The rising inflation has made millions of people think about career advancement. Job-hopping has become popular among consumers who tend to live paycheck to paycheck and don’t earn enough to support their needs. Lots of families are under monetary stress these days.
Although the salary growth is considered rather high these days, it isn’t keeping up with the inflation and increased cost of living. Hence, many employees are unhappy with their income and look for a pay raise. Here is why you may also consider leaving your current position and ways to land a better-paid job.
Reasons for Leaving Current Jobs
Why do people decide to leave their current work? Besides low income, people usually quit their present positions due to the lack of career advancement, flexibility, and feeling not respected at work. Of course, the main reason why low-income holders change positions is that they struggle to make ends meet.
So they start searching for better opportunities for their career development. Some people choose a 300$ loan at Fit My Money and other lending places when they can’t fund their urgent cash needs.
More than two-thirds of American consumers claim their salary isn’t adequate to finance the rising living expenses and the cost of inflation. In February 2022, the unadjusted consumer price index (CPI) for urban consumers in the USA amounted to 283.72, according to Statista.
The data in the following chart represents US city averages. The CPI is determined by the Bureau of Labor Statistics as a “measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.”
Several surveys proved that over 60% of the U.S. population tends to live paycheck to paycheck and experience monetary issues today. Even the employees who earn over $100,000 claim they can’t set aside enough funds and have little or nothing left for their savings at the end of the month. Inflation has affected all people so that even wealthy consumers struggle these days.
Should You Search for a New Job?
Many people have doubts about whether they should really look for another position. When it comes to job-hopping, money is an important aspect. We all want to get fair compensation for our effort and work. You spend many hours at work, and you certainly want to remain satisfied and happy with your paycheck. Here are some of the common reasons to consider changing your current job:
You Don’t Have A Raise
This is one of the most popular reasons. It is normal to get regular pay raises especially when you have been working at the same organization or position for a long time. Every person deserves a decent monthly income. Inflation and the rising cost of living are among the top reasons for pay raises. If you aren’t given rewards and better pay for your effort and time, you start looking for another position or even companies.
Your Performance Has Boosted
The skills and abilities required for a certain position are usually refined and developed as time goes by and you become more familiar with your duties. As a result, your performance at work increases, and you become even more productive, which is certainly beneficial for your company. It is reasonable to ask for a pay raise and decent compensation. If your effort and work performance isn’t recognized for some time, you will most likely search for new career options.
You Don’t Use All Of Your Skills
When you have enough relevant skills and expertise, you certainly want to utilize them at work and do everything you are capable of. Many people decide to switch their current position for a higher-paid and more fulfilling one.
Your Duties Have Increased
Many workers take on new duties and roles at work. It is beneficial for the employee as new responsibilities and duties usually turn into a pay raise or a promotion. In case you have been working a lot and taken too many duties already, but you don’t see a corresponding compensation, then you may consider job-hopping.
How to Find a Better Paying Job
Build Your Relevant Skills
It’s important to add new abilities and skills to your resume as it’s a great way to move on to a higher-paid position. Make sure you think about new skills that may be relevant when you start job searching.
Make Professional Connections
Another significant tip is to have enough contacts of professionals in your contact list as they might be helpful to you when you decide to find a new job. Make sure you turn to people you know in person. Networking is essential not only for your current job but also provides necessary assistance and advice for boosting your job hunting process.
Research Your Current Income
Are you sure you are paid in line with other employees in the same job? If not, you should take some time to review how many workers in your position are making at the moment. Research your current income and the average salary for the same position in your industry to define if you obtain fair compensation.
Update Your Resume
You need to update your current resume so that it’s relevant and shows everything you can do and offer to a new employer. Make sure you include the new duties and skills you’ve acquired. More than that, it’s really important to tailor the contents of your resume for every job listing so that it becomes customized and demonstrates that you’ve done your homework.
In conclusion, many workers decide to leave their current job for a pay raise these days. If you found some reasons for job-hopping as well, make sure you follow our professional tips to land a better-paid position in the company of your dream.