Data shows that on average, job switchers make more money than workers who stay put. And replacing employees, instead of retaining them, costs companies money. So why does this happen? It’s more complicated than it seems.
Two separate organizations came to the same conclusion with their data, job switchers make more on average.
It’s not new. As far back as 1997, switchers grew wages 1.5% faster each year. The trend stays true in general, except during recessions like in 2008. It’s easier to give that raise, she said, when a new person is coming in. That is why she tells applicants to get the pay they want when they’re hired. Once they’re hired, they may only see the standard 2% to 3% raises.Waiting for people to ask for a raise isn’t a great strategy, because internal pay equity is very important, both McNitt and Hasten said.
She said the small versus large business debate is a two-sided coin. Small businesses can pivot faster. Larger companies have more roles so they can offer more advancement opportunities to employees in many cases.
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