Have you ever thought about switching jobs lately?
Despite rampant rumors of slow-down hiring, the job market continues to offer opportunities, especially for tech and engineering. According to the US Department of Labor, the US labor market added 1.12 million new vacancies in the second quarter of 2022. That is a monthly average of 375,000 new jobs. This data only shows that the job market is still growing steadily, and job seekers still have plenty of options.
Providing more career opportunities is especially true for tech and engineering jobs. This year, employment in careers related to tech and engineering was 46 percent higher compared to 2021. Aside from all these buoyant stats, emerging tech and engineering disciplines, such as nanotechnology, petroleum engineering, machine learning, biomedical engineering, and data science, have been in high demand. These fields hire more and more people by the minute and with high salaries.
These jobs make so much money that many engineers and tech professionals feel switching jobs in different organizations is a good decision. Or is it?
Changing Jobs for Financial Rewards
Many individuals need serious career coaching to equip them to make a call about quitting their jobs without any regrets. But in reality, there are many factors to consider when leaving your job for a better-paying one.
Money may be the foremost reason, but it should not be the only consideration. You don’t want to jump onto the bandwagon, join the “great resignation,” and turn it into the “great regret” later. It’s better to take a step back and explore the possibilities and potential scenarios.
First, it’s time to get this out there. Job switchers earn a lot more than their counterparts who stay at their current jobs.
More and more people realize that inflation has been gradually diminishing their paychecks. The consistent increase in prices of basic goods justifies the need for people to earn more. That said, if you are looking to switch jobs, now could be a great time to do it.
Data from the Federal Reserve Bank of Atlanta reveals that people who stayed in their jobs in the last three months increased their salaries by an average of 4.7 percent as of June 2022. On the other hand, people who quit their jobs and moved to better-paying ones increased their wages by an average of 6.4 percent. The same data shows that the pay gap between loyal workers and job seekers is at its widest in two decades.
The decision of many professionals, including tech people and engineers, to burn bridges and switch jobs is driven mainly by the need to mitigate inflation. Even if you seem happy in your current position, the consistently rising prices of groceries, gasoline, and other basic necessities are taking a significant toll on your paycheck. This reality compels many people to dive back into job searching.
Still, despite the temptation to quit your job for a higher-paying one, there is more to it than meets the eye.
Related Article: Why Get Help From A Staffing Firm When You’re Employed?
Hitting the Brakes on Switching Jobs: The Great Resignation Regret
Last year, a record-breaking 47.4 million people resigned from their jobs. This year, a poll of 1,250 American employees revealed that 23 percent of them are once again looking for new jobs.
This data only reveals that many professionals who left their jobs searching for greener pastures discovered that the grass is not exactly as green on the other side. The Harvard Business Review analyzes this job switching at a rate of 30 percent based on a study. Putting this in a more practical perspective, for every three job switchers, one quits their higher paying job in 90 days or less due to “mismanagement of workplace expectations and organizational culture.”
One of the worst realizations you can ever experience is regretting quitting your former job. Yet, despite the hot demand in tech and engineering jobs, you must still carefully discern if it is the most opportune time to leave your position in search of another or choose to stay for a bit more.
So, how do you know if it is the best time to switch jobs? Here are some dos and don’ts you can consider.
1. Do not be impulsive.
Don’t just jump onto the bandwagon of the great resignation just because engineering jobs are in high demand. If you are happy with your current organization but would like to earn more, explore the possibility of talking to your immediate supervisor and writing to HR if this can be done.
More often than not, organizations do not want to run the risk of losing a valuable employee. So, talk to your HR and see if you can renegotiate your compensation package.
2. Be realistic about what to expect.
As previously mentioned, moving to a higher-paying job is not just a financial decision. It is also an organizational, personal, and social decision. Thus, bumping up your salary is not the only change that will take place. There is more to a new career than your paycheck.
This consideration is especially important if you are happy with your current organization and think of quitting only for better pay. You may be getting paid more, but also consider the organizational culture of your new employer. Moving to a new job involves having new colleagues, adjusting to new workplace culture, and reporting to new superiors. All these are essential factors to consider when thinking about a job change.
If it’s worth taking the risk, then go for it. Otherwise, make your decision-making process slow and never in haste.
3. Do comprehensive research about the organizations you’re eyeing.
Do not be blindsided by the promise of higher pay. It’s your job to read up about the organizations you want to transfer to or those that have reached out to you and shortlisted your profile.
Many resources are available online where you can find vital information about working for a specific firm or a new industry. Read employee reviews and identify common patterns in what the reviews say about them. Ask around for others’ opinions. Switching jobs is a major decision, and you should be fully informed about every minute detail.
4. Know your passions and technical interests.
A career change will only be successful if you are truly passionate about the field that you are switching jobs to. This is particularly true for engineering jobs. Engineering is such a wide arena for technical professionals. You need to find your sweet spot.
In changing careers, following your passion is key. You may want to look back at your past career choices and work experiences. Identify a technical skill or a set of skills that you are good at. What areas have you been consistently doing a good job in the past? In your current job, which areas are you most productive at, and where do you receive the most praise from your colleagues and superiors?
5. Get the services of a professional staffing agency.
There is always wisdom in enlisting the help of a reputable professional staffing agency that can give you the full lowdown on switching jobs. They can also maximize your potential of landing a new position in an excellent organization. Staffing agencies can also help you align your next career move with your personal and professional goals.
A lot of these firms consider different factors that you hold essential when deciding to switch jobs. They also recommend what can be the best path you can take when you’re at the crossroads of choosing roles and organizations.
ARE YOU READY FOR YOUR NEXT JOB OFFER? SEEK EXPERT GUIDANCE FROM ACS PROFESSIONAL STAFFING.
Specializing in direct hire placements, contract-to-hire staffing, and many more, ACS Professional Staffing aims to champion your success. It has a long list of partner organizations and government agencies and has access to updated information on job market trends, vacancies, and other vital information you must know before switching jobs.
Don’t just jump onto the bandwagon. Arm yourself with the right information before making a job switch. Talk to the experts by reaching out to ACS Professional Staffing today.