Cynthia’s Blog: How To Negotiate A Pay Raise: July 2021
This is my analysis of the current wages for July 2021.
Worker shortage
According to CNBC, “The labor force shrank slightly — by 53,000 workers — in May, to around 160.9 million. That gives ammunition to observers who believe there’s a labor shortage. There are about 3.5 million fewer people in the workforce relative to February 2020.”
There has been speculation that unemployment benefits were the cause of a worker shortage. As a result of a worker shortage, businesses may be raising their wages to attract more workers.
How to negotiate a pay raise
There are a few steps that should be taken to negotiate a pay raise the proper way, according to https://www.kiplinger.com/.
1. Make a list of your specific accomplishments.
If you believe you deserve a raise, you must be prepared to prove and show evidence.
2. Find out how your salary compares.
Using other salaries in regards to your field can be a good starting point for negotiations.
3. Consider negotiating benefits and perks.
A raise does not always mean a wage. You may also negotiate flexible working times or more vacation days.
4. Time your pitch right.
After completing a successful project or doing extra tasks, it would be a good time to ask your boss.
5. Broach the topic professionally.
Compromise is very important in any negotiation. It is best to not be greedy or cocky.
"BATNA"
“BATNA” is a professional acronym that stands for the best alternative to a negotiated agreement. If negotiations fail, BATNA would be the next best option.
According to https://corporatefinanceinstitute.com/, there are 3 advantages of BATNA.
It provides an alternative if negotiations fall through.
It provides negotiating power.
It determines your reservation point (the worst price you are willing to accept).
Friend Salaries
I asked around to determine what my friends are making around me.
On the lower end, one of my friends makes minimum wage at the library. The pro of this is that this person does not do any work and just does homework for the time being.
Whole foods is also a popular choice. Whole foods has a minimum wage of $15.00.
On the higher end, most of my friends work as waitresses or servers. Their base pay is really low, but tips add up. If they were to work as a server full time, they would make well over $100K. That is crazy!
Rough hourly estimate for these jobs:
“Alfred" Invisible Remote Hero: NYC/DC/SF/CHI: $18- $22/ HR
"Alfred" Invisible Remote Hero: Rest of US: $17- $22/ HR
Alred has work that includes and ranges from blogging, Instagram, remote work, and invisible work. The reason why the wage of NYC/DC/SF/CHI is higher is that their living standard is higher than the rest of the US.
"Batman" In-Person Masked Hero: NYC/DC/SF/CHI: $20- $24/ HR
"Batman" In-Person Masked Hero: Rest of US: $19- $24/ HR
Batman has work that includes and ranges from sitting in an office, setting up an office, managing brochures, and in-person work. The reason why the wage of NYC/DC/SF/CHI is higher is that their living standard is higher than the rest of the US.
"Bruce Wayne" In-Person Visible Hero: NYC/DC/SF/CHI: $25-$30 / HR
"Bruce Wayne" In-Person Visible Hero: Rest of US: $25-$30 / HR
Bruce Wayne has work that includes and ranges from being the face of the office, the face of Facebook ads, and throwing parties. The reason why the wage of NYC/DC/SF/CHI is the same with the rest of US is because being the face of something is like an “influencer” role.