You Don't Need a New Job to Get a Big Raise
Even longtime employees have leverage these days to negotiate a better deal for themselves without having to change companies.
Don’t wait to ask for that raise.
Photographer: Kimimasa Mayama/AFP
Workers, finally, are in the catbird seat. Getting a new job in this tight labor market can mean a big pay bump and bonus. But what if you like the job you have? Workers who are staying put may be wondering how much their loyalty is costing them.
Annual wage growth was 7.1% as of March for those who switched jobs, compared with 5.3% for workers who remained at the same employer, according to data compiled by the Federal Reserve Bank of Atlanta. Job switchers often realize bigger gains, but since last year, the gap between the two has widened considerably.