Those who have not asked for a pay rise in recent times risk missing out on what recruiters, management and career transition coaches see as a golden opportunity due to the strain on the job market. .
“It’s a struggle for the workforce right now. It’s a struggle, ”observes Allison Venditti, career management coach and founder of Moms at Work. According to her, many clients are finding that their current wages are tens of thousands of dollars out of line with their market value, as companies scramble to hire talent as many people leave the workforce. . “It’s crazy in this market,” she says.
Statistics Canada reported last week that there are a record 731,900 vacant positions in the second quarter, a 25.8% jump from two years earlier, while hourly wages for all Job vacancies were up 7.3% (or $ 1.55), to $ 22.85 per hour, over the same period. Recruiters say the market has only recovered since early summer, when restrictions on COVID-19 eased.
Many companies also do not have the will or the capacity to grant significant raises to their employees. So those who want some of the best wages in the market must be prepared to go and work elsewhere, Mr.me Venditti. “If they say no, then we must be ready to leave.” »
For those who wish to stay, many companies offer a range of other benefits, such as four-day work weeks, telecommuting, more vacation days, and paid networking and training activities. Mme Venditti suggests determining what is needed most – which is, for many people these days, just time.
“You have to look at the options in terms of what you need to feel fulfilled; it may not just be extra money. “
Make the grade
Alan Kearns, Managing Partner and Founder of CareerJoy, believes it’s important to present an analysis of what you bring to the business, so it’s not just about the money. “We don’t just want to talk about finances, since that can give the impression that we are greedy and that we have a short-term vision. It is also important to rise to the occasion if we ask for a substantial increase, he adds.
“If we make a request for ‘high end’, it is certainly better to be able to provide ‘high end’ value, since there will now be expectations in this regard. “
In addition, opportunities for augmentation are not only found at the top ranks. Travis O’Rourke, president of recruiting agency Hays Canada, observes that while hiring activity was mostly in senior management teams at the start of the economic recovery, it is now widespread, and candidates are receiving several offers. “Right now the market is really active at the lower levels. “
Last week, US online retail giant Amazon announced that it was increasing its hourly wages by between $ 1.60 and $ 2.20 an hour, to set it in a range of between $ 17 and $ 21.65, as it plans to hire 15,000 new employees for its warehouses and distribution centers.
O’Rourke notes that the market gives hourly paid workers opportunities to make the leap to salaried job stability in a tight market where companies want to seek out workers. Julian Hallett, director of business development at staffing firm Bowen Group, says he has seen an increase in the number of people asking an additional $ 2 or $ 3 per hour for entry-level positions. “People know they are offered a lot of jobs, so they try to get as much money as possible. “
However, we must remain cautious, as anecdotal discussions of rising wages have not yet clearly translated into the data, argues Mikal Skuterud, professor in the Department of Economics at the University of Waterloo. According to him, Statistics Canada’s data on average wages have been distorted by the rapidly changing composition of the workforce.
Meanwhile, his research focusing on a core of workers, mostly in the retail sector, has shown no evidence of a pay rise in recent months.
Still, the statistics clearly point to a tightening in labor markets, to a rather remarkable extent. “It’s definitely a workers’ market, it’s a good time to start looking. “