Millennials throughout history have long been at the mercy of global economic events, from the Great Recession (sharp decline in economic activity during the late 2000s) to higher levels of loan debt.
However, thanks to the Great Resignation that began in 2021, this generation is experiencing its first brush with power and opportunity in the job market.
It’s a trend spotted in several key economies since early 2021. About 25 per cent of employees will seek new jobs in 2022, while 10 per cent have already secured a new position, a December poll conducted across different regions worldwide showed.
Millennials are midcareer and have more negotiating power than their early days, said Carlota Zimmerman, who runs a US-based money coaching firm. That plus job markets that are primed to hire more new workers worldwide, is why exploring your career options right now is a smart move.
However, before you start polishing your resume, here are tips from career coaches on being strategic with your job search, preparing for salary negotiations while asking for what you want.
Step #1: Get more clarity on your salary goals
You might be ready for a change, but that doesn't mean you should start applying for jobs right away.
Be clear about what you want money-wise before you start searching, Zimmerman added. List the pros and cons of your current job. What gave you financial satisfaction? What didn't? This money exercise will help you get a better idea of what you want the next job to look like, she said.
Next, drill down on the areas you identified.
Say you've realised you want more flexibility or a better work-life balance in a new role. Define what that looks like, said Dana Theus, executive career coach at US-based InPower Coaching. Flexibility could mean working non-traditional hours, working remotely, coming into the office a couple of days a week or something else.
After you've fleshed out your salary and work-related goals, turn to job boards to research what people are recruiting for, Theus added. Write down the parts of a job description that match your goals and gradually build your ideal job profile.
You may not find the ideal job, but this will give you the confidence to articulate what you're looking for to people in your professional network as well as during salary negotiations, she added.
Step #2: Get into the salary negotiation headspace
Before entering a negotiation, know which terms you're willing to discuss and which ones are absolutely off the table, Zimmerman said. “You have to have the courage to believe that what's important to you is important to your company. If it's not, then you're going to need to find another company.”
Identify your non-negotiable, Zimmerman suggested, by asking yourself questions like:
1. Am I willing to take a lower salary if it means I could have more days to work from home?
2. Would I be fine taking fewer vacation days if I could have a flexible weekly schedule?
3. Write your answers on index cards that you can keep handy during interviews, she says.
Karen Chopra, a career counsellor at US-based ChopraCareers, said women are more likely to negotiate with themselves on jobs and compensation, which global surveys have proven as well. “Don't go for what you think you can get,” she added. “Go for what you want.”
Do your research on salary compensation by talking to people in your network and on websites. Chopra advises women to build a broad and diverse network for a better idea of salaries. “You have to be asking everyone not what they make, but what is the range for the position that you are looking for,” she said.
Step #3: Plan your talking points
When you're going through the interview process, virtually or in person, here are tips to keep in mind:
1. Bring up your pay terms early
Don't wait until the final interview to bring up your salary must-haves, said Zimmerman. You can approach the subject as early as your first call with a recruiter.
When asked if you have questions or concerns, reiterate why you're excited about the position, she said, then mention that it's also very important for you to be able to work remotely, for example.
2. Explain how your request benefits the company
If you're asking for flexible work hours, for example, Theus recommended stating that you know flexibility allows you to be more productive. Then, you can spell out a benefit for the potential employer, such as, “I can be more committed to being available in emergencies if I have this flexibility,” she said.
3. Don't over-explain
Whether you're asking for work-from-home days or flexible hours, don't feel like you have to share your life story, Zimmerman added. “Your desire to have time with your children, your partner, for health care, these are legal human rights.” If you've stated that your request allows you to do your job well and explained how it benefits the company, that's good enough.