With salary review season upon us, many people, especially in the world of accountancy, will be weighing up their options. Should you stay put, push for a raise, or is it time to look elsewhere?

While money is an important factor, it shouldn’t be the only reason to change jobs. A career move should be about long-term satisfaction, growth, and professional reputation – not just financial gain.

If you’re considering a job switch, there are many important factors to bear in mind before making your decision.

Why Do You Want to Leave?

Before signing on the dotted line to move, take a moment, step back and reflect on why you began looking for a change in the first place. Was it a lack of career progression? A toxic work environment? Do you feel undervalued? A higher salary is always appealing, but if core issues remain unresolved, you will quickly become dissatisfied again.

Career Growth

As tempting as a big paycheck is, remember to ask yourself if the new role aligns with your long-term goals. Take time to consider the company’s culture. What are the opportunities for progression and training? Will you learn and develop new skills? If career growth matters to you, a move must take you towards your ultimate aspiration, rather than stepping sideways – or even backwards – purely for financial gain.

The Risk of a Counteroffer

A common but risky strategy people adopt when they are unhappy with their salary is to use external offers to negotiate a raise with their current employer. If you are testing the market to leverage a counteroffer, think again. While it might seem like a win, it can seriously damage your professional reputation.

In my experience, employers often see counter offers as a temporary fix and may not prioritise your career development in the future. Furthermore, unless money is your sole motivation, the reasons why you want to leave will still be there.

Work-Life Balance

Money can’t buy a good work-life balance. Does the new job offer flexibility in terms of remote work or hours that fit your lifestyle? A pay rise may not be worth it if it comes at the expense of your well-being and personal time.

Training, Development & Support

A great salary won’t mean much if your career stagnates. Does the new company invest in employee growth? Look at the opportunities for mentorship and professional development, and whether the role will help you build new skills that open-up new opportunities.

Do Your Values Align?

Work is a major part of your life, and job satisfaction often comes down to more than numbers on a pay slip. Ask yourself: Does this company’s mission resonate with me? Do I respect its leadership? Does the business empower and value its people? A misalignment in values will quickly lead to dissatisfaction, no matter how attractive the salary is.

Make the Right Move for the Right Reasons

I believe that, wherever possible, the decision to change jobs should be strategic, not impulsive. If money is your only motivation, you are going to find yourself job-hopping throughout your career as soon as the excitement of a new role fades.

In the end, the choice is yours but whatever you decide, I urge you to consider the full package: career progression, work-life balance, company culture, long-term fit, and salary.

Most importantly, remain professional. Not every job offer is right for you, but the accountancy world is small, especially in the North East, and how you conduct yourself in negotiations and transitions can impact your future opportunities.

Think long-term and choose wisely.

Almost one in every five workers (18%) believe they are “extremely likely” to change their employer within the next 12 months.

According to a survey of more than 2,000 people from various industries, 32% also acknowledged they were “moderately” or “slightly likely” to make a switch, suggesting half of UK employees are actively considering their future.

That is a sobering thought for business leaders at a time when we are witnessing a growing number of new job opportunities together with chronic skills shortages and a lack of candidates with relevant experience.

It is a dangerous mix and one that has been driving fierce competition and applying pressure to the labour market to the point where accomplished people regularly receive multiple job offers and, in a bid to influence their decision, remarkably high starting salaries.

The paradox of an unavoidable market consequence is, however, that in return for continued dedication, existing team members are subject to soaring inflation and cost of living increases that comfortably outstrip their salary growth. So, can we blame them for being tempted by the opportunity to make more money elsewhere in a similar role?

In many ways, a move appears to have no risks, but I would offer a note of caution to anyone whose main motivation for change is an “increase in pay”.

While salary will always influence, in my experience, it will not always help you make the right decision. Other factors should be considered, factors that if ignored may mean you miss something worth a lot more than money.

REMEMBER WHY YOU WANTED TO CHANGE.
When faced with a dilemma, take yourself back to the original reasons you began your job search. Amongst the flattery of an offer, these reasons can be overlooked but remain critical to being happy now and in future.

WHAT IS THE IMPACT ON YOUR CAREER?
Before any move, take a step back and think carefully about the big picture. The decision you make will influence your direction of travel and your ability to progress in the future. The best way to do this is to forget about the salary and base your choice on the role, company, and potential for development.

CALCULATE THE REAL FINANCIAL IMPACT.
If you are fortunate enough to have multiple job offers, keep in mind your current salary, and calculate the impact any financial increase will bring after tax and over 12 months. Often, the difference is not as large as it seems and may help with your decision.

WILL YOU RECEIVE TRAINING AND SUPPORT?
To keep evolving you need to keep your skills fresh, but this does not necessarily mean a study support package – although that will factor into your decision-making. Think about day-to-day training. Is there mentor support available? Will your role develop new skills that move you closer to your end goal? And does the company have the resources to support that?

HOW FLEXIBLE IS THE ROLE?
A healthy work-life balance is important and being able to work from home or mix your time between home and the office may be a priority for you. Whatever you prefer, make sure the company matches your favoured working pattern and expectations.

DO YOUR VALUES MATCH?
A pay rise may lure you in but to stay engaged you need to be enthusiastic about the company’s vision and purpose, and how your role fits into that. Ask yourself whether you are interested in what the organisation does, whether you align with its purpose, or are simply being tempted by the money.

Ultimately, the choice is yours but whatever you decide, you will be spending a lot of time in this organisation. If you are unhappy, it will have a significant impact on your work and general wellbeing, so be sure you are moving to a place that satisfies the reasons you wanted to move in the long term.

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