The Friday Edit

Know the Going Rate

I can’t stress this enough, but knowledge truly is power (and money) when it comes to increasing your income. Before telling a company what your salary goals are, do a little research online to understand the going rate not only for the role you are looking at, but what rates employees at that company have stated they make. Websites like LinkedIn and Glassdoor are your best friends when it comes to salary research!

Understand Consulting and Contracting

Many companies across industries will hire outside consulting firms to find job candidates for them. Working with a consulting firm has some great benefits, but its also important to understand the trade-offs you may make if you choose to be a consultant.

Benefits of Working with a Consulting Firm

• Firm can find and submit your application for multiple jobs at once
• Leverage firm’s existing connections and network to get a “leg up” in the application process
• Guidance on resume formatting and how to communicate skills and experience
• Be submitted for roles that may not be available to the general public
• Ongoing support when a contract ends, working to find you a new contract immediately
• Consulting recruiters are more likely to submit and advocate on your behalf when you may not have the required or preferred experience
• Firms often offer free training and mentorship programs

Challenges of Working with a Consulting Firm

• Be cautious of short-term contracts. Anything under one year creates additional risk that you may be unemployed again soon.
• Benefits may be lacking or non-existent. Be on the lookout for what healthcare, 401k, PTO, and other benefits the firm may or may not offer. More often than not, these benefits are not competitive and “PTO” is often not “PTO” at all (typically not paid).
• Not all recruiters have your best interest in mind. Recruiters at consulting firms typically earn commission and bonuses for new hires, making them reliant that you take a specific contract, even if it is not the right fit for you. Try working with several recruiters across different firms, and don’t be afraid to set boundaries with the recruiters who see you as a paycheck.

Network, Network, Network!

I know this may not come as a shocker, but networking truly is the key to climbing the corporate ladder and boosting your pay. If your goal is to explore new jobs and keep an open mind about where your career can take you, try building a network of people in and out of your industry. Corporate America is fueled by referrals, and most professionals are more than happy to recommend an applicant, even if they have only met the person a time or two or connected solely online (most companies will pay for job referrals, so there’s incentive for the recommender).

You may be wondering how you should network, and there are so many options that are sure to help you build quality connections. If you are a young professional, try checking out your city’s local Young Professionals groups. These are a great way to try new activities, meet a ton of new people, and get involved in the community. If you are looking for something a bit more tailored, try attending local conferences, training events, and MeetUp groups in your area.

Make LinkedIn Your New Favorite Social Media

Now that you’ve worked on building out your network, make sure to add these new connections on LinkedIn. Don’t be shy about adding new people, even if you have only met them once or twice. When sending a connection request to someone you think may be able to help you in your career, make sure to send a quick and personal note.

LinkedIn is a great source for job and salary research. Even if you aren’t ready to apply to new jobs, try looking at job postings for careers you may potentially be interested in. Doing this research will give you better insight into the “going rate” for different positions, and you’ll begin to get familiar with companies that may be a good fit for you.

If you’re afraid about what kind of content to put on your LinkedIn, let me ease your mind a bit. There really isn’t a need to post your own original content on LinkedIn in order to stay engaged and active. Instead, you can opt to repost what you find interesting. Whether its a book recommendation, economical insight, or an interesting article, reposting content will get you similar engagement and views than if you were posting original content.

The Best Time to Look for a New Job

If I were to have a catchphrase, it would be “The best time to look for a new job is when you don’t need to.” Back when I worked as an Information Technology consultant, I saw that my dream company had posted my dream job. I was currently employed in a similar role and my contract was up for renewal. I decided that I would apply for the new job, and after doing some research on the going rate for this role, I decided to set my salary expectations at the higher end of the pay scale. When you already have a job and steady pay, requesting a high salary or hourly pay rate when applying for a new role is a fantastic way to significantly increase your income. If the hiring company says no, you can rest easily knowing that you still have your current gig.

At the time that I applied for this new role, I was making $60 an hour as a consultant. Factoring in time off and benefits, this came to about $100,000 a year before tax. When I applied for the new role, I stated that my required salary was $130,000. Without negotiation, I was offered this desired salary and received great benefits that would both save and grow my money!