More Than Half of Gen Z Want a New Job: 4 Signs It's Worth the Switch
More than half of Gen Z workers (55%) plan to look for a new job before the end of the year, according to a recent Robert Half survey. The biggest reason is higher pay, with 53% of Gen Z believing a job change could offer greater earning potential.
While changing employers can be one of the fastest ways to increase earnings, experts say it isn't always the right move. Here are four signs a job switch could make financial sense — and when staying put may be the smarter choice.
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1. Your Employer Won't Offer a Raise or Promotion
Before looking for a new job, it's worth speaking to your current employer about getting an internal pay boost or promotion.
“Many employees make the mistake of hopping jobs to land a pay increase without first speaking with their current employer about their unhappiness,” said Kyle Elliott, career coach and founder of CaffeinatedKyle.com. “While an internal promotion or pay raise is not always possible, take time to speak with your supervisor about available internal options. If a raise is out of the question, discuss what other remuneration options your current employer may be able to provide you.”
If your current employer is not willing to provide you with any compensation boost, it could be worth looking for new opportunities.
2. You've Gained Skills That Could Command Higher Pay
If your current employer isn't offering meaningful compensation growth, the next step is determining whether your skills command a higher salary elsewhere.
Whether you've started taking on new responsibilities that go beyond your job description, or you've been taking courses or have received new certifications that make you a more valuable employee, seeking a role that compensates you for these new skills can pay off.
“If you’ve picked up many new skills in a short period, then you may have ‘outgrown’ your role, and you’re likely to be stifled if you wait for [your employer] to catch up,” said John Roccia, director of career services at Ama La Vida. “Have a conversation with leadership, but if they’re not supportive, then it may be time to look elsewhere.”
3. You're Earning Less Than Others in Similar Roles
Even if you've expanded your skill set, it's important to verify whether the market is actually paying more for those abilities. Do research and talk to people in your field to get a sense of if your pay is where it should be.
“Pay attention to your peers,” Roccia said. “If you network well within your industry and you get the sense that most other people are being paid more than you while maintaining comparable levels of stress, workload and satisfaction, then it’s time to line up a few informational interviews to assess your options.”
4. You Haven't Switched Jobs Frequently Before
While switching jobs could boost your salary, job hopping too often could backfire.
“Many employers are much less likely to hire a candidate who appears to be a frequent job hopper,” said David Magnani, managing partner at M&A Executive Search. “You lower your potential value to a new company if they perceive that they may train and grow you, but you will leave when the next big offer comes your way."
To maximize long-term earning power, Magnani said that it's best to establish longer tenures of three-plus years with your employers, especially early in your career.
"Even if there are clear reasons for making a job hop to increase your short-term earnings and position, you are likely better off staying with your current employer for an additional year or two," he concluded.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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