Should I stay in my job or leave for a pay rise?

Money makes the world go round, no doubt about it. But here’s the catch: a bigger salary shouldn’t be the only thing that sways your decision to stay or jump ship from your current job.
Before you ditch your job for a shiny new one, here are a few questions you need to ask yourself.

Question 1: Have you tried negotiating a pay rise?

First things first, if you believe you deserve a higher salary but are otherwise satisfied with your current job, it’s worth exploring the possibility of negotiating with your current employer. Keep in mind that it’s often more costly for employers to replace you than to retain you. So, document your achievements, highlight any extra responsibilities, and the value you bring to the organisation. And if you present your case effectively, they might just give you the pay rise you desire.

Read more: How to negotiate a pay rise

Question 2: Have you investigated other potential benefits?

Let’s face it, salary is only one aspect of your compensation package. Consider the other benefits that might be on offer, such as health insurance, retirement plans, paid time off, flexible working hours, health and wellbeing programs or subsidising certain expenses. These perks can enhance your work-life balance and overall happiness. But you must weigh up the value of these benefits against a potential higher salary from a new employer.

Read more: Other benefits you could ask for instead of pay rise

Question 3: Is your current job a launching pad or dead end?

Consider the growth prospects in your current job versus the new opportunity. A bigger salary may be enticing, but will the shiny new job come with growth and career advancements? Assess the training programs, mentorship opportunities, or the chance to take on new responsibilities with your current employer. If you find that your current job has more potential to provide growth and advancement, it may be worth sticking around, even if the salary is a little lower.

Read more: The top 5 roadblocks holding back your career

Question 4: Have you thought about the long term impacts?

A bigger salary doesn’t always mean a brighter future. Leaving your current job solely for a more money doesn’t guarantee joy or stability in the new role. Take a step back and examine the reputation of your current company, your industry, and the potential impact on future job prospects. Don’t let a rash decision tarnish your career trajectory. Oh, and if relocation is on the cards, think about the cost of living in that area, the commute time and all the other hidden little surprises.

Read more: Tips to start feeling happier at work

Question 5: What about your current work culture?

Sometimes it’s the chemistry within your team that keeps you glued to your job. Do you have a great relationship with your colleagues? Is your leadership team supportive, cheering you on at every step of the way? The truth is, you can’t predict the dynamics of a new team until you experience it first-hand, so you have to weigh up if it would be worth losing what you already might have.

Read more: 7 more great reasons why you should switch jobs

When to consider leaving your current job:

If any of the following questions trigger a clear “yes!” within you, then it might be time to reach out to a recruiter who can assist you in making a move:

1. Are you currently underpaid and your employer refuses to budge?
2. Do you feel like you’ve hit a ‘dead end’ in terms of growth within your current company?
3. Is work related burn-out or mistreatment negatively impacting your mental health?

Read more: 5 more signs it’s time to quit your job

In summary:

Ultimately, striking a balance between financial stability and overall happiness is the key. Think about your priorities, consider all your options, and make a decision that aligns with your career aspirations and personal fulfilment.

If you would like to discuss your options with someone, you can register to our online candidate portal and one of our friendly team will get in touch. They can provide expert guidance and support you to make a decision that will benefit you in the long run.