Depicts leverage one can get in employment with the economy and stock market

How the Fluctuating Economy Gives You Leverage

Do you watch the stock market and worry about your job stability?  The fluctuating economy after the pandemic could be your opportunity to “turn a lemon into lemonade.”

Those who raise their awareness and adapt to changing conditions will see new opportunities.  At Gardner Employment Law we can help you leverage a job offer to catapult your career.

How Can the Fluctuating Economy Help Leverage a Job Offer?

The stock market has been a roller coaster ride in recent weeks, with wild swings from day to day at times. You might wonder how that can be a good thing.  What is not reflected in these ups and downs on the graph is the fact that commerce and the way people make purchases is changing radically.  Some of these radical changes may cause uncertainty in the economy.

According to Insider Intelligence, “Ecommerce skyrocketed in 2020 as consumers turned to their devices for their grocery, apparel, and home furnishing purchases. The convenience of ecommerce, combined with this change in consumer behavior, reflects a stronger demand for online shopping post-pandemic.”

People who are flexible and willing to adapt to changing times tend to take more risks.  In order to successfully go after your dreams, you may need to take a few more risks and get outside of your comfort zone when opportunity arises.  When you have a great idea at work or you learn of an opening at a start-up company, you can be ready to present yourself in a positive light.  You can be ready to speak up at a meeting to explain your new design.  You can be ready to apply for that job.  You will have the leverage by being prepared.

What Is Leverage?

As we discussed in “Executive Compensation,” leverage is “that special persuasive power to move the other side closer to your desired outcome. Leverage can be positive or negative.” Positive leverage is the extent that you can provide the other party what they want. You can think of positive leverage as your “value.”  Negative leverage, on the other hand, is the extent that you can put the other party in a worse position. This can involve threatening to go elsewhere to get the recognition and compensation that you want.

In the corporate world, leverage can be your entrée to the next level. If you feel stagnant in your job and want a change in compensation, leverage is how you get it.  By learning the art of using leverage in negotiation tactics, you can have an “upper hand” when opportunity presents itself.

How Do I Use Leverage to My Advantage?

One of the most common ways to use leverage is to mention another job offer to your employer.  You imply that you have value for which another company might better compensate you.  You can possibly convince your employer to increase your salary or benefits to keep you from leaving.

You will need to use positive leverage to incentivize your employer. Be ready to present the skills and performance that showcase you are worth the effort. As we note in “Corporate Politics,” this is all about “knowing how to navigate the inner sanctum of the company,” which often takes strategy and negotiation.

What Are Techniques in Negotiating for a Raise?

In order to negotiate with your boss for increased benefits, it is crucial that you arm yourself with information. Research the salary ranges of positions similar to yours. If you post your resume and receive a lot of calls, gather as much information as possible about each prospective opportunity. Curate a list of pros and cons for all of your job offers. Make sure you can accurately assess your own worth and the plan of action that is the most sustainable for you in the long run.

If you are going to use another job offer to get a raise, it is important that you come to the negotiation table with an offer in hand. If your employer calls your bluff and simply wishes you luck, then you have no raise and no job. Whether you planned on leaving or not, you must be ready to follow through if necessary. The whole point of leverage is to put yourself in a better off position than you were before. Thus, you must think carefully about this process. Make sure you don’t burn bridges in the negotiation process.

How Do I Avoid Burning Bridges?

Leveraging another job offer for your benefit requires diplomacy. As the New York Times explains, “a demanding attitude can leave everyone involved bitter and resentful — and you without a job at all.  But when addressed with candor and tact, there are times when this strategy can be a powerful negotiating move that can boost your career.”

If you love your current job but want to improve your situation or income, take steps to negotiate cordially and professionally. Let your supervisor know about calls from recruiters. Emphasize how much you enjoy your current job and your commitment to staying.  But explain that you would like to be paid more fairly. Threats will get you nowhere in this situation. So make sure you are open and honest while still demonstrating that you are worth more than you’re currently paid.

Leaving Your Employment Gracefully

If you end up leaving the company, take steps to ease the transition. While there is no legal requirement to give your employer notice, it will pave the way for a smoother exit if you give ample notice of your departure.  You should offer to help your replacement to learn the duties of the position. Maintain cordial relationships with your coworkers and your superiors.

While it may seem counterintuitive to maintain these relationships when you leave, it is actually crucial for your leverage. Leaving with grace can give you the connection to return to your old job if the other offer falls through.  You also can request future references and support from your colleagues and superiors. Not only can this process improve your material circumstances, but it can also solidify your network and professional relationships for the long term.

Contact Us

Leverage and negotiation do not come naturally to everyone.  These skills can be learned, however.  It is crucial to have someone on your side who understands the “politics” at play.  At Gardner Employment Law, we combine many years of experience with our legal knowledge to give you grounded guidance on this process. Gardner Employment Law can help you find your leverage.  Feel free to call us.

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