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Assuming I’m doing okay enough in my current job to chill there indefinitely, a new job will always need to pay me enough to offset the investment and risk that is inherent in giving up something known for something unknown.
My sense of how much investment and risk is involved is going to vary somewhat for every job, but generally a 20% increase is what I would consider the “floor” for considering it. Of course that math would change a little if my current job was miserable or unsustainable in some way!
It’s important to consider not just the market value of a role based on research, but the value to YOU because ultimately it comes down to whatever number will make it a no-brainer for you to say yes to that offer over whatever the alternative is.
Thanks, ED1. Completely agree with everything you said above.