It is now over two years since the recruitment industry declared we are in a candidate-short market. Unemployment is at all-time lows and even with talks of recession, it will still be some time before the supply of quality, skilled candidates improves.
Over the same period of time we have seen housing, transport, petrol, food, and most other costs rise, and the increase in wages and salaries have generally not kept pace.
In the past the remuneration package has not been one of the key deciding factors in the motivation to change or accept jobs. We are currently experiencing a shift in the candidate market due to economic factors; money is taking on greater significance. Employers do not need to exceed the market but they must be able to pay market rates.
Competitiveness has meant that companies have actively worked at maintaining tight wage structures but it would appear that the bubble is at the point of bursting. The belt-tightening has gone on too long and people need an adjustment in their basic wage structure to maintain their standard of living.
The increased expectations of cheap airfares, exotic holidays, electrical appliances, and bigger and better “toys”, have incited a frustration in an increasing number of employees. They perceive the lifestyle they would like to have and now want. It is only possible if their wages and salaries provide sufficient disposable income.
However, you need to be realistic of your abilities and skills. To risk taking on a new position and failing, could put you in a more difficult financial position. You need to be aware of this when considering job offers.
If you are focused on changing jobs because of the money you may wish to consider the following questions:
- Are you going to be better off in the new company?
- Have you explored opportunities in your existing role?
- Is your current company able to increase your wage or salary?
- What can you provide in additional services, cost saving, or productivity that would justify a wage or salary review?
- What external factors have changed that have meant changes to your job description, and can these be justification for a review?
- Is it sufficient to change jobs solely for the money?
- Have you considered the ramifications for your career?
- Are you motivated by short-term financial gain or long-term lifestyle fulfilment and security?
The pain you may be experiencing may be solved by increased remuneration, but if in changing jobs you are opening yourself up to a whole new series of pressures and stresses, then take the time to consider all your options
In applying for a new role, take the time to talk through the career implications. For those candidates on a career path, a move sideways is just as bad as a move backwards. I encourage you to talk to your Recruitment Consultant.