She Strengthens

Navigating the Job Market During Uncertain Times

The COVID-19 pandemic has turned the job market upside down, leaving many feeling frustrated and hopeless. With unemployment rates varying across the country, it’s essential to understand the current landscape and how it affects job seekers.

A Challenging Environment

In cities like Los Angeles, the unemployment rate is a staggering 20 percent, while Utah boasts the lowest rate of 5.1 percent. The overall unemployment rate stands at around 11 percent, but this figure doesn’t account for underpaid employees or those who have exhausted their benefits. This means the actual number is likely much higher.

The Impact on Salaries

Companies are taking advantage of the situation, offering lower salaries to new hires. With a larger pool of applicants and financial struggles, it’s not surprising that job seekers are being “low-balled.” Experts in the career and recruiting field confirm that companies are less competitive with their offers, and the perception is that candidates should be grateful to have a job.

Negotiating Non-Monetary Perks

However, some businesses are increasing non-monetary perks to compensate for lower salaries. These benefits may include child care reimbursement, health and wellness benefits, and work/life benefits like PTO and remote work assistance. If you receive a lower-than-normal job offer, try negotiating for these perks.

Industry Variations

Workers in essential industries, such as medical and supply chain fields, may have more leverage to negotiate higher salaries. On the other hand, “white-collar” industries have been hit the hardest, with companies cutting back on salaries.

Freelance Opportunities

Freelance and contract positions are becoming more common, especially on platforms like LinkedIn. While freelancers are cheaper to onboard, they should be offered a higher rate than full-time workers to compensate for the lack of benefits. Be cautious, though – some companies may take advantage of freelancers by treating them like full-time employees without providing the necessary benefits.

Know Your Rights

If you decide to pursue freelance work, make sure you understand your rights as a freelancer. Labor misclassification is illegal, and you shouldn’t accept a “freelance” position that’s actually a 9-to-5 job without proper compensation.

The Bottom Line

While companies may be taking advantage of the economic climate to offer lower salaries, it’s essential to negotiate and advocate for yourself. Don’t settle for a number you’re not happy with, and remember that non-monetary perks can be just as valuable as a higher salary.