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Does It Pay to Switch Your Job?

The Bureau of Labor Statistics reports job openings in 2016 has reached the all-time high, and expect the trend to continue.  People in their mid-to-senior level in the career will be in higher demand in particular.

There are only two ways to get a big jump in your salary - promotion and job hopping.  In rare cases, you may be able to renegotiate a higher salary without promotion, but that' unlikely especially for seasoned professionals.

Almost all major studies and market statistics show rosy 2017 for job seekers.  According to Harvard Business Review, experts have described the current labor market as "candidate-driven".  What that usually means is that there are more open positions to be filled than job seekers ready to switch.

The graph below clearly shows that Job Switchers tend to get bigger increase in salary.  Switching a job is like buying a home. You have to do extensive research to make sure that the new job is the right one for you.

Once you found the right job and pass through all the screening and interview, it's time to negotiate the number, Salary.  If you pay too much for a house, it will either take too long or you will never recover.  Same logic applies to salary.  Once you settle for less than optimal salary, it will take years to recover from it.

There are two rules you should consider:

  1. Stay in your job for at least two years - Frequent job hopping does not look good on your resume
  2. Do not quit your current job until the next one is secured - Once you quit your job, you will loose one of the biggest negotiation power with the next employer
Finally, if you get a counteroffer after putting in your resume, think twice before accepting it.  Generally, counteroffers are bad deal for both parties according to many experts and in my personal experience. 
Does It Pay to Switch Your Job? Reviewed by Brandon on Tuesday, January 10, 2017 Rating: 5

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