According to the latest jobs report, employers added 467,000 jobs in January. Wondering what this means for your salary? We've got you covered. Here are the four steps you should take to use the latest jobs report to your advantage.
Step 1: Analyze the data
The January jobs report showed that employers added 467,000 jobs in the month, which is good news for the economy as it shows that businesses are expanding and hiring more workers. The unemployment rate remained at 4.1%, which is unchanged from December. This means that there are still plenty of jobs available, but their competition is getting tougher.
The average hourly wage rose by 2.9% over the past year, too, which is good news for workers as their incomes continue to grow. However, wages are still not keeping up with inflation, currently at 7.5%, a record high, which means that many people are struggling to make ends meet and are leaving some to still strategize how to find options for debt consolidation while unemployed.
Step 2: Understand how the economy impacts salaries
While the increase in jobs is a good sign for the economy and overall is good for the workforce, some nuance must be taken into consideration. The most significant issue is that the growth in jobs is not evenly distributed, so some workers are earning more than others.
The highest-paying jobs are still concentrated in the highest-paying industries. The professional, scientific, and technical services industry added the most jobs in January with 33,000 new positions, which pay an average of $93,000 a year. The food and beverage industry also added a significant number of jobs in January, with 18,000 new positions paying an average of $41,000 a year.
Meanwhile, jobs in the retail sector have been declining for the past few years, which is reflected in the lower wages paid in those positions. The retail industry added only 6,000 jobs in January, which pay an average of $25,000 a year.
In general, wages continue to rise across competitive industries, so it's essential to keep your resume updated and always look for new opportunities.
Step 3: Assess the competition
When looking at your salary, you'll need to consider the competition you are facing if you want to negotiate a higher rate while staying in your current position. By assessing the competition and doing your research, you can ensure you are putting yourself in the best position to negotiate a salary that is both fair and worthy of your skills and experience. If you're not getting the compensation you hoped for, then it's time to focus less on your competition and more on your employer's.
Step 4: Negotiate your salary wisely
When negotiating your salary, it is important to be clear about what you want and why. This way, there will be no misunderstandings or tension that can cause you not to get the amount you want. Be sure to give employers a clear picture of your skills and abilities, how you contribute to the company's growth and be prepared to discuss your desired salary range and how it's competitive with current offers in the industry. By being proactive and taking the time to understand the market, you can ensure that you can negotiate a salary that is both fair and worth your time and effort.
The bottom line
The economy is doing well, and salaries are on the rise. Use these tips to negotiate a salary that works for you!
Press Release Service by Newswire.com
Original Source: Credello: Employers Added 467K Jobs in January. What This Means for Your Salary
