Why switching jobs is the fastest path to doubling your salary
financialtoolbelt.comAn interesting article, I've subconsciously agreed with this in my life, but I've also seen (and encouraged in my companies) change here.
My policy is to fight for lower-salary employees to get closer to 10% raises if they are doing well and gain provable skills. I think the primary issue with job hoping is that 2-4% raises do not match with market value, especially for the first 5 years of a technical career. Eventually it might reach this level (year 10 vs 11), but certainly not the first few years unless the individual is not growing.
The case study at the end seems overly modest. Even relatively unimpressive internal promotions can bump you up 7-8% or more; jumping ship to new jobs can often add 50% or more.
definitely agree. I wrote this a bit overly simplified to showcase the point that even mid-sized raises can quickly be outweighed by bigger jumps. There are a lot of specific situations that may or may not apply to your specific role.
I do think though that I used modest assumptions for switching jobs, so the math evens out. For those that are already underpaid a jump of 30-50% is not unheard of.