Are you paid enough, or is it time to make your move? (2024)

FAQs

What salary increase is worth moving for? ›

Adjust for inflation

And in 2022, it was 6.5%. This means that in 2023, you're going to want to aim for an increase in pay of at least 7% — less than that and you're taking an effective pay cut. If you're looking at an increase in responsibilities or seniority, make that at least 10%.

It's always a good idea to ask for anywhere between 10% to 20% higher than what you're making right now. You may be able to ask for more based on your performance, length of time with the company, and other factors.

At least 2-4 weeks is reasonable to relocate for a job that's not too far away from a current home, like in a neighboring state or a couple of states away.

You'll want to get a good feel for what it's like to live in the location, including its climate, safety and culture. You'll also have to pay close attention to the expenses associated with the move, and you'll need to figure out whether you can afford the cost of living in a new location.

A $10k raise now is worth over $500k, HALF A MILLION DOLLARS, in career earnings if you're working for 30 more years. That figure accounts for inflation, but that's it. Earning more now makes it easier to land a higher paying job. Earning more now means contributing more to your retirement.

Make sure to research the average salary for people in your position and industry with the same level of experience. Then, come up with a figure to give your manager when they ask. Typically, it's appropriate to ask for a raise of 10-20% more than what you're currently making.

Aim for a 5% to 10% raise for a standard increase. If you're underpaid or have extra duties, 10% to 20% could be fair. Back it up with research on sites like Glassdoor and highlight your achievements. Pick the right time to ask, like after a big project win.

The vast majority of senior finance leaders (71 percent) plan to give raises of at least 4 percent in 2024, according to a new survey of chief financial officers (CFOs) by Gartner. In most areas, those raises would outpace inflation, which recently has hovered just above 3 percent, according to government figures.

That's why measuring and tracking your earnings with care can add thousands of dollars to your pocket throughout your career. While $1 may not seem like much, it can add up to a lot over time. If you can get a raise larger than $1, you'll see your lifetime earnings go up even more.

Experts agree that you should stay at your place of employment for a minimum of two years. It's enough time to learn new skills and build your qualifications, while short enough to show that you value growing in your career.

How long can you be unemployed before it looks bad? ›

You have six months until most employers really start to care about employment gaps and plenty of ways to deal with long-term unemployment if it becomes unavoidable.

Generally, you should stay for at least 1 year at a job. Try not to have too many jobs that last for only 1 year or less. Don't quit this job till you get another official job offer from a different company. You never know how long it may take to get a new job.

While there are a lot of factors involved, the average age when people move out of their parent's home is somewhere between 24 and 27. This makes logical sense – it's after many people have completed college and around the time when most people get married and/or are in a long-term relationship.

Job relocation can have big benefits in terms promotion, pay and professional growth. It can also be a terrific path to new experiences and the adventure of a new location. In fact, for 37% of people, career advancement and money were the primary reasons to make a job relocation.

If your employment contract contains a mobility clause, they can make you move based on the contract terms. Even mobility clauses need to be reasonable. So, they can't expect you to move across the country in three days. Instead, companies might give you a month or two to do this.

A good compensation boost when changing employment is often between 10 and 20%. Don't be scared to request a raise that is similar to the 14.8% national average.

Promotions from mid-level to senior-level positions often come with a higher salary increase, ranging from 10% to 20% or more. The complexity of the new role, increased responsibilities, and the value the employee brings to the organization are significant factors.

A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional. Depending on the reasons you cite for a pay raise and the length of time that has passed since your last raise, you could request a raise in the 10% to 20% range.

Yes, 30% is unusually large. Typically, 10% is a good raise, 20% is excellent.