Changing Jobs for More Money – Is it Worth It?

Does changing your job always equal more money?

With the way the economy is, it’s probably a moot question anyway. Would you change jobs if it meant you are going to be earning more money? But, it is a question that needs to be answered, because if the situation does present itself, you need to know how to act.

In my book, it’s not wise to change jobs when it’s a matter of just more money, because money comes and goes – what’s more important is job satisfaction and the extent to which you enjoy your job.

Consider a Job Change If…

Although the economy shows a few signs of picking up, jobs, especially the ones that offer the combination of stability and a good pay packet, are still scarce and few and far between. This means that it is wise to hold on to the job that you do have rather than go looking for something that pays better, unless:

• You absolutely hate what you do: The most important aspect of a job is that you love what you do; if you don’t, you’re likely to be miserable and just go about the motions because you need the money. This in turn leads to mistakes and possible termination. So if you don’t love what you do, do what you love or learn to love what you do.
• You really need the money: If you must make extra money to take care of debts that must be paid back, it’s ok to take up a new job that pays more if you’re sure about the reputation of the company and if you don’t have to make too many sacrifices in the process.
• You don’t have to relocate: or make any other significant changes in your life that affect its quality. When you have to make too many changes in your life, you end up resenting it and take it out on your job.

When you change jobs just for the money, there’s no end to it; you tend to keep job-hopping all your life, flitting like a bee from flower to flower without really gathering anything of substance.

In short, you’re a rolling stone that gathers no moss. When you’re in a position in life that requires stability, it’s best to act with more responsibility and stick to something that you know and trust rather than tread into the unknown where your salary may not be steady or your job secure.

Are You Getting the Salary You Deserve?

Every year a local recruiting firm freely offers up the results of their salary survey. I love checking out these surveys and seeing how I measure up. Looks like I’m currently where I should be considering my category and compensation factors.

Prior to my current job I hadn’t been getting paid what I should have been according to these surveys. I was pretty naive when taking job offers early in my career and didn’t counter-offer once. That’s because I didn’t really know what I should be making. I just took what they were giving. 

To get me up to the appropriate level I eventually had to switch jobs because my employer at the time wasn’t willing to bump me up quick enough. Luckily it didn’t mean a big change for my Mrs. PT and I.

Of course, in your career, salary isn’t the only factor. You have to factor in the obvious: location, job satisfaction, benefits, growth potential, company strength, etc. 

However, all things being equal, you need to get the best salary that the market will pay. These salary surveys can give you an idea of what that is. Find out what you should be making at PayScale.com or Salary.com.

Should You Move for a Better Job?

Would you ever consider relocating to a city with more job opportunities? Money.com recently released their Best Places to Live list. This year’s ranking was, for obvious reasons, heavily slanted towards cities that provided the most job opportunities. The top five cities were:

Evans, GA
Parker, CO
Meridian, ID
Rockwall, TX
Columbia, MD

Early in my career, I made a move to a city with more opportunities. At the time I didn’t have any responsibilities or ties that could hold me back from moving. I didn’t have a wife or kids in school. I was free to find the best place for me at the time.

Looking back, I definitely consider it a good move from a career perspective. I’ve changed jobs three times within this city since first moving, and at each change, I had multiple job opportunities made available to me. I wouldn’t have had those I don’t think had I stayed put.

Now that I do have a wife and kid, as well as a community that I’m involved in, it would be a tough decision to make the move to a new city just for a job opportunity. Do you think you could do it? Have you made that move? I’d love to hear about it in the comments below.

Have you ever changed jobs for more money? I know I have, but I’d love to hear your story below in the comments…