Hello everyone and welcome to this episode of Ignition Time.
Money moves from a majority of Americans.
That is the focus of this episode of Ignition Time.
Welcome to our channel, everyone. My name is Dr. Nitin Chhoda.
This right here is some information about me.
Check out my video.
You'll learn about out how I am able to live the American dream.
I have the fortune, the honor, the privilege of living the American dream.
And give me a chance to help you live the American dream on this channel.
Where I educate you about important matters
pertaining to the country, the economy, as well as our money.
This is the headline of an article on your
screen from Bloomberg, Pay me more or I quit.
Workers are playing a risky game with their bosses.
In fact, more than 60% of Americans, its pretty incredible,
more than 60% of our fellow Americans say
that using a job offer from another company is something that they're doing
for the sole purpose of receiving a salary increase.
And whether that's an ethical practice or
not, well, folks, that's for you to decide.
Half of America's workers are essentially
putting a lot of pressure on their employers.
In fact, what Bloomberg writes is this,
they've spent the past two years heeding
their bosses and the pandemic's unprecedented demands.
They watch products disappear
from shelves, inflation surge and their paychecks purchasing power shrink.
All the while, wages have been rising
and big banks have been boosting top executives pay by millions of dollars.
The American economy just defied expectations,
adding 467,000 jobs in January, far above the estimates of 125,000 jobs.
And now our fellow Americans want more, much more.
In fact, about 55% say that they are
likely to seek out other job offers from other companies to get raises
at their current firms, according to a new survey that was
conducted by the Harris Poll for Bloomberg News.
In fact, if offered outside roles,
nearly 2/3 say they would quit their current jobs.
Millennials are the most likely to jump ship, followed by Gen Z,
Gen X and Baby boomers among workers likely to ask for a raise soon.
Nearly all of them said that inflation was the main reason in their decision.
And basically they said that the current economic climate is such that, hey,
it doesn't matter that I get paid a little bit more.
I need to get paid a lot more because
the purchasing power of my dollar is declining.
Let's show you this image on your screen from Bloomberg.
Americans are looking for leverage in salary negotiations.
When Americans were asked how likely are you to seek out a job offer
from a different company in order to get a raise at your current job?
55% said very likely or somewhat likely.
If you get an offer from a different
company, how likely would you be to quit your current company?
64%.
How ethical is using a job offer
from another company for the sole purpose of receiving a pay raise at your current
company, 61% of our fellow Americans thought it was okay.
Are the current economic conditions
in the US making you more or less likely to ask for a raise at your current job?
59% said that it was very or somewhat likely that the current economic
conditions are making them ask for a raise at their current job.
In fact, according to Fiona Cincotta, who's a senior financial market analyst
at City Index, she said this the power has definitely shifted toward the employee.
The labor market is so tight that they do have the upper hand in negotiations.
So folks, let me know where you stand
in this situation because are you also doing something like this or it's quite
likely that you watch this video and you decide to do something like this.
In fact, if you decide to do that,
let me know in the comments section below and let me know how it works out for you.
If you're already doing that, please let me know in the comment section
below and let me know if it works out for you.
And if you know someone who can benefit from doing this,
share this video with them so that they get the courage to ask for more.
To ask for what they rightfully deserve.
Please share this video with friends and family.
In fact, Bloomberg recounts the case
of Kenneth Fung, who actually got that up ahead.
Kenneth Fung is a 31 year old tech worker in Virginia who was hoping to get
a significant raise from the company he had worked at for four years.
His boss offered him a 10% salary increase last year and he was disappointed.
So what did Feng do? He started applying elsewhere,
and he quickly got an offer from a rival firm with a 70% salary increase.
So what did he do?
He decided to accept and even sign the offer letter.
But then a friend at work suggested.
He asked if their current employer could match that.
And guess what? They did?
They matched it quickly.
Now he's making $200,000 a year, up from about $120,000 a year.
Feng said this it's really hard to find
good people right now and so many people are moving around.
It gives a lot of power to the specific
employee if you make yourself valuable to your team.
Pretty incredible, folks.
In fact, just over half of all Americans have ever asked for a raise.
According to the Harris Poland, when they did, the results were not very good.
In fact, almost three quarters of them say that the largest raise they've ever
received was less than 50% of their salaries.
Now a lot of Americans are doing jobs on the side.
Everyone's hustling. We're all fundamentally Hustlers.
We all work hard.
In fact, to be honest with you, let's take my own example.
I own software companies.
I own ecommerce businesses.
I own rental properties.
On top of that, I do this YouTube channel.
By the way, this YouTube channel is a labor of love for me.
Some months it makes a lot of money.
Other month it doesn't make much money at all.
But it's a labor of love for me because I enjoy I really enjoy doing these videos.
That's number one.
Number two, I'm actually quite fortunate to have a video production team.
Joseph and Jeanette.
In fact, Joseph is the one editing this video.
Shout out to you, my man. Thank you so much.
So for me, I love this YouTube channel.
I love delivering the news and I'm a nerd,
so I keep up with all these affairs and I deliver the content to you.
And I appreciate you for watching these videos.
But like I said, having a video production
team, having a team in place just makes it smooth and straightforward to deliver high
quality professional content which you've come to expect from our channel.
But at the end of the day, we're all hustling.
And as I mentioned, I am hustling as well.
But getting back to this article, 61% of our fellow Americans said
that using a job offer from another company for the sole purpose of getting
a pay raise at their existing company was, in their opinion, an ethical practice.
Now what do you think?
Is this a good thing to do or not a good thing to do?
Because this strategy is a little bit risky.
What if you try and do it and then your employer says, well, see,
but then something doesn't work out with a new employer.
What do you think?
Do you think this is a good strategy or a bad strategy?
Because at the end of the day, this can backfire for some individuals as well.
So where do you stand with all of this?
Let's take another look.
Another look at a service.
A nd this is a nationally representative
survey conducted by the Harris Poll for Bloomberg News.
A majority of Americans have asked for a higher salary.
So the question was,
have you ever done any of the following in your professional life?
Ask for a raise or promotion from your manager.
53% responded yes.
Use a job offer from a different company to ask for a raise at your current job.
27% responded yes.
Quit your job when you weren't given a requested raise.
Just 19% said yes.
So where do you stand with all of this?
Let me know what you think in the comment section below,
because I believe that at the end of the day, each situation is specific.
Now, there are small risks beyond the new offer collapsing.
One is that a current employer may simply not be willing to match and that could,
like I said, create a whole range of problems.
In fact, according to Maggie Misstall,
who was quoted in Bloomberg, she's a career consultant and executive coach.
She said this, you could go to your
employer and say, hey, I got another offer.
Can you match it and they say, no thanks, you can leave.
And she said you have to recognize, hey, this might be my New Job.
Now, at the end of the day,
if you want to put pressure on your employer with an outside offer,
It could damage your relationship with the employer.
If you want to remain with your current
employer, that is something you need to keep in mind.
And even if the current employer matches
your offer, they might find a way to make you work Twice as hard.
In fact, Kathryn Golade, who is the head of Schwab Workplace Financial Services.
In fact, here's a quote
from Kathryn Golade, Head of Schwab Workplace Financial Services.
That's great for you, but now they may also consider you at risk
for leaving in the relatively near future, say the next year or two.
That can factor into how much they are willing to invest in you Versus one
of your peers Whom they may perceive as more loyal or more promotable.
In other words, if you ruin your relationship with your
existing employer, you may get more money but you may not get future promotions.
They might make you work harder or they may essentially stop investing in you
and ignoring you and essentially Socially isolate you and Professionally isolate
you, which can hurt you more in the Long term than money in the short term.
Let me know what you think in the comments section below.
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Thank You So Much For Watching. My name is Dr.
Nathan Shoda With Ignition time,
this Right Here is a little bit of information about Me.
You learn more About Who I am,
What My Journey has been like and Why you should listen to Me.
I have the Fortune to Honor the Privilege
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Able to Overcome the Cycle Of Poverty that You See on Your screen right now.
My Goal is to Help You Overcome the Cycle of Poverty.
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