There is more to consider than money when changing jobs.
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.