If you find that you’re struggling financially in spite of your hard work, research shows that the greatest way to get a raise is to look for a job elsewhere.
We’d like to apologize in advance to your employer for what we’re about to write.
But the numbers don’t lie.
According to a study from ADP Research Institute, workers who switched jobs made 5.3% more than they did the previous year.
Switching jobs keeps you in the driver seat of your career. While you’ve been comfortably working at your current gig, the market has been changing. You’re likely worth a lot more now than when you started.
Sure, you could ask for a pay raise, but not all companies are going to just give you more money just because you want it. If you’re feeling underpaid, data shows that the quickest route to earning more is taking your talents elsewhere.
Be like the cool kids.
Nowadays, entrepreneurs seem to be a brand all to themselves. People want to learn how to become entrepreneurs because the lifestyle seems cool.
But really, we’re all entrepreneurs. Even if we work for someone else.
Being entrepreneurial means doing something you’ve never done before to achieve your goals. It is about assessing a situation, weighing the pros and cons, and forging a new path. Knowing that you have the skills to move elsewhere can give you the confidence to build upward trajectory in the workplace.
After all, your current boss took a chance on you. Why? Because you’re an expert in your field.
When is the right time to move on?
ADP found that the biggest salary bumps come when an employee works at a place for a minimum of two years, but no more than five. Of course, if you’re at an organization for half a decade or more, there’s a good chance you’re satisfied, stimulated, and feeling well compensated.
Still, do you ever ask yourself...
Can I make more money on my own?
When you work for yourself, you’re not bound by pay-increase policies or salary grades. You can give yourself a raise whenever your business allows it. Of course, when it comes to business ownership, the path to riches isn’t always a straightforward one. Yet, it’s pretty hard to overlook the significant earning potential that opening a small business has to offer.
How to determine if a new position is worth the jump.
Let’s say you receive a job offer. Kudos to you! Before you say “sayonara” to your current position, take a final look at the whole picture to make sure you’re making the right move. Are you vibing with the commute time, benefits, supervisor and culture at your new company? If you feel uneasy about any of these, it may be best to stay put.
And honestly, if it doesn’t feel like the right time to leave, that’s ok.
Money comes and goes. If your current position makes you happy, and fulfills you, don’t feel pressured to throw that away for a bigger paycheck.
Always keep an eye out for new opportunities.
There’s no harm in flirting with other companies. And if you like what you see, jump on it. When done responsibly, job-hopping can significantly increase your salary over time. One right move can boost your net worth and earning power for the rest of your career.
So if you’re looking for a quick way to make more money, look no further than the job market.
You may be surprised by how much you’re actually worth.
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