Why NOT Changing Jobs Now Can Cost You Real Dollars in Lost Salary
First jobs rarely turn out to be a dream job. Often it is an obvious mismatch. The speed in which people change jobs or careers seems to depend on abilities and degree of education. Often, people with more training and education settle on a career more quickly. There have been times in America when people would hold onto their jobs at all costs, no matter how bad it was, such as during times of recession. We live in a different era now. Hanging onto the same job for too long may end up costing you more than you realize.
Do I have a future here?
If you can’t see yourself in your current position in a year or two from now, or if the path you’re on doesn’t lead to where you are planning to be in the future, it’s time evaluate whether you are in the right place. Does the job go hand in hand with your long-term career goals? If not, you must alter your path to align with your career aspirations; it may be time to make a big change.
A Poor Fit Means Lower Wages
Studies have shown that workers who don’t fit in well at their jobs often end up being less productive. Being less productive translates into lower wages over the course of time. This seems to be the case whether we are talking about being underqualified or overqualified. If you spend too much time in the wrong position you will also be worse off after you switch due to the fact that you haven’t been learning and growing in the skills needed to succeed on your prospective career path. Putting off finding a job that is a better match for your skills and qualifications is essential to your long-term earning potential. Well worth the stress and effort of a prolonged job search.
When to Make the Switch
The sweet spot for a job change seems to be after about three to five years on average. Often employees who voluntarily make a job switch see a 5-8% raise with a new employer. After several additional years the percentage of increase drops somewhat. This indicates that those employees who remain in a mismatched occupation over a fifteen year period could end up with a salary that is in the neighborhood of 30 percent less than someone with comparable skills but in a well match occupation.
When you are well aware of your value and how much you are worth and more importantly, your employer knows that you are willing to leave if you don’t get it, you become much stronger in your negotiation tactics, whether you ultimately decide to stay or move on.
The Job Switching Trend
We hear a lot of negative press about current employment and unemployment statistics. The truth is many people assume that in these times people change jobs often and that the market is insecure. While we all know that the days of working in the same position or even field over the course of your lifetime are nearly gone, it is a misconception that people change jobs and careers more than ever. This is where the advantage of making a change comes in. If you do your research and make decisions and plans over time, not being impulsive, you stand a great chance of making a switch that will better your financial situation. In doing so, you may also find yourself properly challenged, intrigued and valued.
It’s important to note that loyalty to your company isn’t the most profitable position any longer. Being willing to demand what you are worth and being willing to leave for other employment over it, makes you much more likely to ensure that you make a salary that you deserve.
Image courtesy of Sira Anamwong at FreeDigitalPhotos.net
By Brandy Higginson, Five Strengths Contributor