How to Negotiate a Higher Salary
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What is the main topic discussed in this episode?
With your money briefing, I'm J.R. Whalen at The Wall Street Journal in New York.
How is the current job market changing salary negotiation power?
The balance of power is squarely on the employee's side when it comes to asking for more money at work. So how do you go about talking to the boss? And why don't more people do it? We've got the answers in a moment. First, these money and market stories you should know. Typically, between 1% and 2.5% of the price you pay for goods and services goes to cover credit card fees that the card companies charge merchants. And by the way, consumers often pay for those fees whether they pay with credit card or cash. Well, those extra charges are likely to go up. Credit card companies are raising a range of fees that U.S. merchants will pay to process transactions. That's a move that's likely to complicate already tense relations between many businesses and card networks and pull more money out of our pockets.
Who is Paul McDonald and what survey results shed light on negotiation trends?
Those increases are expected to go into effect in April. And the Wall Street Journal has a new e-book out that helps you navigate this year's tax season and all the new rules. The journal's tax reporters will help you better understand topics such as tax rates and brackets, along with the status of the alternative minimum tax, and assorted deductions available. Check it out by visiting WSJ.com or the WSJ app.
The nation's tight labor market is giving workers increased leverage when they ask for a higher salary or a raise. But are they taking advantage of the balance of power that could put more money in their pocket come payday? And what's the best way to approach talking salary with the boss? Paul McDonald is senior executive director of the Robert Half Global Staffing Company, and he's on the line with us with more details. So, Robert, the jobs picture in the U.S. gets more robust every month. It really has empowered workers looking for a fair salary.
Yeah, there's no question that the job market, it's surprising how good it's been. Throughout the balance of 2018, the number of jobs that were created in the United States was just, you know, beyond compare, actually. The job openings that were just reported for, you know, from the Bureau of Labor Statistics at 7.3 million openings you know, the companies actually are looking for workers. It's quite astounding. So that gives the talent side of the equation or the job seekers side of the equation a little more empowerment if they take advantage of it, as you just mentioned. And we surveyed 2800 workers. Have you been negotiating or are you willing to negotiate that job offer salary if given the opportunity?
And this year, You know, the results came back, 55% of the people said yes, as opposed to the previous year when we did the same survey, 39%. So you can see that the worker, the job seeker, the employee is feeling empowered. That survey result was quite startling to me.
Which demographics are most and least comfortable negotiating salary?
because 39% to 55% is quite a large increase.
Yeah, it really is. And let's talk about who's comfortable negotiating for a higher salary. When it comes to gender, your survey says that men try to negotiate much more than women.
I looked at that breakout, and actually I didn't feel good about the result, but you can't argue with 2,800 people that answer that question. 68% of the males surveyed said they would negotiate more, where as opposed to 45% on the female side of the equation. And I would encourage everybody to feel empowered. Again, when you're into a negotiation, you have to have your facts. You have to be objective.
Why do younger workers feel more empowered to negotiate pay?
You have to take the emotion out of it. So all those tables are table stakes. But what I would say to everyone is, if you've done your research, if you've looked in the open space, internet, for instance, Robert Half has a salary guide that we publish on an annual basis. Look at what's being paid for your types of skills in your marketplace, geography, and have those facts before you go into negotiation. It really does give you the empowerment needed to negotiate in an objective, fact-filled way.
I would imagine some people feel that they'll be frowned upon if they ask for more money.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:05–0:09
2
How is the current job market changing salary negotiation power?
0:09–0:53
3
Who is Paul McDonald and what survey results shed light on negotiation trends?
0:53–3:04
4
Which demographics are most and least comfortable negotiating salary?
3:04–3:43
5
Why do younger workers feel more empowered to negotiate pay?
3:43–4:51
6
What objective research should you gather before negotiating pay?
4:51–7:15
7
How should you structure a fact-filled conversation when asking for a raise?
7:15–8:14
8
When is now the right time to negotiate and why should you act promptly?
8:14–8:40
Speakers
2 identifiedMore from WSJ Your Money Briefing
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