You may have heard that the current job market is “candidate-driven,” but what exactly does that mean? First and foremost, it means that there are lots of great jobs available to a limited number of qualified candidates. For people looking to advance their careers, this results in better-negotiating power when it comes to wages, incentives, location, and work-life balance. However, there are a few things to keep in mind when negotiating a new position.
Just because we’re in a candidate-driven market now, doesn’t mean it will last forever. If you have been thinking about making a move, now is the time to jump! Your ideal companies can probably offer a better career trajectory, increased stability, or better work-life balance. Even if you’re fairly content in your current position, you should at least entertain the option of moving during a candidate-driven market, because you’ll have greater bargaining power.
Make sure that you come in with a strong demand from the start and be sure to remain consistent the entire way through the hiring process. You can only negotiate so much more after they have given you an offer. The likelihood of the company pulling the offer is greater with every additional request you continue to tack on. Figure out your worth and must-have benefits early on in the process, so that when they ask “what’s your expected salary?” you have a great answer right off the bat.
Don’t limit your negotiation power to only salary. Ask for growth opportunities over the long term, instead of a salary increase. Oftentimes, paid time off is a better compromise for companies. They would much rather reallocate a few resources for an additional week while you take a relaxing vacation, returning to work feeling refreshed and productive.
Partner With A Recruiter
The absolute best thing you can do to negotiate in a candidate-driven market is to partner with a recruiter. They have a great overview of the industry, understand the market value of your position, and have the relationship with hiring managers in order to negotiate on your behalf. So the next time a recruiter contacts you on LinkedIn, sends you a newsletter, or gives you a call, be open to having a conversation. It just may lead to the best negotiation of your life!