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fourth
Strategies for Boosting
Your Bargaining Power


An improving economy has workers dreaming more than ever about getting a better job, a higher salary or at least a few perks.

And why not? They may be in a little better position to do so these days. One sign: Corporations are starting to show concern about hanging on to good employees. A survey found that 61% of executives say they will focus more time on employee retention this year, up from 51% in the prior year, according to the Society for Human Resource Management.

But don't barge into the boss's office and ask for the moon just yet. Things are better, but not that much better. As the Labor Department's December jobs report shows, a growing economy so far isn't generating very many new jobs. Still, there are steps workers can take to strengthen their bargaining power. For one, as you and your employer wrap up year-end performance reviews, start documenting your achievements. Companies, which are still cost-conscious, have gotten more sophisticated about measuring and monitoring worker productivity.

"The key to getting a better compensation package is to come in armed with information about your performance," says John Challenger, chief executive of Chicago outplacement consulting firm Challenger Gray & Christmas. He predicts total compensation to increase 3% to 4% this year.

Also, start putting yourself on the job market. It might be a "good opportunity to test the waters," says Jennifer Bernhart, director of market research at Hudson, a New York staffing company that is a division of Hudson Highland Group Inc. Employees should realize that many of their colleagues might already be out looking for jobs, she adds.

Workers can prepare themselves by getting more training and by networking, joining professional organizations and keeping abreast of developments in their professions.

It's a good idea to keep track of industry compensation levels, career experts say. The Web site Salary.com tracks average compensation levels across various professions and regions.

Finally, don't forget to update your resume. Be sure to tailor any communication -- from your initial cover letter to your thank-you notes -- to match the needs of prospective employers, says Jennifer Sullivan, a spokeswoman for CareerBuilder.com.

A survey conducted by the Internet job site last month found that more than 30% of hiring managers plan to add new jobs this year as companies expand operations, improve customer service or support the launch of new products and services. Also, 52% intend to hire more workers to replace those who have left voluntarily or were laid off.

Meanwhile, there's restlessness in the ranks of employees. Other research finds that 60% of U.S. workers would seriously consider switching jobs given the opportunity, and 28% are already looking, according to the Hudson Employment Index, a national survey of 9,250 workers conducted in December. Even 52% of workers who say they are happy with their current jobs would consider a new one.


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