Everybody wants to make money but let’s set one thing straight. Wanting to make more money is not a bad thing! Money isn’t what’s most important, but instead, it’s what it allows us to do. It allows us to travel more, spend time with family, afford experiences, and improve our lifestyles. It’s no wonder then why people ask how do you make more money?
Well, the answer to said question is both simple, and complicated. Making more money may at times seem like an impossible task, but it’s not as hard as it might sound.
Change your job
Yup, as simple as that. Here’s the thing with changing jobs. When you’re starting off at a new company, you aren’t anchored down to what you are currently making. You are typically offered the market salary for your new job.
Personally, every career change I made netted me a 20-30% increase in my salary. Now, I get that might not be the typical numbers most people get to see, but I can assure you, changing jobs is much more lucrative than staying for the average salary increases.
Typically, employees expect to see annual raises between 3-5% a year. Sure, that beats not having raises at all, but nowhere close to how much more you could earn by switching jobs.
Here’s the thing:
Changing jobs can be scary. I know I was scared out of my mind quitting a job. Human beings can’t help but love the “norm” and don’t like change. But it’s the changes in life that make us grow the most.
Statistically speaking, employees that stay at a job longer than 2 years make an average of 50% less of what they could be making somewhere else. Sure, there’s something called loyalty, but then again, there’s also something called your future.
There are both advantages and disadvantages of jumping ship that all need to be taken into consideration. So let’s take a look at both of these and see where you land.
Advantages of changing jobs
It goes without saying that the biggest advantage of changing your job would be a significant increase in your income. I personally experienced upwards of 40% increase in my income when changing jobs.
You earn more money
Like I mentioned before, and will mention again, there is no other silver bullet that works quite as well as changing jobs. Statistically, employees earn a 10-20% increase in their salary when changing jobs. Remember, this is just an average.
There are of course outliers in these statistics. Some earn more, some earn less. It all depends on how underpaid you were, your industry of work, the job market, etc. On average though, expect a significant increase in income.
You learn new systems / techniques
Changing jobs also exposes you to different techniques and systems than what you were used to. The more exposed you get with different industries, processes, etc, the more experience you also get.
Thing is, employers love to see when an individual doesn’t just know one trick, or one way of doing things. It might be a bit nerve wracking having to learn new processes, but just like when you got your first job, you had to learn that too.
This will definitely look good on your resume, and when the time comes to look for greener pastures in the future, you have a better Ace up your sleeve!
You get to network more
Ever heard the saying “sometimes it’s not what you know, but who you know”? Well, this would be the perfect example.
When you change jobs, you not only get to see how another organization operates, but you also get to network with more people. Your network is very important as it exposes you to so many different people and new opportunities. The benefits of knowing all new individuals is priceless.
You change your scenery
Boredom and monotony are real things! If your current job revolves around doing the same things over and over again, it creates repetition and boredom. Wouldn’t you want to have a change of scenery?
Some fresh air perhaps? I know I would!
After years and years at the same employer, you start to realize that you know every single aspect of it. You know which coffee maker works best, which co-worker is the most helpful, what coffee your boss drinks, when the alarm is set, etc. Monotony hinders growth! So it’s important to keep your mind stimulated so that it keeps growing. Changing your job offers that, and creates a bit more excitement in one’s life.
Disadvantages of changing jobs
Ah yes, here comes the disadvantages. Like most things in life, there are things to consider before making important decisions in your life, and there are no exceptions to that rule.
When changing jobs, here are the most important things to consider:
- How is the job market?
- Are you close to retiring?
- Are you forfeiting any retirement funds?
- What benefits would you be giving up?
- Is there relocation involved?
- Are you leaving on a bad note from your current employer?
These are just a few things that you might want to consider. Yes, there is the possibility of increasing your earning potential, but there are disadvantages that have to also be taken into careful consideration.
Another thing to also remember is how your industry might perceive many jobs on your resume. Some companies might not care, but some might be scared that you won’t commit to them, and might not give you a call back.
So many things to consider, so make sure you re-read this, and make the decision that is right for you 🙂
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