3 Tips To Negotiate Your Technology Salary

Salary Negotiation tipsSalary negotiation is not just a matter of interest to employees, but employers and HR as well. If you are an employee who seeks a better package for your technology job, a couple of negotiation tactics could boost your take-home pay closer to a figure you deserve.

Tactic 1: Be reasonable

You can ask for the moon and the stars (or a salary that, by all standards, is more than acceptable). But in such cases, you can be sure that your request would get turned down. Instead, do a bit of homework and see what your skills are worth.

Take into account factors like where your job is located (for example, a position in California will pay differently than the same post in Portland), organizational priorities (for example, how important are you to the company), job requirements, and the competencies you possess. If you’re seeking a promotion, then make sure that your skills are up-to-date.

Also, take into account the current position of the company – is it amidst a growth phase, or is it trying to get more work done with less staff?

Tactic 2: Demonstrate your worth

We often expect the organization to know our value because it’s “so obvious.” The truth is that what’s clear to us is usually not as evident to the HR and management of your firm. Learn to state what’s most apparent to you. Quantify your worth – in other words, when you come to the negotiation, bring concrete examples of how your actions have helped the company and gained results.

Tactic 3: Use phrases that can help with negotiations

While there are no magic words that will get you a higher salary, some phrases can demonstrate certain values, like knowledge, congeniality, and confidence, that can get you better remuneration. Don’t think of your talk with Human Resources about your salary as a battle. Instead, see it for what it is – a conversation – and use these phrases in it.

“I am excited about the opportunity to work together with you and add value to the team.” – a great way to start a negotiation.
“Based on my research…” This opening line lets the company know that you are not asking for more than fair and that you’ve done your homework about how much companies are paying their employees in similar roles.
“Market.” When talking about your research on the appropriate salary for you, don’t forget to mention your value in the job market.
“Value.” This refers to what you’re worth to the company and what you bring to the table and how you increase the company’s revenue or margins. For example, if you can prove that your work has brought in $100,000 in profits, then giving you a $5,000 raise would sound reasonable to your employer.
“I would prefer not to leave.” This sentence can be a defense strategy if your salary is meager. It lets your employer know why you want a hike, how much you want, and that hiking up your wage is a win-win for both you and the organization.

We know that there are a number of strategies out there, but implementing these tips will certainly help with your salary negotiation when that time comes. Finally, always remember before you accept an offer, ask for time to think about the offer and take a couple of days to decide if you’re happy with it. This way you can make the best, and most informed decision for you.

Technology Jobs In The Face of Talent Shortage

Technology jobsTechnology jobs in the face of talent shortage

Even as technology jobs, personal lives, and economies are becoming more connected, more digital, and automated in the next normal after COVID-19, the spotlight is on the next wave of innovation in information technology (IT). Apart from being the driver of America’s competitive edge, information technology jobs have continued to play a key role in shaping economic growth; as per Cyberstates 2018, a CompTIA’s analysis of the tech industry.  

Employment in the IT industry is slated to grow at a rate of 13% by 2026, faster than all other occupations. From cloud computing and big data storage to information security, the demand for skilled technology workers is on the rise.

CompTIA’s analysis reveals tech companies are looking for a broad range of skills in four specific areas of infrastructure, software development, cybersecurity, and data management. Across these four sectors, hiring companies are looking for mid-level workers with six to ten years of experience or early-stage workers with three to five years of experience. 

So how can the tech talent shortage impact your business?

Since 2010, in the U.S., tech-related jobs have grown by as much as 200,000 annually, as the U.S. economy is increasingly becoming reliant on skilled technology labor. 

As per a KPMG study, 65% of the 3000 technology leaders surveyed, named hiring challenges as the key factor that was impacting the industry. While these technologies are set to transform economies, there is a critical need for a capable workforce that can convert technical knowledge and exploit the immense potential of digital technologies.

  • Fintech is expected to face a tech labor shortage of more than ten million, leading to a $1.3 trillion revenue loss by 2030.
  • By 2030, Telecom and media will have to deal with a shortage of 4.3 million tech workers costing the industries $449.7 billion.
  • In the manufacturing sector, the deficit of tech workers will be as much as 7.9 million with a revenue loss of $607.1 billion.

Having the right IT talent and investing in upskilling your top talent are critical for business growth and success as technology will take center stage in the years to come.

How industry forecasts can be skewed

Your approach to IT staffing is key to finding the right IT talent. In the last 20 years there were three distinct periods of time when either employment was high and finding qualified candidates was difficult, or, there was a spike in unemployment and highly skilled candidates were in the market looking for a job.

The early 2000’s introduced the “dot.com era.” Dot.Com This was a time when IT employment was very high and qualified candidates were hard to find. It was a difficult choice for candidates because they were lured by the instant wealth: “stock options in a startup company” versus the opportunities provided by stable well-established companies. When Venture Capital eased, many of these dot.com startup companies failed, laying off thousands of IT personnel. It took years for this talent pool to find jobs.

Later that decade (starting in 2008) the financial crisis hit 2008 Financial Crisis, many large firms closed and firms closely related were also greatly impacted. The result: layoffs were significant. Large numbers of high caliber IT personnel were looking for a job. Many in the IT field found other opportunities outside of IT while others remained searching for years. Most never realized the same compensation levels they had prior to the financial crisis.

Third, these last few years we once again have high employment Current Employment (and the future looks very good for continued high employment Employment Forecast), resulting in limited availability of qualified IT talent. This once again puts pressure on companies to both retain current employees and attract qualified candidates. 

Economic changes happen, as we saw with the recent COVID-19 pandemic. We are still navigating our way through those changes, and although an employment forecast may contain the most current data available, it is still speculative. There is no way to determine what the future will bring. Overall, IT will remain an integral part of a company’s success. Retaining and attracting the right people with the right skills will surely be a constant.

 

 

Lessons Learned from Covid-19

covid19 lessons learnedThe Coronavirus pandemic has transformed the way companies operate globally. However, there are many lessons that employers can take away from the current state of affairs. Here are a few vital COVID-19 teachings that employers must always bear in mind:

1. Arm leaders with information about Coronavirus

During times of crisis, channels of communication are filled with baseless rumors and half-baked truths. This can create a lot of panic in the community. Employees could make panicked decisions, which can affect the working of the firm. This is where leaders have an essential role to play.

Companies must ensure that people in the leadership position are provided the correct data and that they make critical pandemic-related announcements to ensure that the wrong messages don’t spread.

2. Develop and support a robust digital working environment

Work from home has become a necessity today. Companies that previously haven’t offered remote working should build a strong remote work environment.

Give your staff enough time to get secure network connectivity and glitch-free laptops for their remote work. Provide internet dongles to key personnel. Train your IT team to address tech-failures too. Additionally, develop policies for data sharing & put in place security measures to prevent data leaks.

You should also perfect the remote hiring process. Share your questionnaires and recruitment quizzes via Google Docs. This way, you can check applicants’ answers digitally. Use tools like Skype to hold virtual interviews, and create an online repository of onboarding materials that new joiners can peruse before they start.

3. Leverage technology to facilitate intra-company & inter-company collaboration and communication

Since your staff will not be physically together, collaborating on projects can become a challenge. This is why you need to leverage collaboration and communication technology to ensure you continue to remain efficient.

Tools like Google Hangouts, Zoom, and Uber Conference can help you hold video conferences with your entire team. Messaging tools like Slack, Fleep, Chanty, and Glip are great for inter- & intra-team messaging.

4. Continue to build technical proficiency through virtual training

A pandemic is no reason to put a stop to all corporate training events. Just make them virtual instead of office-based sessions.

Training will allow your employees to upskill themselves with the latest technical proficiency and get ready to take on workplace challenges post-pandemic. Training will also keep your staff engaged during these tough times and reduce dissatisfaction with work.

Online training platforms like Udemy and Coursera allow companies to create and run their own training modules. You can also choose to run your training programs on virtual classrooms like Vedamo, LearnCube, and Adobe Connect. You even have the option of implementing learning management software like Docebo and Articulate Storyline, where you may create content and organize video conferences to hold training sessions.

5. Develop a Work From Home policy that supports employees’ flexibility needs

Finally, remember that although they work remotely, your employees may require further flexibility to discharge their duties. For example, international calls/meetings may need to be rescheduled due to the crisis, or your staff may need to temporarily visit the office to access certain data. This would entail allowing them to work at odd hours or accessing materials that they usually wouldn’t be allowed to obtain.

So, craft a remote working policy that provides feasible solutions to all these issues. This will ensure that the company functions without a hitch.

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Did You Know:

Fortune 500 companies with at least 3 women in leading positions saw a 66% increase in ROI.

If you’re working in technology jobs, learn more from Womenwhotech.com and their Women Startup Challenge Europe.