The Gen Z population is a smart lot. 60% of them lack job satisfaction due to low salaries. The pandemic and the subsequent wars in Europe and the Middle East have only increased inflation. It has caused financial instability and job losses, thus depleting their savings. Generally, students borrow a good amount of money to complete their graduation. They are to carry a lot of debt during their professional lives and repay it. 72% feel that they are ill-equipped by the current education system concerning salary negotiation skills and managing personal money. Hence, they seriously lack financial skills.
Challenges faced
A major financial challenge faced by Gen Z is not having adequate emergency savings. The reason is due to increasing living costs and college expenses, along with getting jobs at entry-level roles. Thus, it becomes essential to enhance your current salary. This includes negotiating a promotion or pay raise, side hustles, or doing multiple jobs while adhering to employer policies.
Useful Strategies for Gen Z Workers
1. Proper data usage:
Prepare an interesting visual to convince your manager how effective you are at the workplace. This should clearly show why you deserve a pay increase or promotion. Visual representation may take some effort and time, but is sure to get a positive response from your manager. A short deck should outline your responsibilities to date, deals closed, profits generated, and workplace success achieved. Thus, instead of seeking a raise, you will be showing your worth to your seniors.
2. Identify your fair value:
The fact is that knowledge is power. Research the current market. Equip yourself with this important information, as it enables you to make reasonable adjustment requests. Check out reliable sites to learn more about workplace empowerment. Identify if your salary is on par with the prevailing market rate. Know what others are getting for your expertise level. You stand a fair chance if you are drawing below-average salaries. However, the timing should be correct, as you can’t expect the raise right away. During the initial days of your career, it takes 2 to 3 years on average to get promotions. However, as you progress in your career, your chances of moving up the corporate ladder slow down.
3. Continue learning at the workplace:
Learning continuously in the workplace ensures job satisfaction. Try to learn new skills and include them in your resume, as it strengthens your chances of getting better jobs, promotions, and increased pay packages. Identify underserved roles, seek information on skills desired, and acquire them. The more skills you offer, the more competition in this skill set, which leads to providing more value to your current or prospective employer.
4. Select your strengths:
Having knowledge of workplace empowerment will enable you to use your strengths to your benefit. However, during your first negotiation, you will lack the kind of experience required to negotiate a salary in your favor. In such cases, you may sell your strengths. Do you have a creative mind or can you solve problems? Can you learn new technology quickly? Employers have high regard for people possessing such abilities. Craft persuasive, compelling stories concerning your career achievements to date.
5. Stay updated on the current market:
To ensure workplace success and get a high pay package, you should stay active on diverse job platforms. Put your strengths on display. Check job boards to see what skills are in demand in the industry and say relevant. If you get an offer, your current employer might be interested in retaining you by fulfilling your demands.
Thus, Gen Z Workers should go through the given tips and implement them. It will enable you to negotiate skillfully with your employers and get your much-deserved raise.
