Workers Who Do This Boost Their Pay by 30 Percent

Here's the best way to score a pay raise in general — and right now in particular.

Workers Who Do This Boost Their Pay by 30 Percent Photo by Charlotte Purdy / Shutterstock.com

More workers are saying “I quit” — and reaping rewards for it.

Workers are quitting their jobs at the fastest rate since 2001, with 3.4 million people leaving their jobs in April, the Wall Street Journal . And these job-switchers are gaining bigger paychecks, increased satisfaction or both as a result.

In general, switching jobs is often the best pathway to higher pay, and that certainly seems to be the case now. For example, the annual pay increases that job-switchers saw in May are roughly 30 percent larger than those seen by workers who stayed in the same job over the past year, WSJ reports, citing data from the Federal Reserve Bank of Atlanta.

The newspaper attributes the trend of increased job switching to workers being more confident as a result of the strong economy and low unemployment rate.

The nation’s unemployment rate fell to 3.8 percent in May — the lowest level since 2000 — and sat at 4 percent as of June, according to U.S. Department of Labor .

Even better news: The trend of job-switching could prompt wage growth at large after a decade of sluggish wage growth, according to WSJ.

If you are considering switching jobs, do your homework first rather than leaping hastily. The downsides of switching jobs can affect everything from your retirement savings to your health care, as we detail in “Before You Say ‘I Quit,’ Know These 4 Hidden Costs of Job Hopping.”

To help yourself further prepare for a job leap, check out:

Have you ever landed a bigger paycheck by leaving one job for another? Tell us about your experience by commenting below or over on .

Karla Bowsher
Karla Bowsher
I’m a freelance journalist and former newspaper reporter who has covered both personal and public finance. I've worked for a top 50 major metro daily and a community newspaper as well as ... More

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