Does Switching Jobs Still Pay?
As is the case with practically everything, the jobs market moves in peaks and troughs, waxing and waning based on economic and social elements.
A strong economy means jobs are plentiful, and steady growth in certain industries implies that relevant workers have something of a choice in where they are employed.
That’s employment theory basics of course, but it doesn't take the pandemic into account, whereupon the rule book was torn up and new paradigms emerged on how, when, where and why people did certain jobs.
The Great Resignation emerged in the wake of the early part of the pandemic, and millions of people worldwide took stock of their situation and made a conscious decision to change.
The jobs market in tech became heated, and job-hopping became common as workers realised they could secure a significant pay rise in the moment. According to data from the Federal Reserve Bank of Atlanta, job switchers increased their earnings by 8.4% in August 2022, compared to a typical raise of 5.6% if they remained in their current role.
That 3% could have a significant impact on your income, but the boom was never going to last. By March 2023, wage growth for changing jobs had fallen to 7.3%, while a typical raise had increased slightly to 5.9%.
Amid the other well-documented economic challenges of the era, it’s clear that prospective employers made a conscious effort to cool things off in rapid-fire hiring, while many businesses realised they had to step up where they could in order to retain talent.
The latter efforts appear to have paid off, and the rate of departures had fallen to 2.6% in February 2023, having peaked at 3% during 2021, according to detailed analysis by the Bureau of Labor Statistics.
Now that the turmoil of the pandemic is largely behind us, replaced by the turmoil of an uncertain global economy and regular layoffs, workers are beginning once again to favor stability, meaning the Great Resignation is all but over.
High demand, high salaries
That’s not to say there aren’t options out there––there always are. According to salary research, demand is high in the tech sectors, where 56% of employers state their intention to hire new people in the next year. However, the research also finds that 86% of prospective employers are experiencing a challenge in finding skilled professionals in software and applications development, technology process automation, and cloud architecture.
The report reveals that he most in-demand tech roles for 2023, and their typical starting salaries are:
- Cloud engineer ($102,500)
- Database developer ($105,000)
- DevOps engineer ($108,250)
- Front-end developer ($81,250)
- Help desk and desktop support professional ($38,250)
- Network administrator ($82,500)
- Network security engineer ($112,500)
- Software developer ($103,250)
- Software engineer ($106,500)
- Systems security manager ($134,250)
Prospective job movers in these areas may well find that they are able to negotiate a significant pay increase when switching roles, although there are drawbacks to this strategy also. Being a short-timer in a volatile economy could leave one in a precarious position.
Before moving jobs, along with the salary, you should consider the pros and cons of your current position, and whether the transition will be worth the upheaval for you and potentially for your family too.
Even in this climate, the highest salary may not necessarily be the best position culturally, professionally and personally. In short, money should never be the single deciding factor when it comes to your future.
Regardless of the temperature of the market, there’s always positive moves to be made and lots of options out there—take a look at the NextPit Job Board right now to see what works for you.
Software Engineer, Meta, Texas
One of the biggest names in the game, Meta, is seeking a Software Engineer to join its team at the company’s base in Austin, Texas. In this role, you would play a pivotal role in maintaining, improving and developing the tools used by Meta’s billions of users through a variety of languages and professional tools. The company encourages innovation, ambition and ownership of products and problems, so if this sounds like you, make the call.
Software Engineer, Google, California / North Carolina
It should come as no surprise that Google is also in the market for a Software Engineer to work across its many divisions. Illustrating the new era of remote work flexibility, this role would be suitable for potential applicants in California and across North Carolina. Google's product suites are used by billions of people worldwide every day, providing an environment that requires a high level of expertise and innovation.
Software Engineer, Microsoft, Redmond
There are opportunities across all of the tech giants right now, with Microsoft also seeking Software Engineers. In this role, based on the company’s campus in Redmond, Virginia, you will join the Commerce and Ecosystems team, to be directly involved in the evolution and growth of Azure, the corporation’s rapidly-growing cloud platform. In this role you will work alongside multiple MS teams, providing analytics and automation to set the stage for users to interact with the platform seamlessly.
