4 Things To Know About Negotiating Salary In 2023 (And Beyond)

Salary 4 Things To Know About Negotiating Salary In 2023 (And Beyond) Aaron SanbornJenna ArcandDecember 14, 2022 Bigstock {"adCodes": [{"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 0, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 1, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 2, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}], "adsOrder": [2]}

Salary negotiations can be tricky, but there's no escaping them. At some point in your career, whether you're applying for a job or angling for a promotion, you'll find yourself in the middle of a salary negotiation.

These conversations don't have to be uncomfortable. Like anything in life, knowledge and preparation can make all the difference. As an employee, if you know your value and you can back it up with quantifiable results, you can make a compelling case during your salary negotiations.

However, there are always everchanging trends and things that job seekers should be on the lookout for as they prepare to negotiate their salary.

The Economy Can Change In A Heartbeat

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This is an important factor to remember and 2020 was a good example of how quickly the economy can change. As a result of the COVID-19 pandemic shutting down businesses and changing business models, many companies were forced to lay off employees.

With the availability of vaccines in 2021, businesses started to reopen but the market is completely different. For example, industries impacted significantly by the pandemic such as restaurants, retail, hospitality, and seasonal jobs are struggling to fill jobs and are raising wages to entice job seekers to work for them.

On the other hand, many employees got a taste of remote work in 2020, so the demand for remote jobs is on the rise. A recent FlexJobs survey found that after the pandemic, 65% of people still want to work remotely full time, and another 33% prefer a hybrid work arrangement where they split their time on the clock between the office and home.

Many in-demand industries like tech & software, cybersecurity, e-commerce, gaming, and telemedicine are all jobs that lend themselves to remote work and the market for such roles will be extra competitive. If you find yourself looking for a job in one of these industries, or other in-demand industries, you may be going up against people who have very similar skill sets.

This could significantly impact your value, especially if you live in a market where there are more qualified people with the same skill sets than available jobs. In these cases, you'll have to go the extra mile to stand out, and you could still be looking at a small salary reduction.

But, on the opposite end of the spectrum, if you live in a market where your skills are in demand and there's not much competition, you may be able to use that to your advantage during salary negotiations.

Salary largely depends on experience, location, and economic conditions. All of these things can be very fluid and that's why doing research is so important.

Speaking of research...

Never Stop Doing Research

Salary research isn't just limited to those looking for work. It's something that all professionals should do.

Even if things are going well with your job, and you're not necessarily in the market for a salary increase, it's still a good idea to check the market sometimes to see what the average salary for your position is at any point in time.

The need for consistent salary research is even more important in the post-pandemic economy where there are so many fluctuations in the market. Every industry was impacted differently by COVID-19 and this will ultimately play a role in salary increases that companies offer current employees and salaries offered to new employees.

According to research published on the Society for Human Resource Management website, company leaders were expected to increase compensation in 2021 by between 2.6% and 3%, but industries will continue to be affected unevenly, just as they were in 2020.

There are free resources available that can give some valuable information about job salaries. Glassdoor has a salary calculator that allows professionals to enter information about their current career, job experience, and market to give estimated market value.

The more information you have about your value, the more comfortable you'll feel about negotiating salary. It's also important to remember that salary is only one part of the equation. Many companies offer strong employee benefits packages that include good health insurance and retirement benefits, along with generous paid time off and other perks.

Salaries Are Always Changing

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Just because you make a certain salary today doesn't mean that it's going to stay that way or increase. Job responsibilities and requirements can change, and the best employees are the ones who are usually a step ahead and show a willingness to be flexible.

Take a step back once in a while and think about how your job is changing. Acquire the necessary skill sets that you need to stay ahead, and take time to find ways to go the extra mile and expand your job responsibilities. By doing this, you're not only growing within your job position, but you could be setting yourself up to move up within the company.

These characteristics will prepare you for not only being able to justify your salary but give you some leverage in salary negotiations if you're seeking a salary increase.

Salary And Career Planning Go Hand In Hand

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Salary increases don't typically just happen by accident. They're usually a result of hard work and continued career growth. From the moment you start a job, you should always be thinking about ways to not only meet expectations but exceed them.

By putting together a career map, you can plan out your goals and strategies for gradually increasing your value as an employee. As you check off these accomplishments, you can get a sense of whether you're on schedule, or even ahead of schedule, to reach certain career milestones.

Keeping track of these milestones is important because it can help determine the right time to bring up the topic of salary and bolster your case during negotiations. Remember, you're a business-of-one, and it's important to always know the value that you provide to your employer.

Some salary negotiation strategies will never change, but it's going to be important to keep track of post-pandemic trends and their impacts on salary, at least for the immediate future.

Need more help with salary negotiations?

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This article was originally published at an earlier date.

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Read moreShow lessjob search fears {"customDimensions": {"1":"Executive Community, Jenna Arcand","3":"live events, career events, j.t. o'donnell, jt o'donnell, christina burgio, career advice, career, career growth, professionals, job search, job seekers, job interview, job search tips, job search advice, interview, job interview tips, interview tips, job search fears, overcome job search fears, networking, cover letter, resume, writing a cover letter, job search strategy, job search help, looking for a job, unemployed","2":"cover-letter","4":"09/28/2022"}, "post": {"split_testing": {}, "providerId": 0, "sections": [0, 376490081, 562457120, 370480899, 376490053, 376489574, 376491143, 376489962, 404327439, 376489624, 479660731, 543270555, 473310813, 473333499], "buckets": [], "authors": [21030904, 19836096]} } Get Some LeverageSign up for The Work It Daily NewsletterEnter emailSubscribeFollow window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot('/22278042776,22664312254/wit/wit_multiplex', ['fluid'], 'wit_multiplex').addService(googletag.pubads()); googletag.enableServices(); googletag.display('wit_multiplex'); }); Community 4 Ways Technology Can Help Manage Your Business Risks And How To Leverage This Opportunity Funke BishiDecember 15, 2022 Bigstock {"adCodes": [{"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 0, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 1, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}, {"desktop": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "display": true, "mobile": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e", "new_amp": "\u003camp-ad width=336 height=280\n type=\"doubleclick\"\n data-slot=\"/22278042776,22664312254/wit/wit_content\"\n data-multi-size=\"300x250\"\u003e\n\u003c/amp-ad\u003e", "order": 2, "tablet": "\u003cdiv class=\u0027rblad-wit_content\u0027\u003e\u003c/div\u003e"}], "adsOrder": [2]}

At one time, I was part of a working committee that reviewed a risk event that resulted in a material financial loss and regulatory sanction to an organization. The company got sanctioned for non-compliance with the Know Your Client (KYC) requirement caused by a gap in the manual risk management procedures. This event would probably have been mitigated if the KYC checks and controls process were automated.

For example:

• Have you thought of how an application can automatically identify KYC risks by navigating multiple systems to review client information and identify inconsistencies? And how this process can save your organization from a loss of funds and prevent regulatory sanction?
• Can you imagine how much time and money will be saved by automating risk routine credit management checks with a technology solution that can establish and predict customers’ credit behavior based on past data and trends?
• How about the additional value that risk managers will contribute to achieving organizational goals by focusing on strategic tasks if routine risk management processes are automated?

Technology has tremendously impacted almost every aspect of life and business. Risk management is affected because its implementation relies on business data and processes. Results from the Deloitte GRM survey showed that institutions had recognized the potential of the latest technologies to manage risk and increase efficiency in business processes. Cloud computing (46%), RPA (29%), and machine (27%) were most of the commonly used tools by respondents. Despite this, relatively few institutions reported deploying these tools.

This article will present why there is a need to leverage technology for risk management and the types of technologies used for managing these risks.

Importance Of Technology Risk Management

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• Trend Analysis & Risk Prediction - Risk management technology solution facilitates data analysis to identify trends and make risk predictions to support decision-making by analyzing data relevant to risk management to pinpoint behavioural patterns.​

• Easier Risk Identification, Monitoring & Escalation - Technology solutions that support risk management simplifies the risk identification and monitoring process. In the case of an anomaly or exception, issues are promptly identified and automatically reported to the right people for appropriate action.​

• Scalability and Operational Efficiency - Using risk management technologies help scale up, handle workload spikes, and increase the consistencies and correctness of risk analysis and predictions.​

• Compliance - Risk management technologies help ensure procedures and regulations compliance. Technologies explicitly built to provide companies with an insight into trends will help ensure that the organization is abreast of all the industry requirements.

Risk Management Technologies

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• Cloud Computing is the on-demand delivery of technology resources over the internet. Instead of buying, owning, and maintaining physical data centers and servers, technology applications and services are accessed on an as-needed basis from a cloud provider. Cloud-hosted risk management software helps organizations reduce exposure to risks and minimize losses through better data management. Adopting cloud-based risk management applications provides an organization with a more efficient and cost-effective alternative to buying and running an in-house risk management application.

• Robotic Process Automation (RPA) - RPA is a form of business process automation that involves defining a set of instructions for a robot or 'bot' to perform. RPA is about automating some repetitive tasks and processes in the workplace, e.g., copy-paste tasks and moving files from one location to another. RPA provides multiple benefits for an organization to manage its business operations effectively. One of the benefits is the reduction of the overall risk associated with business operations. Specific use cases RPA is adopting for risk management include the Know Your Customer (KYC) onboarding process where bots can retrieve customer data from regulatory agencies to support the onboarding process. It also uses limit management by supporting the identification of limit breaches for potential review by risk managers.

• Big Data Analytics - Big data analytics is collecting and analyzing large volumes of datasets to discover trends and identify to support decision-making. Data helps risk functions make better decisions. An example is to analyze customer information across various platforms to determine credit risk and the likelihood of default. From an operational risk standpoint, big data helps identifies risk areas in business operations to ensure proper risk management.

• Machine Learning & Artificial Intelligence (AI) - Artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind. AI is used to enhance risk management processes. For example, performing risk analysis using machine learning to analyze data from various sources and develop prediction models to help risk managers proactively manage and address risks. Also, AI facilitates risk reduction by analyzing historical data to identify behavioral patterns and translate them to risk predictors.

• Cybersecurity - Cybersecurity is a body of technology that protects internet-connected systems such as hardware, software, and data from cyber threats. Organizations in the cybersecurity space periodically publish emerging trends of cybersecurity breaches. Risk functions can leverage this information to gain insight into the risk associated with various technologies used for business processes and how they are managed.

Technology is a key enabler that supports the risk management implementation process; despite this, organizations should evaluate the pros and cons of technology solutions before implementation.

If you're interested in learning more about how risk management can help achieve your business, data, and technology goals or have any follow-up questions, please feel free to follow/connect with me on LinkedIn.

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Networking is vital to job search success. Networking can lead to referrals, identifying jobs that aren't yet posted, and securing informational interviews. They can also lead to future professional references.

These results can give you a competitive advantage and help you progress toward your career goal. Networking platforms like LinkedIn and Twitter are tools that can help you effectively expand your network. Here's how...

Building Your Social Network

Online or offline, the goal of networking is to build relationships. Every social networking platform offers some means of connecting with new people. Interact with others and share posts that are thoughtful and relevant to your field. Engage your audience by seeking input and sharing your thoughts or review of industry-related topics.

Share these topics and post information on your own profile for your audience, but also get involved in groups on LinkedIn or chats on Twitter. There are thousands of chats and groups for a wide variety of industries, specialties, or job searching in general. Do some exploring and request to join the group or start following the Twitter chat.

In my experience, people are very receptive to newcomers on these interactive forums. These forums can be a great way to meet new people. After participating, you can begin to follow or request a connection with individual contributors. Depending on your location, there may be the possibility of meeting your connections in person. The social network is a platform to build these relationships and make that in-person connection.

It Takes Time To Build A Network

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Patience...patience...patience! All good things take time.

Maintain a positive attitude and be flexible. Those two skills can save you from many future career headaches. Not everyone will be willing to connect. Remember that networking is a two-way street. Prioritize your connections based on who has a job you'd love to do, or who works for one of your target employers, and focus your efforts strategically.

Always personalize connection messages to new people on sites like LinkedIn to let the potential contact know you're not arbitrarily clicking every "Connect" button in your suggested contacts. Keep connection messages brief and to the point. I'd recommend not going into personal detail this early on or putting potential connections on the spot; just invite them to be a connection or offer your email address as a point of contact.

You can say something as simple as, "Hi Jane, I've enjoyed following your contributions to XYZ Group and agreed with your review of the Acme Co article you posted. I am also a (insert job title here) and would like to connect with you. Please let me know if I can be of any help. Thanks."

A short and simple message with a personal reference and offer to help shows that you are trying to form a mutually beneficial relationship.

Gaining Credibility

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By building relationships you can become a resource on certain topics for your network. Gaining credibility takes time, but let the process happen naturally. Conduct research, search for best practices, gain more experience, and get in contact with people that share their experience.

This is where actively participating in Twitter chats or LinkedIn groups can help build your knowledge. Sharing ideas with others that are passionate about their field can keep you motivated and engaged in your line of work. After developing these relationships, opportunities can arise off-screen as well—assisting in a volunteer effort that was coordinated online or attending a networking event, speaking event, or job club that was promoted online. Read the information about the events your network is posting and try to commit to going when your schedule permits.

Impress Hiring Managers That May Google You

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A hiring manager may look you up on Google at some point in the job search process. If you actively network across platforms such as LinkedIn or Twitter, or attend events in person, your Google search results page may show these stories and profiles.

Any site you join for professional networking purposes should serve as a complement to your resume. That means whether you post blogs, tweets, or share information on LinkedIn, all your content should be professional and error-free. These can validate your candidacy and make you stand out among the competition.

As you start networking, you'll learn more about your field, gain skills, and build confidence. Build relationships and help others in your search. Use social networking for job search success and foster relationships that can help you discover your next opportunity.

Need more help with your job search?

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