Career expert reveals the easiest and most effective way to get a pay rise in 2023. Photo / Getty Images
Career expert reveals the easiest and most effective way to get a pay rise in 2023. Photo / Getty Images
Job experts have uncovered the “easiest” and most effective way to get a pay rise - and it’s not what you would expect.
Connoisseurs in careers suggest not negotiating for a raise or even hinting at a promotion, but rather finding a new job altogether.
Instead of enteringinto talks with your manager, Seek’s senior economist Matt Cowgill recommends browsing at other jobs to get better pay.
Cowgill says salaries that are listed on career websites have increased exponentially and will continue to grow faster than overall salaries.
The expert spoke with Kate Campbell on the Rask Australian Finance Podcast about the “range of research” that suggests the most effective way to increase your pay is by jumping ship when it comes to your job.
The economist also claims that salaries have soared for “blue collar” jobs such as manufacturing while careers in government, healthcare and education appear to be “sluggish” when it comes to their rise in incomes.
The best way to get a raise is to move jobs, as it is more effective than asking for a rise or promotion. Photo / Getty Images
“There’s a range of research that shows that’s the case people who do switch jobs tend to get bigger wages rises than people who stay put. We see it in our data as well,’ Cowgill explained.
“At the moment the advertised salaries - so salaries for jobs advertised on Seek - are growing faster than overall wages and salaries so it is consistent with that idea that the best way to get a pay rise is to get a new job.”
Cowgill revealed that there is a “decent gap” between the Seek advertised salary index, which has risen by 4.7 per cent, and overall salaries which increased by only 3.3 per cent.
Podcast listeners also claimed they felt that it was more effective to change jobs than be promoted, with one revealing that their wage rises by “at least” $10,000 or $15,000 every time they change jobs.
“I jumped ship and doubled my salary, it made no sense why my previous employer wouldn’t pay me more to stay. My replacement got more,” one woman said.
“I swapped jobs and got a 20 per cent uplift. Then four months in got the annual pay rise of five per cent. Could not believe my luck,’ another said.
There's a range of research that shows that's the case people who do switch jobs tend to get bigger wage rises than people who stay put. Photo / Getty Images
Cowgill went on to say “blue-collar jobs” in manufacturing, transport and logistics have “led the field” in the last year for increased salaries.
According to data released by Seek, delivery drivers and operations supervisors’ annual pay has increased by 10 per cent since 2019.
However, while they were on the rise, jobs in government offices, health care and education as well as law and consulting titles were seeing a slower increase.
The director of recruitment agency Michael Page Australia, Greg Allen, shared with Seek that the trends were a result of the Covid pandemic.
“Border closures have played a key role, but we’ve also seen a number of people doing online courses during COVID with a view of changing career,” Allen said.
“More people are also prioritising job security, and employers are offering more money as encouragement to make a move.”
Allen suggested that those hoping to get a job with a higher pay rate than their current one should look into salary trends and discuss their wage expectations at the start of the interview process.
Matt also said blue-collar jobs in manufacturing, transport and logistics have 'led the field' in the past 12 months for increased wages. Photo / Getty Images
“Transparency is absolutely key when it comes to talking about salary. Explain why you are worth a higher salary and that you understand your market worth based on your experience,” he said.
“Keep in mind that employers place a higher value on honest salary discussion at the start of the hiring process. You’re more likely to get the salary you want if you are clear at the start, rather than trying to negotiate at the end.”
