At a time when unemployment is at near record lows, many sectors are struggling to find talent – and after a recent spike in inflation, too, it may seem like an opportune time to ask for a raise. But on the flip side, many firms have recently cut staff and the Canadian economy has begun to cool.
According to a recent survey by Robert Half Canada, 83 per cent of workers are concerned about rising costs and interest rates, and 73 per cent are worried about the economy more broadly. At the same time only 42 per cent are concerned about their job security. As a result, 70 per cent are looking for a salary increase in 2023.
“If you’d like to negotiate you might go out of your way to apply for a few other jobs that you might not want as much, but you think you’ll have a good chance of getting,” he says. “If nothing else, you can feel more confident having more alternatives, and that confidence will likely give you a better outcome.”
Part of that preparation should also include a study of the employer’s performance and current financial standing, advises career coach Miriam Groom, the chief executive officer of Mindful Career. She says even in the worst economic climates, certain sectors, employers and roles remain in high demand, and it’s up to negotiators to determine just how strapped the other party really is.