Changing Your Career for the Money Can Be Worth It!
One of the biggest reasons people decide to switch careers is because they want a higher salary. After all, time is money. But is job hopping for the money worth it? If you're constantly stressed financially and ready for something more, finding out how to make a career change for more money can be your next best step!
One of the biggest reasons people decide to switch careers is because they want a higher salary. After all, time is money. But is job hopping for the money worth it? If you're constantly stressed financially and ready for something more, finding out how to make a career change for more money can be your next best step!
Career Change: Everyone is Doing It
We all want to feel like our current career is our best-case scenario for bringing home the bacon! However, sometimes we sit in a dead-end job because we're afraid to change jobs. But sometimes, a new gig is precisely what we need!
The median tenure for jobs in 2022 was 4.1 years. (1)
However, the older we get, the more likely we are to stay at a job out of misplaced loyalty, lack of motivation, or fear of change.
As you can see below, statistics show that older workers stay in their jobs more than 3 times as long as younger workers!
The median tenure for workers ages 55 to 64 is 9.8 years
The median tenure for ages 25 to 34 years is just 2.8 years! (2)
And these younger workers experience faster wage growth than the rest of the working population!
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A study by LaborIQ found that salaries for new hires are about 7% higher on average than the median pay for people who already have similar roles.
"One study suggests that on average, Gen Z workers earn nearly as much as — and in some cases, more than — millennials. Not only that, but Gen Z is also receiving disproportionately high pay increases (averaging 6%). This is nearly double the annual pay raise of the average U.S. worker." (1)
You can take advantage of making a career change too!
Gen Z's willingness to scope out new opportunities and take advantage of the higher salaries often found when changing employers brings them higher salaries!
Making a career change is possible at any age. Check out our Unmudl blogs linked below for advice about how to switch jobs at any age!
While it's possible to disrupt your life with a job change, changing your career often leads to greater job satisfaction and better overall satisfaction!
According to new research, "Starting a job at a different employer is, on average, linked to very high job satisfaction." (2)
In other words, those who switched jobs into a similar role or changed jobs into a completely new career field are happier!
Here are several good reasons why it might be time for you to move on and make your new beginning:
You're unlikely to get a raise if you stay in your current role.
You're ready for a change or more challenges.
There are few opportunities to move up from within your company, or there is limited potential for a salary increase.
You want to move into a different industry.
The company's vision and values differ significantly from your own
You feel like a fish out of water, anxious, falling apart, or depressed about work.
You have no free time or relaxation, even away from work and no chance of gaining it.
Your boss or those around you do not value your contributions.
If your current role makes you want to ask, "Where's the money?" and every day feels like time wasted, a new career can be the groundbreaking idea that changes your lifelong career journey AND fattens your wallet!
If you're still feeling unsure, check out15 Undeniable Signs You Need a Career Change. Learn to recognize signs that it's time for a career change, boost your confidence, find new opportunities, and level up your career journey.
Leaving Your Current Job in 2023
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Despite fears about the economy and a looming recession, according to the Bureau of Labor Statistics, both the unemployment rate, at 3.4 percent, and the number of unemployed persons, at 5.7 million, changed little in January of 2023.
And according to CNBC, "Layoffs at Goldman Sachs, Google and other notable companies aren’t a sign that the worst is yet to come, Karin Kimbrough, chief economist at LinkedIn, says. Some businesses, mostly in tech, media and entertainment, she adds, are just recalibrating after overhiring at the start of the pandemic, when they experienced rapid, unexpected growth."
So while changing jobs can feel daunting in our economy, your dream career can be right around the corner. It's possible to find job opportunities that allow for more money AND the following:
Better work-life balance
Higher salary with more monthly income
More comprehensive health insurance
Career paths with potential for upward mobility
More responsibility and better challenges
A brighter future with an employer creating success
Openings in a new field acting within your interests and skillset.
While a pay bump is not a bad thing, also consider other crucial benefits when looking at a whole new career. Whether changing industries or leaving an old job for the same role at a better company, look at your long-term goals before making the big change!
Changing Career For the Money: Can It Be Worth It?
Evaluate all the pros and cons of changing careers for money before committing. It may seem like more money is always better, but make sure there isn't anything else essential you could lose, such as insurance or a retirement package.
Changing careers for money can be wise if done with forethought. Consider these key points before making any career change:
Is a Better Position Available at Your Current Business?
Career changes aren't always necessary. First, look at the job opportunities within your current company to see what positions may be available. An HR consultant or rep within the company may help you get paid what you deserve with a salary increase or a new role with the same employer.
Can You Make More Money Elsewhere?
If you're unhappy with your current salary and a change of industry or position could offer higher wages, don't underestimate the power of researching and networking for new opportunities.
Check out typical salaries on Glassdoor for ideas about real-life job compensation and career satisfaction at the companies near you.
Assess Your Goals
Deciding whether more money is necessary now or if your goal is to reach higher earning potentials later? Consider a course of study to create better-paying opportunities down the road. Check out our courses at Unmudl for inspiration!
Understand the Job Market
Knowing what’s out there regarding salary and job opportunities will help you make an informed decision about switching industries or taking on a different role within your current industry. No matter what job you take, stay in an economically stable field with growth potential.
Prepare Yourself
Take classes, research, and network to become more marketable for higher-paying positions. Learn how to write a top-notch resume and cover letter to blaze a path forward and leave your current gig.
Also, realize that many candidates' biggest mistake is often undervaluing their abilities. Soft skills are behaviors, personality traits, and habits such as social skills, empathy, teamwork, leadership, creativity, resiliency, and responsibility. In fact, these abilities that are part of "who you are" often matters more than your past work experience!
Next, we'll check out some hot new career paths for 2023 and find out how you can smoothly transition into these roles!
Fastest Growing Lucrative Jobs in 2023
If you're concerned about future trends, change careers into a thriving industry projected to continue growing. Even a move into a similar role at another company can get you paid more!
Head of Revenue Operations: Consider a class in "Applied Business Foundations" to prepare. Learn the significant functions of business operations, marketing, and finance. Find out how these interrelate and are critical to organizational success. Understand the challenges facing businesses today.
Human Resources Analytics Manager: Enroll in "Human Resources Topics" to gain a foothold in the application process! Become familiar with key employment laws, workplace privacy, and hot-button issues.
Diversity and Inclusion Manager: Prepare for this position with the course "Creating a Culture of Inclusion." Learn how to change work culture to a culture of inclusion. Help everyone feel genuinely welcome, safe, and free to be themselves in the workplace. Indeed postings for diversity and inclusion positions recently increased by nearly 20%.
Employee Experience Manager: Check out this course for human resource managers, "Leading the Future of Work." Major societal and cultural shifts shape work and trends such as human-machine collaboration, talent mobility, and remote and flexible work require different mindsets and approaches. This Leadership Academy Module will help today's leaders reflect on the changes they need to adapt to for the future of work.
Growth Marketing Manager or Sales Enablement Specialist: For these hot new careers, upskill your talents with "Improve Your Sales, Presentations and Branding." This brand new Virtanza Sales Readiness program is the only real-world sales apprenticeship linked to employers!! This class will help you explore 13 professional sales roles and apply them through real-world employer role-play simulations.
Data Governance Manager: Get ready for a new career as a data manager with our "Intro to Data Science for Leadership." As a business leader, you'll learn how to understand the opportunity that data science provides, have sufficient knowledge to manage data science teams, and use data insights appropriately.
Is a Career Coach Necessary When Looking For a New Job?
Before spending your hard-earned money on a career coach, consider what factors keep you stuck at your dead-end job.
Are you worried about:
The cost of upgrading your skills for a new position? Look for community college courses that cost less and offer more immediate skills and benefits than 4-year degrees. Government grants and hiring businesses may also often cover your costs!
Feeling unsure if your idea for career change makes sense? Research the market to find your answer. Spend time talking with others in your desired field to understand what to expect. Consider preparing and interviewing for a new job before you quit an old one.
Losing your safety net? While a current job may feel safe, if you're losing money and job satisfaction by staying, is it truly safer? Consider taking classes before you change jobs to get a better idea of your abilities and skills. Then, as you feel more confident, start putting yourself out there on the job market!
You can allay many fears by upskilling in the areas you feel weak.With the Unmudl online courses to prove you're ready for a career change, you can successfully change jobs and bring home more dough too!
At Unmudl, we offer guidance in addition to an entire network of community colleges and employers. Many employers pay for the successful completion of a course of study and offer a guaranteed interview!
Our Unmudl Career Network Can Help
Limit costs and prepare for your next-level job opportunity with Unmudl's Skills to Jobs network!
FAFSA: Find out your eligibility for financial aid, loans, and grants. Then apply for Last Dollar scholarships to fill the gaps. And don’t forget about private scholarships or grants.
Our community college network at Unmudl offers courses so you’re prepared for your next job search!
Contact us to explore the skills training & certification programs you need to get ready for a new job quickly & affordably. Earn the credentials and make changing jobs easy!
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