PODCAST ROUNDTABLE: WHAT DOES A LOW UNEMPLOYMENT RATE MEAN FOR YOU?

investing money management podcasts work benefits Jan 16, 2023

Last week’s Space discussed the article that suggested now is the time to ask for raises or get new jobs before six months from now. The unemployment rate is currently at 3.5%, making it an employee market, and people should take advantage of this opportunity.

Every Monday at 9 PM exclusively on Twitter, Tiffany hosts a Space called FinNoir: A Space for Black Money Talk. This Space features a variety of black voices in personal finance to give their perspectives, information, and thoughts on money topics that affect the black community.

Hosts: Tiffany Grant & Rahkim Sabree

Speakers: Markia Brown, Steven StackCamari Ellis, Nia Adams, Jonathan Thomas, Renita Young, Tamika HowellAnthony Weaver

 

Key Takeaways:

  • The group discussed the article that suggested now is the time to ask for raises or get new jobs before six months from now.

  • Unemployment rate is currently at 3.5%, making it an employee's market right now.

  • It was recommended that people go into meetings prepared, brag on themselves and list out their accomplishments in order to receive higher merit increases when asking for more money or job opportunities.

  • Other alternatives like title changes were also mentioned as potential options if raises are not available due to financial constraints of companies during this time period.

  • Take into account an HR Total Rewards package which includes salary and benefits when evaluating potential employers.

  • Utilize dependent care FSA’s which are helpful in lowering tax bills by up to $5,000 annually with a two-and-a-half month grace period if any funds remain unused at year end .

  • Compare your Year To Date (YTD) statement from 401K contributions against what was taken out on each paycheck throughout the year; mistakes do happen so it is essential that employees double check their deductions regularly .

  • Lastly, brag about oneself and document everything done daily/weekly/monthly - this will help make sure one does not get left behind during salary negotiations!

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