In the employer market, companies have most of the power. More workers compete for fewer jobs, making it difficult to negotiate higher wages or better benefits. However, in the employee market, the balance shifts and power shifts into the hands of the workforce.
This means that workers can leave their jobs, but then immediately move to a new job, often with higher pay, better benefits, or both. This is what Labor Minister Marty Walsh said said Business Insider: “People are now using their abilities and influence to move into better-paying jobs.”
It is true that inflation mitigates some of the effects, but many workers receive raises in the thousands of dollars, enough to offset much if not most of the increased inflation.
Minister Walsh added: “Workers are using their influence over labor shortages to get better wages. Walsh also noted that the most successful companies are those that adapt to what employees want.
This shift in power creates a unique opportunity for you to negotiate for more, whether it’s better pay, flexible working conditions, or… Additional privileges.