Is this an opportune time to ask for a raise? Or, given the recent spate of tech layoffs, is it better to lie low for a while?
U.S.-based employers announced 76,835 job cuts in November, a 127% jump from the previous month, according to a report by Challenger, Gray and Christmas released on Thursday, and 417% higher than a year ago. So far this year, companies have announced plans to cut 320,173 jobs, a 6% increase from last year. Tech companies alone have announced more than 60,000 job cuts this year, with indications that there will be more to come.
Also read: U.S. stocks fall as strong November jobs data challenges Fed to push interest rates higher Judge whether the timing is right Don’t bet on the labor market remaining strong indefinitely. “The window to land a salary bump now may be closing,” said LinkedIn career expert Blair Heitmann. While the U.S. still has a tight labor market, the tech sector has shed thousands of jobs — and those layoffs are a sign that other sectors may be next.
Another factor in your favor, particularly at a high-performing company that has no plans for layoffs, is that hiring remains difficult, a situation that will likely last through the next year, according to the Workplace Trends Report by Indeed and Glassdoor. Have you, for instance, taken on extra responsibilities without any promotion or pay raise? Three quarters of workers say they have taken on a bigger workload without receiving extra money, according to a survey by Jobsage, a workplace review site.In the meantime, keep an eye on hiring trends within your industry.