Make us your home page
Instagram

Workers wanting a raise have little leverage

There's no budget for a big raise, and there's no room for a big promotion where you work. What do you do if you want more money? It's long been axiomatic that you leave for a better-paying job elsewhere, or you get a better job offer and use it to coax a counteroffer from your boss. But the sluggish labor market has run roughshod over those axioms.

You may find that alternatives pay less or have fewer benefits than the job you have. Or an outside offer isn't the bargaining chip you hoped. Your employer can't or won't match it.

Since the slow recovery began from the Great Recession, workplace consultants have warned companies that employees will race out the door as hiring improves. A mass exodus hasn't happened yet. Voluntary turnover hasn't skyrocketed.

And a survey of employers by an American Management Association division finds a majority of employers aren't very concerned about employee turnover.

As of January, 69 percent of the management professionals surveyed saw nothing unusual about employees' looking for other opportunities, and 61 percent said the turnover issue wasn't urgent.

If you're trying to use a competing offer to bargain for a raise, be ready to accept that your employer might not be afraid of letting you go.

Though staff departures and hiring can cause costly transitions, your organization might be happy to pull in new talent, possibly for less money than it pays you. Your employer might decide the costs of keeping you outweigh the costs of losing you.

Here's the new axiom: Employers may pay more to keep the top talent they really want and need to keep, but almost everyone else is more dispensable.

Before you try a counteroffer gambit, you need a good idea where you stand on the keep-or-let-go continuum.

Workers wanting a raise have little leverage 05/07/13 [Last modified: Monday, May 6, 2013 12:58pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Tribune News Service.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Walmart expands grocery delivery service to Tampa

    Retail

    TAMPA — Walmart is expanding its grocery delivery service to Tampa, the company announced Monday. Five locations will offer delivery for online grocery orders.

    Walmart is expanding its grocery delivery to Tampa, the company announced Monday. | [Times file photo]
  2. Marina at Hudson Beach poised to become 24-unit condominium-hotel

    Business

    HUDSON — One of the mainstay businesses at Hudson Beach is poised for redevelopment into a 24-unit condominium-hotel.

    The owners of Skeleton Key Marina in Hudson have filed preliminary plans with Pasco County to redevelop the site into a 24-unit condominium-hotel.
  3. Have your say Tampa Bay on the region's future transit options

    Mass Transit

    TAMPA — It's time, yet again, for Tampa Bay residents to tell officials what kind of transit options they want for their region.

    The Cross-Bay Ferry docks at the Tampa Convention Center on its maiden voyage on Nov. 1, 2016. A regional premium transit study will determine whether a ferry, or other options such as express buses or light rail, would be a good addition to Tampa Bay. [SCOTT KEELER  |  Times]
  4. SOCom seeks civilian drone pilots to develop new technology through ThunderDrone

    Macdill

    TAMPA — For the last three years, Nicole Abbett has been using drones as part of her photography business, with clients like the city of Tampa and construction companies.

    Josh Newby, 31, Palm Harbor, of Tampa Drones fly's a drone in England Brothers park, Pinellas Park, 8/25/16. As drone popularity increases as a hobby and business, local governments are navigating a legal grey area- where, when, and how should drone flights be allowed?
  5. New apartment complex delivers unique floor plans



    Business

    RIVERVIEW — A new luxury apartment community has opened in the Progress Village area touting itself as a distinct living option just 10 miles from downtown Tampa.

    Alta at Magnolia Park dubs its new apartment community, that opened earlier this year in Riverview, a modern and distinct option for living just 10 miles from downtown Tampa.