Searching for new employment with the sole purpose of a pay increase may not be the best move – here’s why:
Analyze where you’re at right now in your career. Like Maya Angelou once said, “You can’t really know where you are going until you know where you have been.” What do you like and dislike about your current role? Aside from compensation, there are a number of variables that require honest consideration.
- Benefits package
- Commute time
- Schedule flexibilities
- Culture fit
- Work-life Balance
Success will be increasingly more likely to achieve if you are considering the total package a position has to offer. If you feel you aren’t being compensated properly, have you addressed it with your current employer? It’s unlikely that you would address such concerns and receive a shrug of the shoulders in return.
Making the decision to seek alternate employment based simply on the desire for increased compensation is bound for disaster. Controversial belief – money can’t buy happiness. Maybe your current employer offers an incredible benefits package and flexible scheduling. It won’t be until you break a leg or have to miss out on your kid’s soccer game that you realize an increased salary doesn’t fix everything. Unfortunately, sometimes we don’t realize what we need until it’s gone.
A prospective employer may actually be less inclined to entertain your job search if you make prevalent that you are solely searching for greater compensation. You may be more inclined to accept a counteroffer from your current employer at which point they’ve wasted time, energy, and resources interviewing you for their open position. Statistically speaking, close to 50% of employees who accept a counteroffer are likely to leave within the following year, over 10% of which don’t last another 6 months.
It’s increasingly common for employees to desire higher compensation. However, speaking to your current employer first may be the right move for you. Address your concern and you are likely to settle on a path for an increase in the near future. If your requests are not accommodated, then seeking alternate employment may be the right more for you. However, when asked why you are seeking alternate employment by a prospective employer, your answer should be that you’re seeking growth. With increased compensation, comes increased responsibilities. You can’t expect your employer to give you any more than your annual increase if you’re unwilling to broaden your responsibilities.
Don’t be ‘blinded by the dime,’ making a rash decision that will not benefit your future growth.
For assistance in your job search or your search for qualified candidates, please contact us at (518) 275-4816.
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