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The longer you stayed you will be underpaid, unless they truly like you and promote you faster
Yep, internal promotions are always underpaid unless you’re a partner
Only you know that answer. One way to figure it out is to assign a value to your current employment- not just salary, but benefits, perks, reasonableness of hours, and even the value of working with people you like and a boss you trust. How much more money would it take for you to give up those 'less tangible' amounts? 20%? 50%? This bowl is littered with horror stories of people who are second-guessing themselves after a jump for a small raise. I'm not saying never leave. I'm just hoping to help you discern the difference between a good opportunity and a hellhole that happens to deliver an extra two hundred a week (for example) after taxes. How much is that $200/ week really worth?
When you find a position that makes that new number worth it, it is time to change employers. Good luck.
EY no longer financially makes sense for the vast majority of people. Even the partners are feeling it…
It’s the same thought going through my mind lately and I am beginning to list out the things I value in a job to use as a benchmark against the opportunities I’m getting
Just keep in mind that 401k employer match is subject to a vesting schedule and include that in your calculation too. If you leave before fully vested, you’re leaving money on the table so you want to make sure the salary pay bump is large enough for this to be worth it. Don’t leave for a 5-10% pay bump
Chasing after money isnt always worth it though, but if it is a significant difference, and you know you will like the new role, it is time for a jump. My last job change was a 40% salary increase and I knew I always wanted to go to industry so I didnt hesitate. If you are thinking of job hopping for 10% 15% increase, it may not be worth it.
People change jobs frequently, with the median tenure being around 3.9 years in early 2024, but this varies significantly by age, with younger workers switching more often (around 2 years in their 20s) and older workers staying longer (closer to a decade). While the average person changes jobs about 12 times in their lifetime, the "job for life" is rare, and career shifts often happen every 3-5 years to gain new skills, better pay, or career advancement, with some sources noting many workers changing jobs every 1-2 years, especially in fast-paced fields.
Key Statistics & Trends
Median Tenure (Jan 2024): 3.9 years overall; 3.5 years in the private sector.
Younger Workers: Often stay around 2 years in their 20s, but this can be as short as 1.8 years for early-career Gen Z.
Older Workers: Tend to stay longer, with those 55+ often remaining for about a decade.
Lifetime Changes: The average person might change jobs 12 times in their career, according to older BLS data.
Generational Differences
Millennials & Gen Z: More prone to frequent changes, driven by a desire for growth, better balance, and experiences in different environments.
Baby Boomers: Historically stayed longer but are also experiencing shifts, with many retiring as they reach 65.
Why People Change Jobs
Career Growth: Seeking promotions, new challenges, and skill development.
Financial Reasons: Higher pay, better benefits.
Work-Life Balance: Flexibility and alignment with personal life.
Company Culture: Moving from companies that "don't care" to those that do.
The "Sweet Spot"
Many career experts suggest staying 2-5 years is ideal to build credibility and show impact before making the next intentional move.
Factors Influencing Changes
Industry (e.g., IT often sees shorter tenures).
Education level.
Personal circumstances.
Economic conditions (like the "Great Migration" post-pandemic).