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.