Should you change jobs if you can land a higher-paying gig? While some people may go to work because it’s fun, the main reason is often to earn a paycheck.
There’s no denying that monetary compensation is a major part of whether you should stay at your job or seek “greener” pastures. However, there are other factors to consider beyond more money, like work-life balance and personal career goals.
8 things to consider before changing jobs
To help you decide whether you should change jobs, here are eight factors to keep in mind:
Personal career goals
Does your current job match your desired career path? If not, it’s wise to explore whether your current employer offers a role that does. However, if it doesn’t offer something that matches your career goals, consider switching to a company that does.
Professional development opportunities
If your job doesn’t pay your ideal salary right now, staying with the company could still be beneficial in the long run if it offers professional development opportunities.
If you don’t like your work environment or don’t have an opportunity to grow, switching jobs and taking a pay cut to explore a new industry may also be a wise move.
Upward mobility
Let’s say you love your job but are unhappy with the pay. If that’s the case, ask for a raise.
If your boss can’t accommodate your request for a raise, see if the company can throw in more comp time or greater flexibility in your work schedule. Say what’s most important to you, and see if your employer can meet you halfway.
Alternatively, you could inquire about a higher position at your current company that offers more pay for greater responsibility. This could be ideal if you love working for your current employer but want more money.
Work-life balance
Work-life balance measures the number of hours you work compared to the time you spend with family or other personal activities.
If your job requires long hours and hurts your well-being, consider switching to a job that offers a more flexible schedule.
Recruiting offers
If you’re receiving recruiting offers, this can help you see if your current pay is competitive. When doing your homework, check to see what someone with similar qualifications and years of experience is making in your field in similar roles.
You’ll also want to consider your:
- Location
- Company size
- Industry
Work environment
If you’re considering changing jobs, make sure you understand what comes along with that higher paycheck.
For example, what are the expectations when working more than 40 hours per week? If you switch from an hourly job to a salaried one, will you still make more per hour? And what’s the company culture like?
You can poke around company review sites like Glassdoor, PayScale, and Comparably to get a feel for a company’s compensation and culture.
Employee turnover
Employee turnover is the number of people leaving a company during a specific period. While the average turnover rate varies by industry, a relatively high turnover rate could show that it’s time to change jobs.
Job satisfaction
Job satisfaction is how meaningful and enjoyable your work experience is. If you feel a high sense of achievement after completing daily tasks, factor that into your decision to stay. After all, even if you earn a higher paycheck elsewhere, it might not be worth it if you don’t think your work is worth doing.
How to decide whether you should change jobs
Going through the following checklist can help you decide when to change jobs.
1. Review your career goals
Start by jotting down your career goals. Then, ask yourself if your current job will help you achieve them. If the answer is no, it could mean it’s time for a change.
2. Check your emotions
Take time to process your feelings about your current job. Does working for the company make you happy, sad, or stressed? Also, consider if there’s anything you can do to change the situation at your job if it makes you unhappy or frustrated.
3. Identify your primary concerns
Next, write down any issues with your current job. Some possible problems could be that you don’t see any potential for growth with the company or feel that your pay is too low.
4. Voice your concerns
After you have reviewed your concerns, consider letting your supervisor know how you feel. If you want to stay, they can help fix what’s bothering you.
5. Prioritize your wants and needs
Evaluate whether your job is meeting your wants and needs. Consider whether your current pay is enough to cover basics like food, housing, and utilities. If it isn’t, or you don’t have much discretionary income left after paying for necessities, consider leaving.
6. Talk to a trusted friend or partner
Ask a close friend or spouse for advice on what to do. They might have helpful suggestions after you explain your goals and current job situation.
7. Decide and take action
After weighing the pros and cons, decide whether you should stay at your current job or seek a better situation.
If you decide to stay, make sure to talk about any concerns with your boss. On the flip side, if you decide it’s best to change jobs, start researching jobs that better fit your career goals and desired pay.
Switching jobs for a salary increase
Changing jobs doesn’t always mean you’ll rake in more dough. Whether you increase your salary depends on various factors, like your skills and industry.¹
For more competitive roles, like software developers, switching jobs regularly can be beneficial, as it can result in a bump in pay. However, for jobs where the market isn’t changing quite so rapidly, like operations managers or administrative assistants, employees can earn more by staying at their current company.
Tips for calculating your expected salary increase
To calculate your expected salary increase, consider these things:
- Your total compensation package. When evaluating a job offer, make sure to consider the entire compensation package and not just your salary or hourly wage. Your total compensation package includes employee benefits like paid time off, the option to work from home, and employer-sponsored retirement plans.
- Inflation. When calculating your expected salary, you should also factor in inflation—how much goods and services rise over time.
- Your future earning potential. Make sure to negotiate what you’re worth during the hiring process since any future raises will be based on your salary.
How long should you stay at your current job?
How long you should stay at your current job depends on your unique situation and career goals.
If you’re satisfied with the pay in your current role and see room to grow, it could make sense to stay. However, if your current job doesn’t help you achieve your career goals or your work-life balance is out of whack, consider looking for another job.
If you want to make ends meet in between jobs, consider some of our top side hustles.
FAQs
Can changing jobs too often hurt you?
If a potential employer sees you’re a regular job hopper, it could hurt your chances of getting hired. On the flip side, a potential job hopping benefit is that it can lead to a higher salary faster than staying at the same place.¹
What are some disadvantages of staying at the same job?
A few possible drawbacks of staying at the same job are that you could miss out on opportunities to develop new skills or max out your income potential.
What's the median amount of years a person stays with the same employer?
Wage and salary workers typically spend close to four years with the same employer, according to the most recent data from the U.S. Bureau of Labor Statistics.²