A majority of Americans, 95%, said they plan to look for a new job this year, according to a January 2024 survey by job site Monster.
Money is a major reason, with 45% of workers saying they need a higher income.
Federal Reserve data shows that those who change jobs increase their pay faster, on average, than those who stay put. But focusing solely on money may not be the best strategy.
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Kyyah Abdul, a 29-year-old global regulatory affairs consultant in biotechnology and pharmaceuticals, knew early in her career that she eventually wanted to work for herself.
“I always had this idea of where I wanted to get to in a certain amount of time,” Los Angeles-based Abdul told CNBC. “I thought, ‘Okay, around the age of 30, try to get enough experience and exposure to the things required to have a consulting practice.'”
Abdul focused on honing skills rather than money. She has changed jobs within her industry six times since 2016. The first time she changed jobs, she took a $20,000 pay cut in order to gain experience.
“I knew it was good because it would come back to me tenfold based on the experience I would gain at the new workplace,” she said. “I ended up… almost doubling my salary after a year and a half.”
Abdul told CNBC that she continued to increase her salary through promotions and other job changes.
Experts say this focus on experience can help protect employees from layoffs because they learn new skills that warrant higher pay.
“You don’t want to move up the ladder too quickly and then become that expensive, easy-to-cut head in an economic downturn,” said Julia Pollak, chief economist at ZipRecruiter.
“I’ve seen a lot of people want to change jobs because they want a higher salary, but don’t understand that with that higher salary comes responsibilities and an ability to perform,” Abdul said. “It’s a mutually beneficial relationship, so if you can’t keep your end of the bargain, that’s how you end up getting fired.”
See the video above to know when to consider leaving your job and how to approach your job search strategically.
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