How to boost your salary by more than 20 per cent? Switch jobs 🔎 lauriehavelock explains:
Being well rewarded for remaining loyal to your employer may be a thing of the past, as those who switch jobs are likely to be paid far better than those who stay in the same position for a long time.
The data also shows that those who moved even further afield – switching industries, occupations or regions at the same time – boosted their pay by even more on average. “My advice is to always keep an annual check on this,” He adds. “For example – while an employee working in a company for 10 years may have got yearly raises, don’t be surprised to hear that a talented graduate may actually be on the same or more than you. If you’re underpaid, it may be time to take your talents elsewhere.”
Money and other rewards is increasingly influencing that decision. Just under one in five of 2,086 UK workers polled in 2022 said they were very or extremely likely to change roles in the next year, a survey from accountancy firm PwC found, while only 45 per cent said they would not be looking for a new job in 2023.
It shows that employees’ priorities are changing, says Alastair Woods, workforce transformation partner at PwC, and is starting to take on a blend of work-life balance, rewards and career progression. Factors likeflexible hours and “fulfilment” are increasingly important, as is a company’s environmental, social and corporate governance credentials – ie, that they are green, socially responsible and well run.
Other important factors to consider are paid holiday, life cover, your right to redundancy pay – which doesn’t kick in until you’ve been in a role for at least two years – and whether any parental leave is provided. “It’s always best to check benefits before making a move so you do not receive any nasty shocks further down the line,” she concludes.If you are looking for a new job, there are a few ways you can ensure that you are getting paid the best salary possible.
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