Changing Jobs Might Pay Off

In some cases, it’s easier to find another job where the pay is much higher than to go ask your boss for a significant raise. This is especially true as more employers are feeling the desperation of fishing new employees from a pool that’s been fished out. Pre-hiring conversations may be more friendly and even involve less scrutiny than waiting for approval on that $12,000 per year raise at your current job.

Also, companies are offering better pay and bonus packages, better benefits and perks than ever before in an attempt to attract more candidates. Pulling a candidate that is already working (often the most desirable candidate) from their current job requires some enticement.

CNN’s article on this subject discusses the good, the bad and the ugly of an unemployment rate that’s dipping below 4%.

“Teachers, nurses, construction workers and even hotel employees who switched jobs recently saw bigger wage increases than their former colleagues who stayed put, according to new research from ADP, the payment processor. The findings come as employers are scrambling to hold onto their workers because there’s an abundance of job openings. There were 6.09 million job openings in September, according to Labor Department figures released Tuesday. That’s a hair under the record high of 6.14 million in July.”

Read more here.