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#CareerAdvice : #CareerChange – A New Study Concludes That It Literally Pays To Switch Jobs Right Now. A MUst REad!

It literally pays to switch jobs. A new study, conducted by payroll giant ADP, reports that employees who accept a new job at another company receive more money than their former peers who remain. The higher premiums currently being offered indicate that the record-high level of employment and robust economy continues to grow. To attract top talent in this hot market, companies are starting to recognize that they need to pay a premium.

According to an analysis of the data by Bloomberg, the biggest beneficiaries are job hoppers in the information industry who realized 9.7% annual wage growth, construction workers with an 8.7% increase and professional and business services with an 8.3% premium. Those who stayed at their companies earned about a 4% increase in pay. On average, those who choose to switch jobs enjoyed compensation growth of 5.3%. The only large groups that suffered from falling wages—when changing jobs—were in the leisure and hospitality sectors. Small businesses are suffering, as they are not able to financially compete with salaries offered by their bigger adversaries in the war for talent.

Separately, data produced by The Federal Reserve Bank of Atlanta’s Wage Growth Tracker, which includes both the public and private sector, arrived at the same results as ADP. The study reveals that job switchers’ income jumped 4.5%, the second-best pace of the 10-year economic expansion.

Sources: Current Population Survey, Bureau of Labor Statistics and author's calculations

Sources: Current Population Survey, Bureau of Labor Statistics and author’s calculations

FEDERAL RESERVE BANK OF ATLANTA

Anecdotally, in my recruiting practice—placing professionals on Wall Street and in financial services over the last 20 years—I’ve seen firsthand increases of 10% to 20% on average for people who’ve switched jobs. The spread is due to the hotness or coldness of the market at a particular time period, supply and demand imbalance of candidates and other factors. With these large margins, it was highly attractive for people to jump ship.

 

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What Skill Sets do You have to be ‘Sharpened’ ?

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Many moved a number of times. Let’s say there was a person earning $100k and then received a $120k offer. A year later, she could embark upon another job search and request around $150k. Meanwhile, those who stayed put had what we recruiters refer to as the “loyalty discount.” The woman who maybe five years later—after several moves—earns over $150k (plus bonus), whereas her former peers earned about an average 3% in yearly raises, which places them at about $115k.

Forward-thinking companies, such as Amazon, have enacted plans to retain top talent. This month, Amazon announced a $700 million retraining programto build “pathways to careers” for its employees. The training programs will focus on fast-growing areas, such as healthcare, machine learning, manufacturing, robotics, computer science and cloud computing. The company contends that this initiative will keep people from leaving, as they will learn new skills and grow within the organization and earn more money in the long run.

I’ve also encountered many people who elected not to switch jobs, knowing that they’ll earn far less than their colleagues who move on. They claim that it’s not worth the risk of entering the unknown, having to prove themselves all over again and stress over embarking upon a new job search. They also claim that their company, similar to Amazon, will try to help them grow within the firm.

While employees rationalize remaining, the evidence strongly signals that it’s financially rewarding to switch jobs at this time.

I am a CEO, founder, and executive recruiter at one of the oldest and largest global search firms in my area of expertise, and have personally placed thousands of profes…

Forbes.com | July 26, 2019

Your #Career : How to Successfully #ChangeCareers ……Change is Never Easy, Particularly if you are Trying to Move into an Entirely New Field. But #Change isn’t Impossible. You can Successfully Transition into a #NewCareer, Granted you are Committed to It.

Change is never easy, particularly if you are trying to move into an entirely new field. But change isn’t impossible. You can successfully transition into a new career, granted you are committed to it.

“It is possible to transition into a new job but it takes time and work,” says Catherine Palmiere, president of Adam Personnel, Inc. “Sometimes people make a jump and they haven’t done their due diligence.”

Change never happens overnight, and that is especially true of career change. You can’t wake up one day and say you want to trade your accounting job for a position as a fitness trainer and think it will happen quickly. Not only do you need to research the profession you are aspiring to but you have to see what type of education or certificates are needed.

But even doing that isn’t enough. You also have to look inward and make sure you have the skills and personality needed to make the move successfully. “Someone with great computer skills that’s in the financial service business that wants to move to the cloud platform will have a much easier transition then a financial services worker that wants to be a social worker,” says Palmiere.

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What Skill Sets do You have to be ‘Sharpened’ ?

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According to Mary Foley, Senior Sourcing Specialist for IT Talent at Progressive, people looking to switch careers should consider their passions and interests outside the office and think about ways to apply that to a new career. While you may know exactly what you want to do in your new career, for those that want to switch but aren’t sure into what it pays to take one of the many skill assessment tests available over the Web or rely on a self-assessment to figure out where your are strong and what areas you are weak in. After all, if you are not a people person than it’s doubtful that you will succeed in a customer servicerole.

“The key to remember when it comes to career transitions to make one very small step at a time,” says Alexandra Levit, business and workplace consultant and Career Advisory Board member. “Do a lot of investigation behind the scenes but don’t quit your day job.”

Levit says a great way to kick the tires and make contacts is to find a mentor or mentors in the field or job you want to work in. Those people are in the trenches day in and day out and will be a plethora of information about what it’s really like.  Finding mentors can be easily done thanks to the Internet. Levit says to use online tools like LinkedIn to zero-in on the people you would want to meet in the field you are eyeing.

Once you have a list of targets, ask them if they have time for a ten or 15-minute informational interview. If you get the interview, you’ll be able to pick their brain and forge a relationship with the person or people. That could translate into a job down the road if you are front and center in their mind when an opening comes up.

Can’t or won’t find a mentor, then consider volunteering. If you always dreamed of working in a museum but ended up in the back office of a financial firm then volunteer at one. According to Levit not many people think of volunteering not only as a way to learn about a job but to get their feet wet and adds skills to their resume.

Once you’ve amassed the necessary skills and have the network in place it’s time to start sending out resumes. While a career transition can be handled in different ways via the resume, career experts say you want to focus on your transferable skills and less about the chronological order of your previous positions.

One way to do that is to go with a functional resume that lists all your skills at the top and then at the bottom has your past jobs in chronological order. “Functional resumes are controversial because people will think you are trying to hide something,” says Levit. “As long as you show your career trajectory at some point the functional resume could cause them to take a second look instead of tossing it in the garbage.”

The last thing you want to do is randomly send out resumes and hope you will get a call back. Instead, Palmiere says you have brand yourself by reaching out to the decision makers That could mean sending a letter or email to the top person in the company you want to work for and bypassing the HR department altogether.

If you do decide to send a letter or email make sure to research the company and the person you are reaching out to. You want to show that you’ve done your homework and have real reasons to want to work there whether it’s because you believe in the company’s mission or the CEO’s philanthropic work has had such an impact on you.

 

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