It’s a great time to be a hospitality professional. The hospitality industry added 40,000 jobs in July, and the unemployment rate for the economy as a whole fell to 3.9 percent. As the labor market continues to heat up, employers have a tough time finding talent. That gives job seekers the upper hand. But you don’t have to be actively job searching to benefit from the thriving economy—here are a few ways to use it to your advantage.
Ask for a raise
Employers know that you have a lot of other options in a hot job market. And they don’t want to see you go. In fact, if you leave, your company has to spend more money on recruiting and onboarding new employees. In 2016, the Society for Human Resource Management reported that the average cost to hire a new employee was $4,129. Employers may be happy to pay you a little more in exchange for your continued loyalty and hard work. To make the case for a raise, document your contributions and accomplishments. Then sit down with your manager to discuss your performance and ask for higher pay.
Renegotiate hours, benefits, or perks
Just like this is a good time to talk about salary, it’s also a good time to request a better shift or benefits. Maybe you’re currently working part-time shifts and you’d like to change to a full-time schedule. Or maybe you aren’t on an employer-sponsored retirement plan and you’d like to have that benefit. Open up the conversation about hours or benefits with your employer, and see if you can agree on some new terms.
Ask for a better position
Think about some roles that are slightly more senior to your current job. Which ones would be a good fit for your skills? Are there additional responsibilities that you could take on with training or support? Let your employer know that you want to advance, and say which positions you’re interested in. Don’t assume you’ll be notified if promotion is a possibility for you; your employer may be waiting for you to take the initiative and request a promotion. Chances are, your employer will be thrilled that you want to stay with the company and take on greater responsibility. If your employer isn’t ready to promote you yet, ask if you can receive mentoring or training to enable you to move up later.
Move to another employer or a better location
Do you feel you’ve learned as much as you can from your current workplace, and are you ready for a new challenge? Or has your employer turned down your requests for a promotion? This is a good time to make the transition to a new job. Sometimes, the best way to climb the career ladder is to switch to an employer that offers you more opportunities to grow. A hot job market means your skills are in demand and many companies are accepting applications. If switching jobs is something you might like to pursue, act now while the low unemployment rate is in your favor.