If You Want To Switch Your Job Here’s Why You Should Do It Right Now
The labor market is in an interesting place. The unique circumstances that are characterizing it have made switching jobs an ideal choice.
With inflation running rampant, ever-increasing interest rates, and experts warning of an impending recession one might think it crazy to say that now is the time to be looking for a new job. But now really is the optimal time to switch to a new job. The reason why all has to do with the unique set of circumstances that are currently characterizing the labor market.
The US labor market is in a unique place right now. Even though the economy seems to be inching ever closer toward a recession, the job sector across all industries has remained remarkably strong and competitive. This is translating into higher wages and bolstered benefits across the board, especially for people switching jobs.
The Wall Street Journal highlighted data collected by the Federal Reserve Bank in Atlanta. The bank reported that in July those who left their current job to switch to another one were able to boost their salary by an impressive 8.5%. This is higher than even just a month earlier. In June, those switching jobs saw raises equal to about 7.9%.
In contrast, those who stayed in their current roles were only given pay increases of around 5.9%. That’s a noticeable difference. For example, if someone was making $50,000 annually in their current role and decided to stay and receive a pay increase of 5.9% that would mean they would see an additional $2,950 annually. If that same individual decided on switching jobs the additional monies they would see annually would be bumped up to $4,250.
Moreover, some folks have been able to secure even larger bumps in pay. Erikah Weir, a professional based in Denver, told the Wall Street Journal that she was able to secure a 30% raise in pay as a result of her switching jobs. “That makes me want to work as hard as I can to live up to the money that they’re paying me,” emphasized Weir. So why are employers willing to dish out the big bucks even when the economy is seemingly unstable? What it comes down to is a willingness to fill roles with qualified candidates as well as a willingness to actually pay those qualified candidates what they’re worth.
If there was one major positive thing to come out of the occurrence of the pandemic, it’s that it prompted many people to reevaluate what was most important to them. It also motivated people to leave toxic, unfulfilling jobs that didn’t appreciate them in search of ones that did. Employers that are paying people more are realizing that they need to if they want to retain their employees and prevent them from switching jobs. It doesn’t take a rocket scientist to figure out that someone will be more likely and willing to stay at a job where they feel recognized and valued. And a part of that is discernible from the salary that the employer pays them.
All of that said, while it’s great to see the trend has been that people who are switching jobs are getting measurable bumps in pay, it is uncertain if and how long this trend will last. However, even if this pattern does reverse, workers should take care not to devalue themselves for the sake of staying at a job. This is especially true given that inflation has made the simple act of living day to day more difficult than ever. Hence, the takeaway is to never undervalue yourself even if it means switching jobs.
