You Will Earn 50% Less If You Stay At A Company For Longer Than Two Years
If you're a loyal employee and stick around long enough you'll work your way up and make the salary of your dreams, right? There are a lucky few who follow this path but most people who do this find themselves frustrated and underpaid.
The average raise an employee can expect in 2018 is about 3% or slightly under. Even the most underperforming employee can expect a 1.3% raise. The best performers can hope for a 4.5% raise. But, the inflation rate is currently around 2%. This means your raise is actually less than 1%. That's not really the path to prosperity is it?
Does this mean employers are out of cash and can't pay? No, it just means they have you budgeted already and that includes moderate pay raises. The extra budget goes toward expansionary initiatives and hires and you're no longer part of those groups. So, if you want to claim that budget you'll need to be part of vision of the future. That's why employees that jump ship will make upwards of 20% more in their new jobs with some making up to 50% advances.
But what about my resume? I don't want to seem like I jump around too much? This is much less of a concern in 2018 because of how fast things move but there's another important point. You never leave your existing job before you have a new job so no one is going to be evaluating you as a risk. They'll evaluate you as someone who is in demand. You should always have one foot out the door. This doesn't mean you're going to short-change your current employer but you should always know what you're worth. If you love your current job that's amazing. If you get another offer you should see if they can match it. If not, there are still plenty of qualitative reasons to remain in a job that isn't maximizing your income but you need to make those decisions based on what you want in your life. What you don't want to do is continue banging your head against a wall at a job that has your income pinned to a financial model they created when they hired you.
If you want help finding the best way to advance your salary we can help. Contact us today!