It has long been rumored that in order to “get what you’re worth,” you need to be constantly on the move. In fact, it was recommended that you change jobs as often as every two or three years to get the most bang for your buck. However, this might not be the case anymore. According to the ADP’s latest Workforce Vitality Report, employees who stayed at their jobs in 2020 garnered an average pay raise of 4%, while those who landed new jobs averaged a raise of 5%. So, the question remains, is that 1% worth a switch? Here are four instances in which a new job that pays more would be worth it.
You are being paid below-market-rate
This is an instance in which you may be able to secure more than a 5% raise when switching jobs. Do your research on sites like LinkedIn, salary.com, or Payscale to discover the market rate for someone with the same amount of experience in your role. Additionally, search job boards or talk to a recruiter to see what people hiring are willing to pay. Employers that are satisfied with paying employees less than they are worth will have difficulty retaining talent in today’s modern job market.
You are not happy in your current work environment
This may seem obvious, but it is notoriously easy to stay in a role that pays well but drains your happiness. If you are unhappy at your current job, even a lateral move can make an enormous difference in total value. Certainly, it’s worth investigating and having a conversation to see what else is out there.
You are receiving interest from other employers
It’s no secret that companies are hiring right now. In fact, many are desperate to add to their teams. If recruiters are contacting you, it is absolutely worth having a conversation. Likewise, have an updated resume and cover letter template ready to go. That way, if a job pops up on your LinkedIn feed, you can be ready to apply quickly. You might just be surprised to discover how much interest you receive!