salary request is reasonable. That doesn’t mean the conversation is over: is there any other way your overall package could be improved? Maybe they can offer more paid time off throughout the year: Additional PTO could help to reduce childcare or commuting costs which will increase your disposable income. Could you ask for flexible working hours or a contribution towards your travel costs?
Don’t take a no as a hard stop. Think of it as a jumping-off point for negotiations.
If you are ready to make a move now, here are three great roles to look at, and you can find plenty more job opportunities on the Hackr.io Job Board.
CEC Senior Cloud Engineer, Adobe, San Jose
Adobe is seeking a hands-on Cloud Engineering Consultant to join its Cloud Efficiency Consulting (CEC) Team. You will be responsible for executing Adobe’s strategic cloud efficiency objectives and delivering value back to the business. You’ll be responsible for engagement delivery and continuous development and you’ll learn a broad range of public cloud services and help product teams develop scalable, efficient applications to improve product experiences.
You’ll need eight or more years of professional cloud engineering experience, an excellent understanding of DevOps practices and the Cloud Tech stack, and extensive experience with public cloud services (AWS, Azure, GCP).
Front End Engineer, Amazon Web Services, Inc., Seattle
Amazon Web Services (AWS) is looking for a Front-End Engineer with a passion for working on cutting-edge technology, someone who obsesses over bar-raising experiences for customers, and who thrives on the challenge of building something new that will operate at a worldwide scale to join this fast-paced team.
Software Engineer, PayPal, Texas
PayPal is seeking a Software Engineer to help develop a cluster management platform and support Kubernetes clusters across different cloud providers.
You will be involved in adding new capabilities and enhancing existing features of PayPal’s clustering platform. You will also be focused on developing code that is well-commented and typically improves after one or more code reviews and you will be involved in discussions with senior leaders and architects about development plan and design. Like the sound of this job?