How to maximize your earnings even as U.S. wage growth is falling

Wage growth in the US is in decline following a peak in mid-2022. This might prove to be welcome news on the inflation front, as lower employer costs mean less need to raise prices, but it can also impact employee negotiations for higher salaries, which are necessary amid a rising cost of living.

Even tech workers, whose salaries soared to great heights in recent years, have taken a hit with a recent report from Hired finding that tech salaries in the U.S. have reached a five-year low.

While this could spell an end to what was arguably a period of unjustified salary inflation, other roles may also find their compensation adjusted accordingly in this new framework.

Make the most of your short-term experience

Entry-level workers in tech have been especially impacted by the decline in salaries, emphasizing the high value placed on experienced hires.

Junior candidate salaries in tech have dropped as much as 4.8 percent, according to Hired. The report also notes that the largest number of active positions in the job market require six to 10 years’ of experience and, generally, salaries start to lift around the four-year mark.

This means that early-stage jobseekers will need to do everything they can to augment their short-term experience to demonstrate value.

If you’re just starting out in a career, some extracurricular projects and self-taught skills will stand to you if you decide to move jobs before you have built up the years of work employers are seeking for better-paid senior roles.

Another way to boost experience in a shorter time frame is to connect with a mentor. Some businesses offer formal programmes for mentoring and sponsorship, or there are platforms such as Pathrise for tech professionals, but it’s also possible to go it alone.

Find someone who is where you want to be in 10 years’ time and ask to be their mentee. They can also turn out to be a good advocate for you when you look to progressing your career down the line.

Upskill in tech

While tech workers are seeing their salary bubble burst, tech skills are nonetheless valuable across industries. These days, companies are often trying to do more with less, so those with knowledge and experience with assistive tech tools can contribute at an individual and organizational level.

Workers hoping to prove their value for when the next salary review comes around should consider what Fortune describes as an “AI premium”.

It’s not about becoming a prompt engineer overnight as this job category is already looking to be a short-lived route to success. It’s about being the person in the room who understands a new, emerging technology and how to apply it to your work.

Think of how it must have been for the early adopters of answering machines, or BlackBerry phones, taking the lead with tools that could help others transform how they work.

Keeping abreast of tech trends will also demonstrate on-the-job learning, and with decreasing investment in young talent, this becomes ever more valuable to employers.

While Hired acknowledges that generative AI appears to be a more substantial threat to junior workers with less than four years’ experience, it can also present an opportunity for those who discover new applications and begin establishing best practices in their industry.

Upskilling in AI can come via practice with freely available tools or through more formal learning from online course providers, such as Udemy or Coursera.

Relocate for remote work

Finally, another option for workers seeking to make their salary go further is to take advantage of remote work opportunities and live somewhere less expensive.

Per Hired’s report, companies are following the movement of talent to lower cost-of-living markets and even scaling back to fewer locations overall. This has led to a growth in distributed workforces and remote collaboration has become more commonplace and acceptable.

SMBs in particular have increased their options for remote talent.

Flexible working has also proven an attractive draw for experienced workers who are empowered to seek out work that works for them in a market that prizes their experience as a quality hire.

Whether you’re looking for a better salary in your current role or considering your long-term career opportunities, understanding what employers value will help you lay the groundwork to reach your goals. Look at how the tactics above might apply to roles available now on The Hill Jobs Board.

Vice President of Federal Government Affairs, Mental Health America

This Vice President of Federal Government Affairs role is open to candidates who can advance the organization’s legislative and administrative federal agenda. This will involve drafting legislation and comment, as well as contributing updates, articles, blogs, webinars and conference presentations. By leveraging generative AI tools, the speed of moving from blank page to an early draft can be accelerated and, with the right experience to refine and review the content, an AI-savvy candidate could be a productive game-changer in this role.

Director of Marketing and Strategic Communications, Stevenson School, Del Monte Forest

Stevenson School is a PK-12 co-educational, college preparatory, boarding and day school with 771 students on two campuses in the beautiful central coast of California. It is seeking a Director of Marketing and Strategic Communications to lead all aspects of internal and external communications to develop a comprehensive, high-volume, multimedia communications and marketing program that meets the needs of the evolving institution and advances the mission and brand of the school. You’ll need a Bachelor’s degree with advanced degree preferred, as well as five years’ of related professional experience in marketing or communications with prior experience in a management or supervisory role.

Account Executive – Washington, Leverage Information Systems Inc, WA

Leverage is a technology-based business solution provider that spans enterprises, serving the diverse business needs of large public and private organizations across America. The Federal Account Executive role is a field-based, direct sales position responsible for new customer acquisitions, expansion within current customer base as well as retention of services. You’ll have experience working with HHS and IND, and will consult with C-level executives to develop and implement an effective, enterprise-wide strategy that maximizes the value delivered by the company’s products and services.

For more opportunities available now, check out The Hill Jobs board