4 Smart Moves to Make While Employers Are Still Fighting for Workers

The labor market still favors job seekers, so use that to your advantage. 

For months, financial experts have been sounding warning bells about a potential recession. With the Federal Reserve hiking up interest rates in an attempt to slow down the pace of inflation, the fear is that consumer spending will start to decline dramatically due to costlier borrowing, thereby leading to a broad economic downturn.

If that actually happens, the labor market could quickly tighten up and job openings could shrink substantially compared to today's levels. But right now, we're not there. Today's labor market is strong and job openings are abundant. In fact, a number of industries are still experiencing worker shortages and are taking extra steps to incentivize job applicants to come their way. 

That's a situation you can benefit from as a job seeker. Here's how.

1. Ask for a sign-on bonus

There was a time when sign-on bonuses were largely reserved for specific industries, like investment banking. But over the past year and change, a growing number of companies have taken to offering up cash as an incentive to come on board. If you're looking for a job, you shouldn't hesitate to ask if a sign-on bonus is part of the package. You may not be in for thousands of dollars as a lump sum payment, but you never know when you might be able to eke out a $500 welcome aboard payout.

2. Negotiate higher pay

When job openings are slim, employers can get away with paying workers less. But that's not the case today, which means you have a prime opportunity to negotiate a more generous salary. To do so successfully, take some time to research salary data for your industry so you know what number to ask for. Also, feel free to highlight some of the unique skills you have that make the case for higher pay.

3. Insist on remote work -- at least some of the time

Some companies are no longer on board with the idea of full-time remote work. But not having to commute could save you a nice amount of money, so it's worth fighting for remote work -- if not on a full-time basis, then at least on a partial one. A lot of employers are allowing workers to do their jobs in a hybrid manner, where they come to the office several days a week but work from home the rest of the week.

4. Go after a solid benefits package

A higher paycheck, sign-on bonus, and remote work could all put more money in your pocket -- and make it easier to pad your savings nicely. But don't underestimate the importance of a great benefits package. You shouldn't hesitate to ask for perks like subsidized health insurance, paid time off, and a 401(k) plan for retirement with a matching program attached to it.

We don't know if and when the labor market will take a turn for the worse. But right now, job seekers have a solid advantage, and that's something you might as well use to your benefit.