This Move Could Raise Your Paycheck by Almost 15%

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It’s worth going after higher pay. 

Maybe you’re unhappy with your pay because you know you could be commanding a higher salary based on your skills and level of experience. Or maybe your pay is pretty reasonable, but you’re struggling to cover your bills based on your current paycheck thanks to factors like inflation.

A higher paycheck could do a lot of great things for you. It could help you build your savings account balance, pay down debt, and just plain have more financial flexibility for those unexpected bills that tend to come up here and there. A higher wage might also make it possible for you to save for longer-term goals, like buying a home.

But if you want to boost your pay, the most efficient way to do it may be to switch jobs. Data from Zippia found that the average salary increase when changing jobs is 14.8%. And you may find that your salary rises more when you switch companies as well as jobs.

Meanwhile, today’s labor market is pretty solid. So if you’re unhappy with your wages, it could pay to go after a new job — provided it’s a good fit for you.

Use your connections to your advantage

There are different steps you can take to snag a new job. But one of the most effective means of scoring one may be to reach out to your network of contacts and ask for help.

You certainly should reach out to professional connections, but it wouldn’t hurt to tap your broad social network as well, from friends to neighbors to former college classmates. Tell the people you know what sort of job you’re looking for and what your skills are. And have an updated copy of your resume ready at all times so you can jump on the opportunities people present to you.

Know what salary and role you want

If you’re looking for a new job for the express purpose of raising your wages, then it’s important to approach your search with a clear number in mind. What specific salary are you looking for? And does that number take employee benefits into account? A generous 401(k) match, for example, might make up for a salary that’s a few thousand dollars lower than your target.

At the same time, you probably don’t want to accept just any old job. So think about your skills and how they can be best put to use, all the while letting you do something you find interesting and even meaningful.

Finally, think long term. What sort of job can you pursue that might lend to a nice amount of career growth? What growing industry can you break into?

If you want higher pay, switching jobs may be your ticket to it. And looking outside of your current company might open a lot more doors. But do your best to be organized and targeted in your search. The last thing you want is to land a higher paycheck, only to wind up with a job you hate that makes you miserable — because while money is important, it shouldn’t come at the expense of your happiness.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has positions in Target. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.

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