It all depends! How’s that for sitting on the fence? Let me explain.
Interest rates have been low for some time now in an overall sense. And wages have been too.
Certain sectors of the market haven’t experienced the same.
Here in Australia and the state of New South Wales, we are experiencing a fair bit of industrial action. A lot to do with wages. Nurses, teachers, rail workers. Big groups of people who are represented by Unions. Thank goodness for worker support. We have to have fair and reasonable debate and action to achieve fair outcomes.
Now, let’s slide over from the larger populous perspective to individual contributor. That is you as an individual in your job.
If you’re doing really well. Delivering great results. Able to align demonstrate your value to the boss and organisation. Are known for being good at what you do. Are able to position yourself well, so that people are saying great things about you behind your back (the best kind of gossip I say!), then you’re in a stronger position to go against the tide.
In my experience, with the many, many hundreds of people I’ve coached, if you can stand out and demonstrate WHY you’re amazing, no matter whether interest rates are on the rise you will be able to negotiate strongly for yourself and achieve a pay bump.
Of course, when jobs are abundant it helps and right now there is an abundance. And I’ve spoken with people who even in a market of job opportunity they haven’t been able to negotiate a better salary. Largely because they haven’t been able to create a gameplan and follow it through in a way that enables a positive outcome.
Get in touch if this resonates and you’d like help with getting a raise