This financial services career coach been writing about wage inflation a lot since the beginning of the year. However, the “wow” story first reported by GeekWire on February 7 is Amazon’s more than doubling of its base pay.
As written in GeekWire, “Amazon will boost its maximum base pay to $350,000 for corporate and tech employees, from $160,000 previously, as part of an overall increase in total compensation intended to help recruit top talent and retain existing employees.”
For my 2 recent articles on helping financial services professionals earn what they deserve, click the following: Your Bonus Number is Your Employer’s ONLY Sign of Respect and How to Increase Your Salary at Least 25% When You Switch Jobs.
Last 3 Months of Press
Wage inflation is everywhere:
• Goldman and Bank of America raising MD base from $400k to up to $500k
• Wall Streeters Are Scouting Condos and Yachts Ahead of a Record Bonus Season
However, concerns are mounting:
• Read Fortune’s CFO Daily newsletter “Are higher salaries a risk to the economy?”
• Read Bloomberg ‘s Lisa Abramowicz Wall Street’s big pay hikes have made the US Fed’s job harder
I will cover the underside of wage inflation in the financial services field in future articles.
What Does This All Mean for You?
We are in the greatest period of wage inflation in the past 50 years. The fact that Amazon makes such a drastic move is a sad statement regarding the good people they lost to Google, Meta, and others. It’s also an incredible statement of how strong the market is.
If you are a mid to senior-level professional and are thinking about your next move, a 50% or more increase should be easily doable. If you don’t take another financial services job, at least get an offer and re-negotiate your current package.
Feel Weird about Negotiating Your Compensation?
I have been told by financial services clients that they are sometimes uncomfortable with negotiation in general. I get it, you don’t negotiate for a living and may have not developed these skills yet.
If you are in this boat:
• Leverage your partner as the one pushing you
• Leverage the rising cost of school, housing, etc.
• Think about your future generations
It’s ok to feel weird. However, protecting you and your loved ones while inflation eats away at your current salary is your duty as a family member.
This financial services coach says “Demand More Money!”