Switching jobs is often an opportunity for workers to increase their earnings, but how large a wage bump you get depends on multiple factors. Negotiating your job offer is often cited as the way to increase your salary, but ZipRecruiter economists have found that it’s a bit more complicated — it’s not negotiating alone, but doing that negotiation with multiple job offers in hand.
According to data from a ZipRecruiter Survey of New Hires, 70% of recent job switchers increased their pay when they changed jobs. Among that 70%, the average pay increase was 25%.
Those who reported negotiating did not receive significantly higher wage increases than those who did not. But those who negotiated and had multiple job offers received significantly larger wage gains — a 2.3 percentage point boost, on average.
In addition to having multiple offers, having a college degree, being under the age of 55, and having more prior work experience were also associated with larger wage increases for job switchers.
The lesson for job seekers? You have a strong chance of getting a bigger pay bump the next time you switch jobs if you gather competing job offers and leverage them in your salary negotiations.
Related: How to Approach Money Conversations in a Job Search
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Market Recap Week of 6/20/2023 Through 6/23/2023