Part 1 in this series talked about the marketplace, the employer’s situation and what you might do about it. Part 2 talks about your personal/professional situation and how to approach decisions concerning when to stay or when to leave your current job.
You have more leverage now, with either your current or new employer, than at any other time in recent history. The key question is, “Are you looking to optimize your compensation and career direction in the short term or the longer term?’ Either one can be the best answer.
Some basic information:
- 11 million jobs are open, with 4.5 million employees quitting their jobs in December 2021
- Compensation may raise between 4 and 6% on average during 2022
- High performers should do even better
- Some employees are receiving a bonus to stay (15% of base pay over 2 years)
- Usually when people leave for a better position, their pay increases at least 10 to 15%
Some thoughts to consider:
In the longer term, if you decide to stay in place until things settle down:
- With co-workers leaving and older employees retiring, the chances of a promotion are high
- Staying in place eliminates the costs of moving, family disruptions and new job concern
- You know what you have versus not knowing what a new company is like
- Longer term opportunities may be greater where you are, depending upon your company’s growth and the openings you see over the next 2 to 5 years for promotion
- Depending on the company’s business strategy, you may lag behind the competition or the technology advances without training opportunities
- Do two things: Talk with your manager about your career and the future, plus research your job and pay advances in Glassdor.com or Indeed.com
In the shorter term, if you decide to move on to a new position with another company:
- Your total compensation should be significantly higher
- Relocation costs may take two years to break-even with any pay raises, but may be worth it if there is a hiring bonus, incentive compensation or benefits increases
- A new job in a new company increases the risk of not being what you thought the new job would be
- Companies are desperate for talent and may “sell” the opportunities beyond reality. Only good research on your part will determine if the risk is worth it
- If the new company is in a slide, you may be the first one out the door with cutbacks
- On the other hand, if you are unhappy where you are or don’t see the possibilities of expanded responsibilities or a promotion within 5 years, a change may be worth it
There are other factors to consider. If your employer is forcing you to commute rather than work remotely, you can add thousands of dollars for commutation costs. Good bosses are hard to find. If you have one that helps advance your career, stay with it. Make sure you have a job before you quit your current job.
For a FREE critique of your resume, send it to: wkaufmann44@gmail.com