Will changing jobs lead to more pay - or less?It's hard to predict how any individual job candidate will fare. But here's what the odds are. (Fortune) -- Dear Annie: I read with interest your Feb. 27 column about holding on to health-insurance benefits when changing jobs, but what about pay? I've worked as a finance manager for this company for almost 11 years and have gotten a couple of generous raises that put me at the top of the salary range for my level of experience. I've always heard that hiring managers like to start people in the middle of the range. The thing is, I have two kids in college and can't afford a pay cut (not even a small one) right now. If I move to a different company, what are my chances of matching what I make now? -Pittsburgh Papa Dear Papa: Luckily for you, employers are up against a shortage of skilled, college-educated workers. In January, Chicago-based outplacement firm Challenger Gray & Christmas (www.challengergray.com) tallied the results of a survey of more than 3,000 managers who had changed jobs in late 2006 across a wide variety of industries. The researchers found that an eye-popping 92% won equivalent or better salaries, benefits, and titles. That is the highest percentage since 1997, says CEO John Challenger. 2007 so far is shaping up to be just as lucrative. "Job seekers now are in the driver's seat," Challenger observes. "Low unemployment throughout last year forced companies to increase wages and offer new perks in order to attract and retain the most talented people." The unemployment rate among Americans with four-year college degrees has been hovering around 1.9%, he adds, and the jobless rate among all management and professional occupations stands at just over 2%. That's impressive when you consider that economists regard any unemployment rate below 5% as indicative of a labor shortage. Of course, it's hard to predict how any individual job candidate will fare, but the odds of matching or boosting your current pay seem to be in your favor. In fact, Challenger says he's seeing an increase in employers offering upfront cash to new hires they really want, so - who knows? - you may even get a signing bonus. If you've switched jobs recently, what have you found? Did you find employers willing to give you a raise - or even a signing bonus - to woo you? Or is the job market in your field so competitive that you felt lucky to get an offer? Post your thoughts on the Ask Annie blog. |
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