Switching Jobs Could Land You a Double-Digit Pay Increase

Young Man Getting Dressed In Bedroom For First Day At Work In Office.
monkeybusinessimages / Getty Images/iStockphoto

While wage inflation is worrisome to some economists, wage gains are great for workers. A recent study reports that workers changing jobs are receiving significant raises — and sometimes, double-digit increases in pay.

Discover: Unplug These Appliances That Hike Up Your Electricity Bill
More: 10 Dollar Store Items That Aren’t Even Worth the Buck

Nearly two-thirds (64.2%) of people who recently switched jobs said their new positions pay more than their old ones, according to a recent survey from ZipRecruiter. Of these workers, 47.9% received a raise of 11% or more.

Further, 22% of survey participants reported receiving signing bonuses, as it appears employers are more actively recruiting new workers. This trend is surprising workforce experts. “This is really remarkable,” said Julia Pollak, the chief economist at ZipRecruiter. “Before the pandemic, these kinds of bonuses were rare.” Concerning strictly first-time hires, the percentage of survey respondents reporting having been offered a signing bonus leaps to 33%.

Make Your Money Work Better for You

The U.S. Labor Department claims that only 4% of private-sectors workers received a signing bonus in 2000. A substantial 12% of jobs advertised on ZipRecruiter now feature signing incentives, up from 2%-3% prior to the onset of the COVID-19 pandemic.

ZipRecruiter’s survey was conducted in February and drew responses from 2,064 U.S. residents who had started a new job within the past six months, per The Wall Street Journal.

See: POLL: What Do You Think of Elon Musk Buying Twitter?
Find: 10 Signs You Need a New Job ASAP

With the consumer price index rising 8.5% over the past 12 months as of March, the widening of wage gains throughout the economy could keep U.S. inflation high even if supply chain disruptions and energy volatility relent.

More From GOBankingRates

Share this article:

Make Your Money Work Better for You

About the Author

David Nadelle is a freelance editor and writer based in Ottawa, Canada. After working in the energy industry for 18 years, he decided to change careers in 2016 and concentrate full-time on all aspects of writing. He recently completed a technical communication diploma and holds previous university degrees in journalism, sociology and criminology. David has covered a wide variety of financial and lifestyle topics for numerous publications and has experience copywriting for the retail industry.
Learn More

Best Bank Accounts for September 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.