With inflation rates increasing at an abnormal rate, everyone is feeling the pinch of tighter budgets right now. It has no doubt left you wishing for a boost in salary to help offset some of your new costs.
Maybe it was a raise you were hoping for, but you might actually have better, faster results just applying for a new job, according to The Wall Street Journal.
WSJ cites statistics from the Federal Reserve Bank of Atlanta which reveal that based on measurements of the last three months, people who stuck with their current job saw their wages increase by 4.7%. Whereas people who switched to a new job saw their wages go up by 6.4%.
That disparity is already surprising, but it is also the biggest divide between those two numbers in the last twenty years.
Those numbers provide a pretty good argument for now being a great time to make a big move with your job. Getting a raise is often uncertain, but even if you did get that increased salary, it might still be below what you could get starting fresh somewhere else.
Unless you feel particularly passionate about your current position, it has to be enticing to imagine that better possibility.
The better job conditions right now are one of the few upsides coming out of the last few years of financial upheaval. After Covid and now harsh inflation, it has made it unsustainable for many workers to stick it out at a job where they were barely making ends meet.
Market uncertainty has made employees more audacious in seeking new opportunities and resulted in what is referred to as “The Great Resignation“. Now employers are scrambling to fill open positions and finding the only thing that is drawing in fresh blood is to aggressively offer better salaries.
There are of course reasons against considering a new job, such as concerns about having to relocate or having to reestablish your reputation in a totally new company.
But if you have already been on the fence about your current company, the current hiring climate provides some intriguing incentive to consider taking that leap.
To learn more about the pros versus cons of switching to a new job, check out what the Wall Street Journal is saying here.
Joshua Flake talks about why switching jobs may be the quickest way to get a raise.
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