As inflation levels hit a peak — June’s 8.8% was the highest the U.S. has seen since 1992 according to statistics from the Bureau of Labor Statistics — and people are buckling down to a financially harsh winter, is there an easier way to survive the cost of living crisis?
After all, canceling unused streaming subscriptions and turning off lights can only go so far, which is why many Americans are looking at the cost of employment versus their salary, and questioning if they can make more elsewhere.
The Great Resignation resulted in the tightest labor market the U.S. has seen in many years, and new hires are in a stronger position than ever before, often able to command up to a 30% pay raise year-on-year.
In fact, the Federal Reserve Bank of Atlanta recently revealed that those who changed jobs within the last three months have received a 6.4% pay increase month-over-month compared to the 4.7% enjoyed by those who stayed put. Which explains why 60% of American employees are open to changing jobs.
So, what are employees to do?
Firstly, before taking any extreme measures, look at your current cost of commuting and see if a flexible or hybrid approach to your role could impact your bottom line. Be sure to weigh commuting costs up against heat and light costs when working from home.
Secondly, look at the benefits already included in your compensation package — is there a health insurance option or employee assistance programme (EAP) you could take advantage of and cut health costs elsewhere? Oftentimes employees are reluctant to access an EAP for fear their employer will become privy to private information, but with 79% of U.S. employees accessing EAPs, this seems like an unnecessary concern.
Approaching your employer and asking for an increase in salary is also a very real solution. Just make sure that your case is based on facts and figures such as the results you bring to the team, the return on investment the company enjoys because of your skillset, the cost of training your replacement, and your market value should you choose to look elsewhere.
Should you choose the latter, know that it is an employee market right now. Companies are reducing costs and pumping those savings into ensuring they secure the best talent, so research your skillset and know what your value is before you either ask for a pay raise — or look for a new job.
If you do want to explore your options, we have three exciting roles below, and there are hundreds more open opportunities on the VentureBeat Job Board.
The Responsibilities: This is a hugely collaborative role that will only succeed if you embrace cross functional teamwork and mentoring. You will also have responsibility for coordinating the specification of system functionalities, designing the system architecture, supporting program definition and ensuring the review and approval of designs remains in line with product and project management.
The Requirements: You will need seven years’ experience in a similar role and preferably have a PhD in a related subject. This is in addition to experience working with system identification, as well as an ability to analyze feedback control systems.
The Responsibilities: You will be expected to become a proactive member of the team, providing insights and solutions for any problems, with responsibility for ensuring project goals are not only accurate but also tie in with the overall development objectives.
The Requirements: You will possess strong technical expertise as well as demonstrable leadership and mentoring skills. This in addition to practical experience, including 10 years’ spent working as an IVR application developer and five years’ working with CTI integration across CRM systems.
Manager — Regional CRM Marketing, Uber
The Responsibilities: You will be responsible for building structures, processes and guidance for how the wider company works with delivery and mobility operations, regional marketing teams and the product marketing function.
The Requirements: The role requires seven years’ CRM experience and two years’ experience managing a CRM team. A candidate with a familiarity of data-driven digital marketing is preferred.
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