SINGAPORE: Are you looking into changing jobs in 2023? A Reddit thread about deciding to ‘jump ship’ started a conversation familiar to S’pore’s competitive job market. The question “How much increment % will make you decide to jump ship?” led to a flurry of responses, shedding light on the delicate balance between staying loyal and pursuing better opportunities in Singapore’s job landscape.
Another Redditor said: “28% is above average and can help your career over the long term by raising the base of future offers. That said, at a certain age , wfh (time) is more important. What stage in your career are you in?”
One more user agreed, “28% is substantial especially in context of your 1-2% in current role. It will take so many years at current firm to get to level of this offer. The other attributes compare largely similar and are imo not deal breakers. Just take the offer.”
Massive_Fig6624 talked about regret and which weighs more in decision-making: “Always jump. You can regret not staying but it feels worse when u regret not leaving.”
Agreeing with Massive_Fig6624, HANAEMIK said, “Feel like the new job is so much better. Old job really only has WFH as a benefit.”
Another who thinks career growth is a priority added, “I think you should take the offer, career growth is a really big factor.”
An HR professional chimed in and gave some professional advice saying: “First of all, as a HR professional I would always remind people to look at your overall package before making all the comparisons (although of course some of these are irrelevant in your case).”
Talking about compensation, he added, “From a compensation perspective, always look at total package – salary + allowances + bonuses.For salary, always compare ANNUAL base salary…Some companies play around with words that it’s something extra but really it is part of your base salary, just a matter of is it paid in 12 or 13 months. So the % increment should be based on the total for the year and not monthly.”
Answering the specific concern of the Redditor who posted, he said: “For your case it seems the new job is definitely better with higher monthly (28%) plus AWS which ur current doesn’t pay, so your actual increment is higher than 28%, definitely good in my eyes. I would consider it common to see 15-20% when jumping ship.”
He also addressed bonuses and benefits, saying, “For bonuses, do take note that past history doesn’t indicate future. Try to understand how bonuses are calculated and paid – is it based on company performance only (common among big organizations) or individual performance is the deciding factor…Now to benefits: Do you value WFH at all or does your family situation require you to have that flexibility.”
Lastly, he added: “Last but not least then is career prospects. If the new company gives you better prospects and that’s what you value, with the additional increase in your total package I would go for it.”
As people think about changing jobs, it’s essential to look at different things, like how much more money you might make. So, what’s the average salary increase when changing jobs in 2023?
Average Salary Increases When Changing Jobs in 2023
The average pay raise when switching jobs in 2023 depends on various factors, including your industry, company profitability, experience, performance, and role. On average, job changers can expect an increase from about 5% to 15%.
Here’s a quick overview of potential salary bumps across different industries:
- Executive Management: Executives, particularly in high-demand fields like tech or finance, might see substantial raises of 25-30% due to their expertise and networks.
- Fast Food: In the fast food industry, where turnover is high and wages are low, expect more modest raises, typically around 3-5%.
- Education: Transitioning to a new role in education could bring about a moderate raise of around 5-8%, potentially higher in private or international institutions.
- Healthcare: High demand for healthcare professionals, especially nurses and doctors, can result in significant raises of 10-20%.
- Information Technology (IT): In the IT sector, with its rapid advancements and demand for skilled workers, raises of about 15-25% are common.
- Financial Services: Professionals in banking, investment, and insurance often see increases of around 10-20%.
- Manufacturing: In manufacturing, expect an average raise of about 5-10% when changing jobs.
- Consulting: Consultants, especially in areas like strategy and digital transformation, may experience salary increases of about 15-25%.
- Retail: For those in retail, the average raise when changing jobs is typically more modest, around 3-7%.
If you are a Singaporean considering a ‘jump ship’, it’s advisable to weigh all these factors carefully. Take it from the HR professional who shared and gave a breakdown of considerations you should take into account before doing so.