Should you negotiate a new salary with a promotion, or should you look for a new job?
The answer is often both. The easiest way to negotiate more money is to have a competing offer in hand.
Netflix says the only way to negotiate more pay is with a competing job offer. A competing job offer proves the job market wants to pay you more money.
We recommend considering positions outside of your company — and even industry — as you can likely earn more. A Forbes article notes that your pay may increase by as much as 20% by switching to a job within a different company.
One of our recent JobStep job seekers received an interview for a job that would pay him twice as much as he made in his current industry. It’s clear on this JobStep client’s resume that he’s worked in retail all his life. But the new company recognized that he could solve problems, perceive how decision-makers make decisions, and adapt quickly to changing situations.
You do not have to jump ship with your current company just because you secure a higher paying offer. For both your benefit and your company’s, first see if they would be willing to negotiate a new salary, revealing the monetary value other employers have assigned to your skills. Keep in mind, these conversations are less likely to happen without showing your employer you have this alternative option.
When looking to increase your income, consider both a promotion within and outside of your company, as well as jobs in other industries. Doing your research helps ensure you get the most money possible. Remember, you are best able to negotiate when you have a competing offer in hand.
If you are curious how much you could make by pivoting to the tech industry, check out $10,000+ Reasons to Pivot to the Tech Industry.