The No. 1 Reason Why Half of Employees Saw Their Salary Grow This Year

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April 14, 2024 at 1:25AM UTC

In Q3 2021, 58% of employees reported a higher salary. 

Across industries, employee salaries are rising. According to the Associated Press, “lower-income workers at restaurants, bars and retail stores are seeing some of the largest income gains.” Across the board, average weekly earnings are up 4.5% in the last year. 

The reason? Employees are quitting—and employers are offering higher wages to fill their jobs.

The Great Resignation has put power in the hands of the employee. Instead of staying at a company and eagerly awaiting a promotion or raise, employees are quitting and finding better compensation somewhere else. In September, employees who quit and found new jobs saw a 5.4% pay increase compared to the previous year.

With so many employees quitting, companies are scrambling to figure out ways to make their current employees stay. Many will have to raise wages for their current staff or they’ll be left desperately trying to hire new employees. 

Quitting and finding a new job seems like the best way to increase your pay right now. But is quitting always the answer? If you’re hoping to increase your salary and debating whether to stay or go, here are some crucial questions to consider.

1. Is my current job satisfying?

You don’t need to love your job for it to be satisfying; you just need to like it enough. Is your job challenging you? Do you get to flex your skills? Do you like your projects, coworkers and boss? 

A “satisfying” job also means the role satisfies your financial and personal needs. Are you getting paid enough to finance your standard of living? Do you have the vacation time and other benefits you need? Finally, does this job give you the work-life balance you want?

No job is perfect, but a good job should live up to your financial, personal and mental needs. If your current job is doing that, there’s no harm in looking at other places—but make sure to consider whether these other roles would satisfy all of your different needs, too.

2. Have I maxed out at my current role?

Waiting for a promotion is never fun. But before you quit and find a new job, consider whether you have room—and the ability—to grow in your current role. If you know you could be up for a raise or promotion, and you have a manager who will advocate for you, it might not be worth it to leave your company just yet. 

On the other hand, if there’s no clear career progression in sight, it may be time to think about moving somewhere else.

3. Who else have I told about this?

Your boss doesn’t need to know everything you’re doing and thinking about, career-wise, especially if you’re ready to split. But it is worth having a conversation about your career growth with your manager before you officially make your decision to part. 

Set up 1:1 time with your boss to discuss how the two of you imagine your role progressing at the company. If you want more from your role, there may be room for you to start new projects, take on new responsibilities or even try a lateral move. You don’t know until you ask, which is why you should ask first—then see whether it’s worth it to stay, or better to go.

What’s your no. 1 piece of quitting advice? Share your answer in the comments to help other Fairygodboss'ers!

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