Should You Change Company Or Seek Promotion For More Money?

Should You Change Company Or Seek Promotion For More Money?

With the US economy running very hot, the unemployment rate is at its lowest level for 50 years according to the Bureau of Labor Statistics.  The 3.6% recorded for April 2018 was last seen in 1968.

Most of us need to work for a living, and I think I am right in suggesting that most of us would like to earn more money.  So, the question is, how?

Essentially in a healthy economy you have two options:

  1. Change company for a higher salary, while doing a similar job.
  2. Get promoted in your current company and reap the appropriate pay rise.

Change company for a higher salary, while doing a similar job

There are benefits of changing company for a higher salary.  If you are currently comfortable with the job you are doing and do not wish to take on extra responsibility, then moving to another company for a higher salary is the easiest option.  You do not need to learn new skills or have more stress at work.

The downside is of course, that the network you have in your current company will be lost and you will have to rebuild.  You may also, over time, lose contact with the friends and acquaintances you have made in your current company.

Get promoted in your current company and reap the appropriate pay raise

The next option is to seek promotion in your current company.  This will normally entail taking on more responsibility, perhaps even adopting some leadership responsibilities which can be a challenge in itself.

But how do you get a promotion, it can be difficult, unless you have built up a track record of delivering on your goals and being a team player. The negative here is that you may need to wait for that opportunity to arise, which could take months or years.

But there are positives, you will get to keep your network of relationships, friends and work focused social circles.  But most importantly, if you are career minded, you will be taking on a new challenge which will help your grow.

In Summary

The time to act may be now, think about the actions you can take to earn more money and feel more satisfied with your work.

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