Posted September 19, 2022 by Mark Perna
Episode Title: Negotiating Salary in a Recession
Salary negotiation during a recession is still a thing—but you may need to rethink exactly what you’re negotiating for. Here’s what that means for you, next on The Perna Syndicate.
Ep 551 show:
Welcome to a new week on The Perna Syndicate! I’m your host, Mark Perna. Nothing can put a damper on an employee-driven job market like a looming recession. The Great Resignation has already seen more than 40 million Americans quit their jobs, but now there may be an economic downturn on the horizon—and no one knows how it’s going to play out.
All of a sudden, job seekers may find that offers are getting thinner on the ground—and aren’t as enticing as they were just a few short months ago. Companies are tightening the belt to make it through a potentially tough time ahead.
So how does this play out if you’ve got an offer on the table? Is salary negotiation still smart in a time when jobs are not as plentiful as before?
Salary negotiation during a recession is absolutely still a thing—but you may need to rethink exactly what you’re negotiating for. I recently connected with Cara Brennan Allamano, Chief People Officer at Lattice about this topic, and she was adamant that companies still expect you to negotiate, even in a recession.
But instead of just negotiating salary, you can negotiate for opportunity—and the latter can have a much bigger payoff in the long run.
This week, we’re going to explore what salary negotiation can and should look like when the economy isn’t exactly booming. I’m back tomorrow on The Perna Syndicate with more on this topic. See you then!