Change jobs, make 30%+ more: Increasing the earning potential of your professional brand

Loyalty and climbing the corporate ladder could be leaving you behind in your industry. Discover how job switching can boost your salary, accelerate career growth and strengthen your professional brand. 

Loyalty is a virtue, but when it comes to your career, is it paying the rising cost of your bills? So, should you stay or should you go? If you ever wondered if the grass is greener on the other side, the salaries of job hoppers suggest it just might be. 

I once had a mentor, with a very impressive resume, tell me that the way they had accomplished what they had in their career was through a series of small steps in new roles. While I was too naive and early in my career to understand the advice fully at the time, it struck me as significant, as it countered common corporate opinion - to climb the corporate ladder and stay loyal. It suggested taking control of your career mobility in a way most shy away from. 

You’ve likely worked with that person who has taken small steps in the same business, eventually leading to a notable executive position. While their career path might look impressive on paper (or their LinkedIn profile), their pay cheque might paint a different picture.  You likely also know that person who got a new job and nearly doubled their salary overnight. 

In this blog, let’s talk about the benefits of changing jobs, what to be cautious of and signs it might be time to leave. 

The upside of job hopping

Research in the UK found that job hoppers, described as those who had changed jobs four times or more in the last decade, earned 31% more than their counterparts. In increasingly competitive markets, job changers aren’t just moving; they're shaking up their salaries, too. Movers are more likely to see salary increases and greater growth opportunities than their colleagues who choose to stay put. Showing that in many cases staying loyal likely isn’t paying off, and the grass (and your bank account) can be greener on the other side. 

According to seek.com, small incremental salary increases for internal employees are failing to keep up with skills, experience and market value. They found that those who changed roles had 1.6x greater salaries than those who stayed in the same job. So while many employers focus on keeping up with inflation or sticking to rigid salary structures for their internal stakeholders, they are often willing to pay higher salaries to attract new talent. 

So, if you’re feeling undervalued by your workplace, it might be because you quite literally are.  Switching jobs can unlock new momentum for your career development and earning potential. 

This also reflects trends in the US, as highlighted by Forbes. Job hoppers are said to have recorded a 35% salary increase in the last 3 years. This is nearly double the rate of tenured employees. 30% of job hoppers also received 4 or more raises in the last 3 years - compared to just 9% of tenured employees. 

Job switch with caution 

Remember, there is always nuance to any numbers. Your financial returns gained from job switching might not reflect the average market. 

Industries and roles are affected differently. Often, your ability to increase your financial rewards also relates to your negotiating skills and market conditions during your recruitment. 

All numbers aside. Don’t underestimate the power of loving where you work, what you do and the people you work with. While job switchers may have a financial return over job stayers, for some, it likely comes at a mental cost. New jobs have a steeper learning curve and require you to foster new relationships. When switching regularly, this can be more stressful than staying where you are.  

Signs it’s time for a switch

If you’re considering a job change, here are some signs you might be ready to make a move:

Your salary has plateaued

• Your salary is not keeping up with your costs, inflation or market rates for your equivalent role.

Your skills are stagnating

• The skills you're leveraging are at risk of redundancy in the broader marketplace.

• You’re not developing and growing in demand skills aligned with the future of your industry.

Company culture/leadership misalignment 

• A toxic environment can impact your happiness, health and growth. Career mobility thrives in healthy conditions, mentorship and conditions aligned with your values.

You’re ending on a high note

• Recent big wins increase your negotiating power. An achievement-oriented resume and timely interview talking points increase your attractiveness to recruiters.

The timing is right

• If you have been in a role for several years and have seen little progression (with limited prospects or encouragement in sight), consider whether a switch could elevate your growth opportunities.

• If you feel you’ve overstayed your welcome in a single organisation, it might be time to gain broader industry expertise to avoid too narrow an industry perspective. 

Remember to keep an eye on the broader market conditions. For example, is the demand for talent strong, giving employees greater leverage in recruitment negotiations? Or, has the economy slowed, weakening salaries and increasing job risk? 

Before you make the move

If you feel the time is right to make the move, be sure to: 

• Record your achievements (e.g. numbers and outcomes)

• Have your updated resume ready 

• Refresh your LinkedIn profile 

From stagnant to salary momentum

While you might pride yourself on your loyalty, switching jobs can be the lever for increasing your income and growing your skill set. Ultimately, it depends on your role, industry, market conditions and ability to negotiate. Weigh the financial and non-financial rewards on career changes in your decision-making, and time any moves strategically. If your time is right, your next role could be the one that transforms your pay cheque and professional path.