This week, we’re taking a deep dive into one of our favorite topics, which is women earning more. Because we know that earning more is our best path to saving what we need for our futures, and building true wealth. According to so many of the numbers we are seeing today, this is one of the best times for women to get hired, change jobs and earn more money we’ve ever seen.
In November, the most recent month for which we have data, the number of people who quit their jobs rose to a record high of 4.5 million, and if we assume that December was the same, as it was on track to be, this would mean that 47 million people voluntarily left their jobs during 2021 — about 33% of the total workforce. And these numbers may sound crazy at first glance, but people have good reasons for leaving.
Now is arguably the best time for a woman to negotiate since 2008. Research by the Conference Board shows that companies have set aside more money for raises today than anytime in the past 15 years. Another study from Skynova showed that people who are moving jobs are actually increasing their salary by an average of 23%, which is huge.
We’ve also heard that job seekers are now tapping into higher salaries, more flexible work hours and flexible working locations, and so much more… But with all this change, we got to wondering — what’s really happening out there, and what do you need to know before you start looking?
To help us answer all these questions and learn how to navigate our next move is Kathryn Minshew, CEO and co-founder of job search and career advice site The Muse, as well as co-author of “The New Rules of Work: The Modern Playbook to Navigating Your Career.” And according to a recent poll by The Muse, 67% of adults say they are looking to change jobs this year.
Listen in as Jean and Kathryn break down what job seekers are actually after. (Hint: Work-life balance, growth opportunities, and team culture are all more important than salary!) We also discuss why people are so restless right now, and whether people are really finding the additional flexibility and family work/life benefits that they’ve sought for so many years.
We also talk about how the pandemic has changed many of the rules surrounding finding a job, networking, and interviewing, and we take a look at some of the most important changes we need to keep top of mind.
“I think there’s so much that you can ask for,” Kathryn says. “This is a great opportunity to ask for flexibility, if that’s a priority, to ask for additional benefits, really look at the entire package. And we are seeing that each situation is different, each employer has different constraints and abilities, but there is so much room to get so much of what you want, especially if you know what that is, and you’re able to open a dialogue where you’re really working with them to get you there.”
We also get real about job hopping — does it really look as bad as we’ve been told to leave a job after a year, or do the “old rules” even still apply anymore? And what do you need to know if you’re revamping your resume today, and you have a gap, or a job that you only stayed in for a few months?
Also, bonus: Kathryn also walks us through the all-important resignation letter, and how to write one that can help ensure you always get a positive reference from your former employer. In Mailbag, we talk salary negotiation and refinancing student loans. In Thrive, why you need to use, trade or sell your gift cards ASAP.
This podcast is proudly supported by Edelman Financial Engines. Let our modern wealth management advice raise your financial potential. Get the full story at EdelmanFinancialEngines.com. Sponsored by Edelman Financial Engines – Modern wealth planning. All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416