Want a Pay Raise Faster? You Might Want to Look for a New Job

Everyone wants to make more money. And this year, most employers provided far higher-than-average raises, with 3.4% being the national average.

Oftentimes, though, the biggest financial payoff can come when you move to a new employer. In fact, wage gains for those who changed jobs outpaced those who remained in the same position significantly. According to reports, the 12-month average for people who changed jobs led to a 4.3% rise in pay. That’s almost an entire percentage point higher than getting a raise in your current job.

So why does securing a new job pay off so much more? Here’s a look.

#1: You Can Get a Higher Paying Job in Today’s Economy

Between staffing shortages and record inflation, now is an ideal time for those job seekers who want to earn more. Employers are willing to up the ante a lot when it comes to compensation and benefits packages for new hires.

In certain roles especially, like IT, civil engineering, and communications, that number has increased dramatically due to a skills gap and worker shortage. Employers are feeling the crunch when it comes to finding smart, dependable people to fill their openings. As a result, they are willing to pay more when they find strong candidates.

#2: The “Great Resignation” Has Left Companies in the Lurch

The pandemic had a major impact on the economy, leading to what’s been dubbed the “Great Resignation.” Shutdowns and quarantines have caused many people to rethink their careers, oftentimes switching gears for a new opportunity, more flexibility, or less responsibility. Employers across the board are therefore struggling to fill openings, meet demand, and keep operations running smoothly.

For you, if you’re interested in a new job, you’re in a strong position to negotiate higher pay. If you’re not being paid what the going rate is right now for someone with your experience, making a move to a new job can lead to a big boost in wages, as a result.

#3: Staying at the Same Company Can Equal Lost Wages

In the past, employees remained with one company for 30 or 40 years and then retired. In today’s world, though, things have changed dramatically.

In fact, the average professional changed jobs 12 times over the course of their career, each time moving up on the pay scale. That means if you stay with the same company for years and years, you might only get the average pay increase each year, instead of the big jump in salary job switchers enjoy.

Over time, you can potentially lose out on thousands of dollars throughout your career. Plus, with job security being a thing of the past, there’s often no incentive to remain with one company. Instead, it makes sense to move around to earn more.

#4: You Could Get a Counter-offer from Your Current Employer

If you’ll get a pay raise that’s higher with a new job, then it’s no wonder you’re ready to make a move. However, keep in mind, your employer might come up with a counter-offer that is even better. And you wouldn’t be able to secure it unless you started a job search and got an offer.

So, before you sign on the dotted line with a new company, make sure you bring your current offer to your existing employer. You might wind up with an even higher salary and better benefits because they want to retain you.

A Word of Caution

Getting a big raise is certainly tempting. But, before you jump ship, consider the downside, like a hit to your health insurance benefits, retirement plan and paid time off. When you change jobs, you’re likely starting from the beginning with these benefits.

If you have six weeks of paid time off, for instance, in your current job, don’t expect that with a new position. You also might have to switch your health insurance plan and potentially change healthcare providers. Finally, if a new employer doesn’t offer the same generous retirement matches, then it could impact when you plan to retire.

However, if you’re in a job where there isn’t upward mobility or a substantial raise any time in your future, then now is the time to consider a change. A recruiter in Houston can help you.

When you work with one, you can benefit in many ways, including with access to the hidden job market. These are positions only filled through recruiters and not advertised to the general public.

In addition, when you work with a recruiter, you don’t have to spend endless hours searching for leads and preparing for interviews. They can connect you with job openings that are a good fit for you based on your career background and goals.

When it comes to salary, they can explain what to expect and even help you with negotiations, so you get the best offer possible. Throughout it all, they’ll also be a source of advice and guidance, so you can take your career to new heights.

Ready to Take a Step Up in Your Career & With Your Salary?

Turn to Houston’s leading recruiters at Murray Resources. We have a success rate of 95% and can help connect you with a great job that comes with higher pay. Contact us today to learn more or search our jobs now.