Work Productivity and Hacks
Staying At Your Current Job Will Make You Earn Less
February 20, 2015
Is the grass really greener on the other side of the fence or where you water it? An article by Cameron Keng examines this question from a financial (read: employee wages) perspective. Dear reader, if you’re having change-of-scenery plans in your work life, here is another point to ponder. The article in 140 characters or less: Switching employment addresses is a sure-fire way to a higher salary. The tip of the iceberg tidbit below: The worst kept secret is that employees are making less on average every year… Staying employed at the same company for over two years on average is going to make you earn less over your lifetime by about 50% or more. While salary is not the sole factor for someone to consider taking on a new job or career opportunity, a Banko Sentral ng Pilipinas (BSP) survey reported that salaries and wages are the main sources of a Filipino household’s income. Add to that the Filipinos’ caring and self-sacrificing nature for their loved ones and you see how this aspect can hold a big impact in one choosing to stay put or to extend their stay. Keng's article lays down the pros and cons for changing jobs: Arguments for changing jobs
- In 2014, an employee is ticketed for a 10-20% increase in salary for leaving a company. Those staying put? Only less than 1%.
- For a career that will span, say, 10 years, an average raise of 3% will occur per transition
- If you are good at something (read: being a skilled worker), leverage on that. Your skillset is good leverage for increased pay.
- People who jumped ship usually commanded a higher salary since companies are willing to shell out a higher base salary to get you in their grasp.
- Workers who stay past the two year mark may be underpaid or had more earning potential somewhere
- Changing jobs too often may not look too good on your resume (Making a transition every three to four years for a boost in salary is recommended, according to an HR practitioner).
- It can be stressful
- Compensation is only a part of one’s life