The Benefits Of Changing Jobs [Video]
by Rob Stoll, CFP®, CFA Financial Advisor & Chief Financial Officer / October 21, 2021
Let’s talk about your career and what the benefits of changing jobs might be for you. A lot of career experts will say that changing jobs on a regular basis is not only good to help you advance your career to get new positions, but also monetarily as well. Let’s get practical with that.
Changing Jobs Benefits
Some interesting data out of the Federal Reserve Bank of Atlanta shows that it is actually worth it financially to change jobs on a regular basis. What the data showed is that over the last 12 months those who stayed in their jobs, called Job Stayers, saw annual wage growth of 3.5%.
Now, Job Switchers, those that changed jobs over the last 12 months, they saw an annual wage growth of 4%.
What’s really interested when you look back over the last 20 years, is that that gap is pretty consistent.
Job Switchers tend to have any where from a .5% to a full percentage point advantage in their wage growth versus Job Stayers.
So if you have been thinking about if you should stay or switch you job, remember there are not only mental benefits and career advancements from doing that, but also financial benefits as well.
We can work with you to show you the impact of getting maybe a little bit better wage growth over the course of your career means for your long term financial plan.
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Rob has over 20 years of experience in the financial services industry. Prior to joining Financial Design Studio in Deer Park, he spent nearly 20 years as an investment analyst serving large institutional clients, such as pension funds and endowments. He had also started his own financial planning firm in Barrington which was eventually merged into FDS.