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You’re not compensated for loyalty, easier to get lay bumps jumping around
But if you’re a strong performer you can usually climb the ranks faster staying in once place
The assumption that strong performer = faster mobility is a myth. Plenty of strong performers are bypassed when a mediocre performer with better “networking” abilities comes along
Rising Star
Jump around, but if you have great culture and teammates, know that's worth a lot and you may not get that back regardless of pay elsewhere.
Either path can be perfectly fine. The real question is the person you become and the relationships you build on either path.
Both can potentially yield a great outcome and worth evaluating periodically.
Jump when you are young
Before 40
Jump ship every 3 years to maximize wage growth. Diversity of experience is valued at many companies. Plus you can negotiate a role which is better aligned to your interests, and having this mindset will force you to cultivate/develop those interests via studies/certificates/networking etc.
You guys build relationships with your coworkers? This is such a boomer thing to do. Just saying.
Rising Star
You really won’t beat the comp of jumping around by staying unless it’s at like mbb/ib/pe where your comp can increase by 50%/year. But you are likely to get pushed out at some point at those firms anyway.
Depends on your interests, financial needs, and career aspirations. Switching jobs in every 3 to 5 years not only gives you a good hike but also higher position (but not always though), and a diversified experience in the industry. Hope this answers your question. All the best.
I’ve been at my company for 7 years and this year I finally felt like my compensation after my raise was no longer in line with what it should be. I really love my company and who I work with but you know how negotiating salaries are in this business at your current employer. Is it too late to jump around for a bit? I’d ideally like to end up being a partner back here if I did but I usually see ours are grown in-house. Aside from the fact that not everyone has first hand experience with my firm I thought I’d put that out there.
In short I want to make sure I’m not getting bent over by my salary (low to mid 100’s) after 7 years having not quite doubled my first year’s salary but also hope I could return one day as a leader in the firm (after a few years of returning). Maybe I’ve had too much Kool-Aid ™️.
After 5 years experience I moved and went from $110k total comp to $220k. Very glad I made the move
Grow every 18 to 24 months. Do it either inside or outside of the company.