The latest Bureau of Labor Statistics (BLS) show that despite the rising unemployment rate, average wages are increasing, and are up about 3.6% over one year earlier. That is not a typo. For those who have jobs, salaries are rising. Even in the NY financial services market which has been hit particularly hard by layoffs, a survey by outplacement firm, Right Management, of recently laid off executives finds that 72% of the employees finding reemployment in the sector either met or increased their former salary. The reason is that while many people may be looking for work, when an employer decides that they want to hire you, they want you not the other candidates that are not their first choice. Once that happens you can negotiate your salary, if you know how.
Get More Money on Your Next Job… In Any Economy (McGraw Hill; April 2009, $14.95) a new book written by Star Ledger career columnist Lee E. Miller, a former Fortune 1000 head of human resources, explains how to negotiate for more money even as unemployment reaches record highs. This book, with the Forward written by best selling career author Richard Bolles (What Color is Your Parachute) is written to help everyone currently working or looking for a job get a salary increase— from buttoned-down bankers to video-gaming hopefuls to entry level administrative assistants. The book includes special sections for women, recent college graduates and older worker that have recently been laid off.