Job Switchers Earning 8% More on Average in Their New Positions

Many people in the workforce are familiar with the old rule of thumb when sticking out a job you don’t like: two years will ensure that your resume remains intact and attractive to recruiters. However, the ongoing labor shortage has provided unprecedented new opportunities for job seekers unhappy in their current roles.

We wanted to find out how frequent job switchers are faring, so we surveyed 1,000 full-time workers who have switched jobs one or more times in 2022.

The results:

  • More than one in four job switchers have changed jobs three or more times this year
  • 67% say they make more at their new job, with an average increase in salary of 8% – much higher than the average annual raise of 4.6%
  • Half say their previous employer did not grant them a raise to account for inflation
  • Four in ten are strongly considering switching jobs again this year

One in Four Job Switchers Have Changed Jobs 3+ Times This Year

When asked how many times they have changed jobs this year, 28% of survey respondents stated that they had switched three or more times in 2022. The most commonly-reported industries that respondents switched jobs from included education (16%), healthcare (15%), retail (14%), and service/hospitality (12%).

Of those who have switched jobs two or more times this year, 93% are highly (60%) or somewhat (33%) concerned that frequent job switching will have a negative effect on their resumes and chances of getting hired in the future.

Luckily, career expert Stacie Haller explains that the two-year rule of thumb is no longer what is expected. “The rules and standards hiring managers have used over the years have changed, and certainly for the better,” she explains. “No longer are savvy hiring managers looking for at least two years at a position in order to consider them for hire.”

“This has been evolving over time, starting with technology and the gig worker and now it is a pretty broad standard that hiring managers want to understand the job changes and with explanations that make sense, it is no longer a block in the hiring process,” she continued.

“Sometimes, depending on the reason, it’s helpful to add that to a resume. If someone was let go due to a start-up losing funding, and they were only there less than a year, it’s easy to understand why the candidate is no longer there.”

Job Switchers in 2022 Are Making 8% More on Average

67% of job switchers say they are making more money at their current job than at their last job. After removing outliers, we analyzed both previous job salaries and hourly rates against currently reported salaries and hourly rates, we found that, on average, respondents are making 8% more at their new gigs.

The average salary of all respondents at their previous job was $70,770 and the average salary at their new job is $76,421, for an average increase of $5,651.

48% of Job Switchers Were Not Granted a Raise to Cover Inflation

Nearly half of respondents say their previous place of work did not give them a raise to cover increased costs due to inflation. It makes sense then that 44% of job switchers say they left their previous place of work because they didn’t make enough money, while 53% say they left due to bad management.

The majority of those surveyed say they are somewhat or very satisfied with their decision to leave their last job, with only 3% saying they are not satisfied.

“With the war on finding talent, many of the old rules of thumb for hiring managers have changed,” said Haller. “Hiring managers no longer hire with the expectation of the employee remaining with the company for many years, but surely want to know that they will stay as they will be investing in training, and want to be sure they will stay to contribute and grow with the organization.”

“In this market, all know there are no guarantees which is why most organizations now are working on retention and increasing their salaries and benefits to keep their talent,” Haller explained.

“Candidates need to make sure they can tell their story with explanations for the changes to ensure hiring managers are comfortable with their prior record and why they feel the candidate will stay for a longer run in the position they are interviewing for.”

69% of Job Switchers Are Considering Changing Jobs Yet Again

Despite expressing concerns about the effects that frequently switching jobs would have on their resumes, 69% of job switchers are somewhat (30%) or strongly (39%) considering switching jobs again soon. The top reason given by far was that respondents believe they can negotiate higher pay at a new job.

“In this current workplace climate, I would never tell someone to stay in a position they were unhappy with only for the sake of their resume,” said Haller. “There are many reasons people want to leave their job, and most of the reasons are understandable and explainable in an interview.”

“More and more, candidates no longer need to share what they are or were making in their last position when they are interviewing, and hiring managers are attracting talent by increasing their pay scales,” she continued.

“Candidates need to know their value, what salaries are being offered for the positions they are seeking, and enter into the interview process with confidence as to what their value is and what they need to be paid for the position they are interviewing for,” Haller concluded.

Methodology

This survey was commissioned by ResumeBuilder.com and conducted online by the survey platform Pollfish from August 26 to August 29, 2022. In total, 1,000 participants in the U.S. were surveyed. All participants had to pass through demographic filters to ensure they were age 18 or older, currently employed for wages, have switched jobs one or more times in 2022, and work at least one full-time job. Please note that results are not scientific and are meant to be viewed for discussion purposes. For full survey results, please contact [email protected]