Another sign of a tightening job market: More than half of professionals (55%) participating in a recent survey said they tried to negotiate a higher salary with their last employment offer.
That’s a 16-point jump from a similar survey conducted last year, according to research from the staffing firm Robert Half.
And it looks as though employers are ready to deal with the new dynamic. In a separate survey:
- 70% of senior managers said they expect some back-and-forth on salary, and
- about six in 10 (62%) are more open to negotiating compensation than they were a year ago.
Houston, LA, Miami lead the way
Other key results of the Robert Half research:
- 68% of male employees tried to negotiate pay vs. 45% of women.
- More professionals ages 18 to 34 (65%) asked for higher compensation compared to those ages 35 to 54 (55%) and 55 and older (38%).
- Boston (80%), Denver and Washington, DC (78% each) have the most managers who said they expect job seekers to negotiate salary.
- Houston (73%), Los Angeles (72%) and Miami (71%) have the largest number of executives more willing to discuss pay than they were a year ago.
- Managers in Washington, DC (71%), Houston and Los Angeles (70% each) are most open to negotiating nonmonetary perks and benefits compared to last year.
What’s the cause of the increased confidence in employees’ leverage?
Experts point to two factors:
- increased competition for highly skilled workers
- more access to salary info via the Internet
Bottom line: In order to remain competitive, companies are going to have to be vigilant about monitoring compensation trends.