Want to Make More Money? Simple. Change Jobs More Often
Sounds like it might be time to brush up the ole resume.
The key to making more these days is to change jobs every two years according to a new study done by Forbes.
For as long as I can remember the goal was to always try and create some longevity at your place of employment. The thought was if you stayed with your current company for a long time, they’d probably reward your loyalty with a series of 3% raises here and there. And maybe if you’re really lucky, you would even get the occasional 5% or 8% bump.
That’s not the case any longer. According to the study, people who stay at the same job make 50% less in their lifetimes than people who job hop every two years or so.
What seems to be happening now is, if you stay at the same job, you only get raises that barely help you keep up with inflation, and that’s if you’re lucky. The average raise in 2014 is 3% and inflation is 2.1%. Congratulations! That means your “real” raise was less than 1%.
Jumping to another job cures that problem. Because chances are the new employer is willing to pay you over 3% more than what you make now. So if you keep jumping from job to job every few years, you’re actually getting bigger jumps in your salary than staying put and remaining loyal.