Career

Pay Rise vs. New Job

This is a widely reported debate with most arguing that a move will offer up greater rewards – at least financially – than staying put with your current employer. A recent Forbes study reported that, on average, employees that stay with the same company for over two years will likely see yearly increases of around 3% versus a move to a new employer seeing levels increase to between 10%-20%.

However, money is not the only factor to consider in this debate! Development, training, progression and opportunities are equally important. These factors are arguably the most important – and not attributed to staying or moving – as these are the ones that will futureproof your career, and ultimately your future earning potential. The ‘up-and-out-culture’ can sometimes be perceived as negative by prospective employers – you need to show you can commit and want to add value, not just chase the cash!

To help frame this, those looking for rise should look at the pro’s and con’s of their current role, both in terms of money and opportunity. With all things, if the good outweighs the bad (or vice versa), you have your answer. Our advice would be to consider the following:

  1. Why are you considering moving – i.e. salary increase, progression, new challenge (or lack of current challenge).
  2. If you stay put, where could you be in 6 months / 12 months? 
  3. Are you still learning and developing?
  4. If money wasn’t a driver, would you still be looking?

A new job can offer a new lease of life, and if for the right reasons, could be the key to helping you achieve both your short and longer term career goals. To help, why not check out our salary surveys to understand your market worth, speak to your friends, or for the more proactive, have a chat with a specialist recruiter who can tell you a bit about the potential opportunities that could be open to you.

Here are last years salary surveys

Account Management

Creative & Design

Technology & Digital

Innovation & Strategy

To connect with a specialist recruiter, visit our ‘About‘ page.

Alex
I’m a Founding Partner of Bamboo Crowd. I help our clients invest better in people and scale through Engine. I solve recruitment challenges and help our clients source the best talent across operations, business development, programme management, and technology. Ask me about good films, beards and hip hop.