Salary: Let’s talk about it.
Salary expectations used to be something discussed after an interview process but now it’s something most recruiters typically ask within the first conversation. This is to ascertain if the remuneration offered for the role aligns with your expectations and to be respectful of your time.
How is salary determined?
Salary is typically determined by the value of the role, not the cost of living. Most companies will use a range determined for each role according to market value and your salary will fall in that range depending on your experience level. So why does this matter? Well, we have been in a muddy market since the global pandemic hit and things have been operating a little differently. You might have heard phrases like “The Great Resignation” and now, industry experts are saying we are moving into “The Great Rehire.”
What is the standard increase in salary when moving jobs?
An article I read by Lever sums up the Great Rehire as “ the mass hiring of talent that will take place in 2022 and beyond.” The result of this has been a significant increase in companies having to pay premium wages to combat the shortage of experienced workers. According to The Conference Board, ”nearly a third (29%) of workers who left their jobs during the pandemic are making over 30% more in their new roles.” Generally, a standard increase for job moves normally averages between 10-15%, so you can see how some companies are digging deep into their pockets to try and fix their staffing problems.
Is it worth moving jobs just for more money?
The problem with this approach is that it’s not sustainable, and we’re starting to see that now. I have personally seen an influx of candidates that made a move during the pandemic and despite their larger paychecks, are now finding their stability is threatened. Layoffs, wage freezes, and acquisitions; these are some of the triggers for reopening these job hunts. The employment market, much like the housing market, will correct itself and these inflated salaries should start coming back to standard market value.
What to consider when moving jobs
As we embark into 2023, many of you reading this will join a large number of passive job seekers and cast that net to see if there’s anything better out there. Before you do, a few things to consider:
1. Money isn’t all that matters.
We are in an unpredictable market so don’t exclude yourself from good opportunities by inflating your salary requirements when a recruiter asks, “what are your salary expectations?”.
2. Job stability counts.
Having a consistent paycheck that pays the bills, especially under uncertain economic conditions, instead of living in a state of anxiety that each paycheck may be your last.
3. Work/Life Balance.
Flexible working options & paid time off are also super important. If you make more money, but end up working twice as much, are you really making more money?
If your interest does get peaked by a recruiter, do your research and make sure to consider everything about the job, not just the financial aspect.
If you are considering moving jobs…
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