Do These Things during the Great Resignation and You Can Be One Step Closer to Financial Freedom
Here’s how it’s done.
You are amid The Great Resignation!
Companies, big and small are experiencing a huge turnover in staff.
With a forced change in the working landscape due to various restrictions. You may be considering if your current job is right for you.
Are you getting paid what you think you deserve?
Do you think you could get paid more at another company?
Do you know of other people doing the same job as you but are getting paid more?
When you look for a new job, you consider many aspects. One of the biggest is the salary!
If you change jobs during the great resignation, make sure you maximize your salary.
The strategies to do this are surprisingly easy.
Always ask for more money
When a job is advertised it will state a specific figure or salary range.
In your first phone call with the company, you are applying for a job you will be speaking to someone from their Human Resources department and an external recruitment agent.
The HR recruiter will ask you towards the end of the conversation what your expected salary is. Your starting point is the advertised figure or the highest figure in the salary range.
Towards the end of the conversation casually ask if they would be willing to pay more. If they ask why say you have applied for some jobs that have a higher salary.
This acts as a primer for asking for more later.
Normally you will not be talking to the person that will ultimately make that decision. They will either say yes or “I will find out.”
Once you have received the phone call to offer you the new job, you then ask for more money. The recruiter will then go back to the hiring manager or their client (if from a recruitment company) and ask the question.
Don’t be scared that they will no longer give you the job.
I have done this many times. The majority of the time I have got an extra $5,000 to $10,000 minimum. They have never said you can no longer have the job of asking for more money.
Remember you are their preferred candidate.
On the rare occasions when the company didn’t give me the extra money I still got the job.
You getting paid an extra $10 — $20K in the context of a multi-millionaire dollar company, is neither here nor there.
Your new employer is not going to go bankrupt because they pay you more than what the job was advertised for.
Multiple job offers
Your ideal situation is that you get offered 2 or more jobs at the same time.
When you apply for a job. Apply for a large number of relevant jobs.
The reason being is that you use one job offer to leverage off against another for a higher salary.
When you get a job that offers more money than your first job offer, go back to the first company and tell them.
You don’t want to turn this into a bidding war. But companies will offer you more money as you are their ideal candidate.
Be open to counteroffers from your existing company
I successfully got offered an extra $20,000 in salary and promotion as a result of a counteroffer.
A counteroffer is where you get offered a pay increase from your current employer after you tell them you have resigned to take another job.
The reason they do this is that they value your service and don’t want to lose you.
I was happily working for a company and a friend had put me forward for another role. I had an interview and got offered the job. When I resigned 2 days later the CEO of the company asked to speak with me. He said they didn’t want to lose me. As a result, I got offered a great promotion and more money. Which I happily accepted.
I would advise against applying for jobs just to try and use this strategy. If you resign be prepared to walk away.
Whenever you go for a new job make sure you are getting a higher salary
Don’t stay in one job for more than 2–4 years. The times of working in a big for 20 years are long gone.
The big jumps in salaries are when you change companies.
Loyalty in the workplace is dead.
Look at what happened to people with the impact of COVID on businesses. The CEOs of companies were concerned about their profits. Not whether or not you kept your job.
I was forcibly made to take annual leave after being at a company for 5 weeks to help the parent company I was working for save money on their annual leave accruals.
While technically it wasn’t forced I wasn’t left with any choice.
You need to be objective when it comes to companies prioritizing their profits over your wellbeing.
Be objective. This is neither a good nor a bad thing. This is just business.
The CEO needs to ensure the business makes a profit. And you are interested in what’s best for you.
Don’t complain if something bad happens to you. Instead, understand this is how the world works. And act accordingly.
Don’t be a victim, it gets you nowhere.
Concluding thoughts: The time of the great resignation is a time to look after yourself and your family.
Defining moments in history don’t come along often.
Maximizing your salary by using these strategies can greatly assist your path to financial freedom.
When your salary increases so does your 401(k) account. With an increase in income comes more and better holidays. Perhaps a new car.
You may not get instant happiness from an increase in your bank balance but life does become easier and a lot less stressful.