According to recent news, full-time workers who change jobs get bigger raises than those who continue to stay in the same company.
A recent study from a payroll services company called ADP saw that employees get a significantly bigger salary raise if they change jobs compared to those that continue to stay with the company. Market Watch has it that full-time employees average a 4.6 per cent in raises in the first quarter of 2016 compared to those that changed careers, with a 6 per cent raise.
The report resulted to this statement: "Loyalty doesn't pay well - at least when it comes to workers' paychecks."
It may hold true in some industries when those who switch jobs and careers are rewarded more. The five best industries that workers may want to consider changing employers are coming from the leisure & hospitality industry, with a 10.1% raise, trade, transportation & utilities at 9.8%
In some industries, job switchers are rewarded more than others. People who work full-time in the leisure and hospitality field get 10.1% raises, on average, when they switch jobs; those in trade, transportation and utilities get 9.8%, information at 7.5%, finance & real estate at 6.7%, and education & health services at 5.1%.
For young people, particularly millenials, switching jobs may be more profitable. The data saw that workers who are below 25 years of age get 11.1% in raises when they switch one full-time post for another. Those between 25 to 34 years old get 10% raises. However, once workers hit 55 years old, the raise is smaller at just 2.2%.
Take note though that it doesn't always mean that job-switching means you're winning the raise lottery. Reports indicate that raises from switching jobs has been falling to 6% from 6.2% since last year. In addition, the ADP study only took into account wages and salaries which means company perks and other benefits were not included.
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