Making the move between job roles is ever-popular in America. According to statistics reported by CNBC, 64% of Americans spend under two years in any given job. However, while the pay might be better in a new role, this doesn’t mean you’ll necessarily end up with more in your pocket.
The fact is, shifting jobs upsets a number of factors that contribute to your overall financial health. Making a career change should, of course, be beneficial for you in terms of career progression and your overall happiness. Making it profitable, however, is just as important. The first step is with your new salary itself.
Negotiating a new salary
Negotiating your salary is a crucial part of the new job process and is certainly something American professionals could be better at – staffing firm Robert Half found that only 39% of Americans negotiate their salary. How does the process begin? The first step comes before you’ve even been offered a job – obtaining a professionally prepared résumé will improve employer’s perception of you and increase likelihood of interview. From there, it’s important to present yourself in an amicable but assertive manner, to give a good impression to employers. When offered a job and negotiating the salary itself, make sure you’ve done your research – there are a multitude of data sources for pay, so take the opportunity and know how much you’re worth in the current market.
Rounding up your benefits
Your employment is multi-faceted in its benefits. While salary is the most important and attractive headline, it’s important to consider all of the other aspects. These include, but are not limited to, pension, insurance, annual leave allowance and travel expenses. Use common sense – if the new role pays fractionally better, but has a poor expenses package and will require frequent travel, will you actually be gaining money? If you’re moving city, will the salary differential allow you to find accommodation without being more out of pocket?
Staying ahead of the game
When in-role and getting comfortable, it’s crucial to keep assessing your options every day. A bit of knowledge you’ve picked up, or accreditation, can go a long way to improving your financial situation. One AON survey suggested that the average yearly pay rise in the USA is 3.1%. However, that figure rises to 4.1% for “best employees.” Spend every day actively seeking out what will make you stand out in your workplace.
Getting the most out of a promotion is about more than just assessing the salary. It requires a careful examination of your entire lifestyle and benefits package to get the most out of your role. From there, keep improving to get every last cent out of your professional life.