In an employer’s market, companies hold most of the power. More workers are competing for fewer jobs, making it difficult to negotiate higher pay or better benefits. However, in an employee’s market, the balance shifts and the power moves into the hands of the workforce.
That means that workers can quit their jobs, but then immediately move into a new job, often one with higher pay, better perks, or both. Here’s what Secretary of Labor Marty Walsh told Business Insider: “People are using their ability, their leverage right now to move into better-paying jobs.”
True, inflation does dampen some of the effects, but many workers are getting THOUSANDS of dollars in raises, enough to offset much if not most of rising inflation.
Secretary Walsh added, “Workers are using their leverage in the labor shortage to get better pay. Walsh also pointed out that the most successful companies will be those who adapt to what employees want.
This power shift creates a unique opportunity for you to negotiate for more, whether it’s better pay, flexible working conditions, or additional perks.