More than half (58%) of workers over the age of 50 reported earning less than their younger counterparts, according to a survey from Resume Now. The reasons vary, from outdated pay structures that haven’t kept pace with shifts in market value to job hopping among Gen Z and millennials.
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“Another possibility is that some companies may intentionally limit the salary growth of older employees, banking on the stereotype that they’re more loyal or have fewer external opportunities, making them less likely to leave,” said Keith Spencer, career expert at Resume Now.
Whatever the reason, Gen X, whose ages range from roughly 44 to 60, may be able to boost their income by negotiating for higher pay. Spencer offered tips on how to do it effectively — and what to do if it doesn’t work.
1. Research Market Rates for Your Job
Before you storm into your manager’s office demanding higher pay, understand what’s reasonable for your position in your specific regional market. “This approach allows you to frame the conversation objectively, focusing on aligning your compensation with market value rather than simply feeling you deserve more because of your experience or tenure,” Spencer said.
The conversation may actually begin with your colleagues in your workplace. After all, Gen Z spearheaded the pay transparency revolution. Research reported by LaborIQ revealed 89% of Gen Z workers demand detailed information regarding salaries, bonuses, equity and benefits when they’re looking for a job.
While Gen Z typically talks freely about money, you want to take care to respect boundaries. “The goal should be to normalize the topic over time, rather than immediately offering your salary unprompted or demanding salary information from others,” Spencer said. “It can also help to frame the conversation as a professional inquiry aimed at benchmarking pay or understanding industry norms. As you build comfort, you can gradually discuss actual compensation ranges to help each other make informed decisions in future negotiations.”
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2. Focus on the Value You Deliver
Understanding compensation ranges before you negotiate is smart, but ultimately comes down to the return-on-investment you deliver to the company. “Focus on the specific value you bring to your team and share concrete examples of the positive impact you’ve made,” Spencer said.
For Gen X, your key selling points may include productivity, problem-solving skills and the mentorship and support you provide within the organization.
Based on Resume Now research, 97% of older workers said their institutional knowledge is valued by their employer, so emphasize that point during negotiations. “Your case is even stronger when you can quantify those contributions,” Spencer pointed out.
3. Be Strategic in Your Timing
When you ask for a raise is almost as important as how you ask.
“Timing is important,” Spencer said. “Bringing up compensation during performance reviews, after major accomplishments or during the planning of the next fiscal year can increase the likelihood of being taken seriously.”
4. Be Willing To Compromise
Even if you approach your boss following a performance review or before budgets are set for the year, you may not get an immediate answer.
“Be patient,” Spencer said. “Ideally, you and your manager can establish a clear timeline for revisiting your compensation. This approach lets you demonstrate initiative without appearing confrontational.”
5. Consider Upskilling
While you wait, consider taking a course, applying for a certification or learning new skills that can help you stay relevant in the workplace. Another Resume Now survey revealed 90% of workers over 50 have invested in additional training in the past two years, with 51% paying for it themselves.
If your boss still won’t budge on a raise, having fresh certifications or learning new skills can help you as you pursue the next stage of your career.
What To Do When It’s Time To Jump Ship
If you’ve tried everything you can and still feel underpaid or disrespected at your current job, you’re not alone. Resume Now research showed 24% of workers over 50 have been passed over for challenging assignments, while 15% have missed out on promotions given to younger colleagues.
“If your current salary is significantly below market rate and your employer has shown limited flexibility, pursuing a new role could result in higher pay and better benefits,” Spencer said.
However, he warned, pursue this change quietly and carefully — and give yourself plenty of time for job hunting. “Older job seekers often face longer hiring processes and increased scrutiny, so switching jobs requires a careful assessment of risk versus reward,” Spencer said.
Unless you have substantial savings without dipping into your retirement accounts or if the situation has become intolerable, avoid leaving without having a new job lined up. As you start looking, Spencer said, “Do so discreetly to avoid drawing unnecessary attention.”
Placing that “Open to Work” banner on your LinkedIn profile picture is probably not the best course of action. Tap into your warm network of people you trust to keep the secret. If you’re responding to job postings or connecting with recruiters, do it outside the office during lunch hour.
“Focus on positions where your experience is a clear advantage, allowing you to leverage your background strategically,” Spencer said.
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This article originally appeared on GOBankingRates.com: Navigate Gen X Pay Gap With 5 Expert Negotiation Tips for Higher Salary
