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Should You Ask for a Raise or Change Jobs?

Every worker wants to be compensated fairly, especially in times of inflation, high grocery bills, and steep interest rates. If your current salary isn’t cutting it, you might be wondering whether to ask for a raise or start looking for a new job. This decision isn’t simple and involves many factors, from benefits to job satisfaction and career growth potential. Here are some considerations to help you decide.

Factors to Consider

How Much Can You Make?

Most employers increase pay by 3% to 5% annually. However, switching jobs can often result in a higher pay increase. For instance, in 2021, job-switchers could see around a 20% pay increase, although this has decreased to about 13% by April 2023 due to market changes.

Do You Want to Stay?

Money isn’t everything. Consider other aspects like benefits, job satisfaction, work-life balance, and career growth. If these are lacking, a higher salary might not be enough to keep you satisfied.

Can You Negotiate Other Benefits?

If a raise isn’t possible, consider negotiating for other perks such as more vacation days, flexible working hours, a higher title, or professional development opportunities. These can add significant value to your current position.

When to Ask for a Raise

There are several situations where asking for a raise might be the best option:

• You Enjoy Your Job: If you find fulfillment in your work, company culture, or coworkers, it might be worth staying and asking for a raise.
• Recent Success: If you’ve recently completed a major project or contributed significantly to company profits, use this as leverage to ask for a raise.
• Valuable Benefits: If your job offers valuable benefits like retirement matching, health savings accounts, or gym memberships, these perks might make it worth staying.

When to Change Jobs

Sometimes, changing jobs might be the better option:

• Lack of Benefits: If your current job lacks essential benefits, switching jobs could provide better pay and more perks.
• Desire for Change: If you’re unhappy with other aspects of your job, such as a long commute or a toxic boss, it might be time to look elsewhere.
• Low Salary and Growth Potential: If your current job offers limited salary increases and growth opportunities, finding a new job might be the best way to advance your career.

Leverage a Job Offer for a Raise

Sometimes, you can use a job offer from another company to negotiate a raise with your current employer. If you’re considering leaving due to pay and receive a job offer at your desired salary, reveal this offer to your current employer and ask if they’ll match it. Even if they can’t match the offer, you might still get a higher raise than you would have otherwise.

Conclusion

Deciding whether to ask for a raise or change jobs is a personal decision that depends on your financial needs and job satisfaction. If you’re struggling to pay your bills, higher wages might be your primary goal. However, if you have more flexibility, consider all aspects of your compensation package and work-life balance. If you can’t get a raise immediately, focus on living within your means until you can.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey.

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