The Most Lucrative Time to Switch Jobs – Now
To date, employees who changed jobs in 2020 or 2021 have averaged a 28% pay increase. Compare that to employees who remained in their jobs. They only averaged a 17% pay increase since that time. Which one were you?
As recent as this last quarter, workers who changed companies averaged an 8.5% annual increase from June, according to the Federal Reserve Bank of Atlanta. This pay raise marked the biggest median increase for current job hoppers in more than 20 years. The median annual increase for workers who remained at the same job – was only 5.9% in July.
Robert Half’s survey results show that 53% of people aged 25-40 are planning on changing jobs within the next 6 months. Of those, 65% said the move was for higher pay and 39% said for better advancement opportunities.
According to recruiters and economists, companies are willing to pay a premium to fill open positions with talent. In July, near record levels of people changed jobs, 4.2 million, according to the Department of Labor. One-third of those who changed jobs cited inflation issues as a major factor in their career decisions with 46% calling it a contributing factor.
Where are you in this mix?
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