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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Experts have predicted employee shortages for years, but they did not factor in the acceleration of these shortages by COVID-related issues. The result? It’s a job-seekers market. You can’t lose!
If you are considering finding new employment, NOW is your best chance ever to land the job YOU want. Why?
- Job openings are at an all-time high.
- Job candidate availability is at an all-time low.
- Your competition is at an all-time low, making it easier for you to get noticed.
- Pay rates are at an all-time high!
In the past, it was difficult to get the attention of the best companies if your skills and experience were not top-of-the-class. Not so anymore. Not only are firms accepting candidates with less experience, but many are training candidates to meet their requirements. It’s a win-win for everyone! Work at a great company and obtain valuable training while enjoying top pay! That’s a super opportunity.
Additionally, employers today do not want to lose strong job candidates to other companies, so they are hiring candidates much quicker. Job hunting has never been easier or faster, and with some serious wage improvements.
Want a sampling of what I am talking about? Look at a few of these openings.
Follow these “Six Easy Steps” and your first job offer will soon be coming your way.
Take a short break. After a while of being unemployed, it can be depressing. Relax a bit, recharge, and change your mindset. Rethink your criteria, expand your horizons, and plan your search. Work your search like it’s a 40-hour-a-week job. Start associating with the class of people you want to become – the successful and employed! Then, be open and readily available
Go where the jobs are. You can’t expect to find a job where there aren’t any that fit your skillset. Many times, this means either relocating or perhaps just changing fields. Whatever the case, try something different.
Spruce up your online presence. Potential employers are exploring an applicant’s online presence prior to hiring, so what does your Facebook presence say about you? Clean it up if it needs it and start projecting a persona of professionalism.
Try Employment Agencies. Many companies do all their hiring through employment agencies. Find an agency that specializes in full-time positions. Jobs aren’t falling off trees, so be patient. They work hard to get good candidates in front of companies. That’s how they make their living, so you can believe they are trying. Understand it’s their clients that make the hiring decision. Lastly, one application at an agency results in your application getting in front of 30-50 hiring managers at different companies. Can’t get that anywhere else, so give them a try.
Network. Network. Network. That means with friends and acquaintances that are employed, a recruiter at your favorite employment agency, and employed neighbors. Stay in touch and socialize! Working friends recommend their friends for jobs.
Practice your interviewing skills. “Tell me about yourself!” Practice with friends. Get used to your own voice in this situation. Practice gives you a sense of confidence and confidence sells.