Obama Jobs Summit Stirs Questions Over Salary Awareness
Today in the White House job summit, President Obama and his cabinet invited business executives, finance experts, economists, small business owners and labor leaders to discuss ways to spark job creation. The Christian Science Monitor highlights eight ideas to help jobs rebound and of these eight ideas, there are a couple that specifically caught our interest, including:
- Tax credits. As it did with incentives this year for people to buy cars or houses, Congress may dangle cash in front of employers who hire. The liberal Economic Policy Institute estimates that if the Treasury refunds 15 percent of new wage costs in 2010, and 10 percent in 2011, the result could be 3 million jobs next year and 2 million in 2011. Some experts argue the credit won’t be that successful.
- Just wait, jobs will come back. The first Obama administration stimulus package of $787 billion is still only partly spent. That, plus a nascent consumer recovery, will generate job growth next year, some economists say. And there’s this tough-love recipe for jobs: Let US wage rates adjust downward, so that the demand for labor comes into balance with supply. That’s a process that tends to be slow, however.
These are interesting ideas, and as the Obama administration strives to find the right balance to create a significant job recovery, there are important tools and tips job seekers should remain aware of as they look to find work and a fair paycheck. If you are actively searching for work, here are some things to consider to help make more informed decisions that impact your career:
- Keep an Eye Out for Employers Who Receive Tax Benefits for Hiring. As Glassdoor Career & Workplace Rusty Rueff expert outlined this past September, “If you are in a situation where it is time to make a change, or by necessity a relocation, in order to find work, then follow the money of state tax incentives and research what companies are reaping the rewards from those incentives as those company may be a good place to look for your next job.”
- Don’t Just Assume You Know What Your Salary Should Be: As the Christian Science Monitor reports, some economists believe that US wages will go down in order to better match current supply. Glassdoor can help in providing insights into current base salaries, bonuses and other forms of compensation for specific jobs at specific companies from those in the know – the employees.
- Evaluate Your Salary Range: You may have earned a healthy salary before the economy took a nose dive and you lost your job, but be realistic in knowing the value of the services you offer and what your earning threshold is. What this means is know your salary range: what is the lowest offer you could take in order to simply make ends meet? What is fair compensation in your mind given the skills and experience you hold?
- Research the Competition: As you get into negotiations with a potential employer over salary, know what you could earn for the same job at a competitor. Businesses still recognize that in order to stay ahead they must beat out the competition and if you have the opportunity to attract a company and its competitor, know who will pay you the best for the talent you offer.
- Stay Current: You may be saying, “But I check the job boards and attend job fairs constantly – I know what’s out there.” But looking for work is just a part of the overall job search process, especially with all the cutbacks that have occurred within the past 18 months. When was the last time you knew what the going rate was for your job? Keep a fresh look out on Glassdoor to stay up on how others in your field or company are being compensated.