Promoted with Pay Bump vs. Changing Jobs for Pay Increase
When you're ready to take the next step in your career, you have two options: stay at your current company and get promoted, or switch jobs. Both options have their own advantages and disadvantages, and the best choice for you will depend on your individual circumstances.
There are a number of benefits to getting promoted at your current company. First, you'll already be familiar with the company's culture, policies, and procedures. This can save you a lot of time and stress in the onboarding process. Second, you'll already have relationships with your colleagues, which can make it easier to get things done. Third, you'll be less likely to experience culture shock when you move into a new role.
In terms of pay, internal promotions typically don't result in as large of a salary increase as switching jobs. However, you may be able to negotiate a higher salary if you're able to demonstrate your value to the company.
There are also a number of benefits to switching jobs. First, you'll have the opportunity to earn a higher salary. According to a study by Glassdoor, the average salary increase for people who switch jobs is 10%. Second, you'll have the opportunity to learn new skills and gain new experience. This can make you more marketable to future employers. Third, you'll have the opportunity to work in a new environment and culture. This can be a great way to refresh your career and learn new things.
Of course, there are also some risks associated with switching jobs. First, you'll have to go through the onboarding process, which can be time-consuming and stressful. Second, you'll have to build new relationships with your colleagues. Third, you'll have to learn the company's culture, policies, and procedures. This can be a lot to take on, especially if you're already feeling overwhelmed at work.
So, which is the right choice for you?
The decision of whether to stay at your current company and get promoted or switch jobs is a personal one. There is no right or wrong answer, and the best choice for you will depend on your individual circumstances. If you're happy with your current job and you're not looking for a major change, then staying at your current company and getting promoted may be the best option for you. However, if you're looking for a higher salary, new challenges, or a change of scenery, then switching jobs may be the better option.
No matter which option you choose, make sure to do your research and weigh the pros and cons carefully. This will help you make the best decision for your career.