Back in the mid-90s and early 2000s, making a move was much more profitable than it is now. Back then, prospects were getting anywhere from a 15% to 20% increase in pay to make a move. During the market crash, that increase dropped to 3%. People were making a move to stay employed at that point, not for the money.
Lately, there has been an uptick in the raises that those making a move to a new company are getting. These are people who are already employed and doing well, but they are also making anywhere from 5% to 10% more to make a move.
“A 5% increase is a pretty good benchmark.”
A 5% increase in overall pay is a pretty good benchmark to have if you’re considering making a move. Moving forward, I don’t think many places will be looking at giving away more than that. We are no longer in the era where people will incentive people to make a move.
My suggestion for you or anyone you know who is looking to make a move is to look at that opportunity as a whole, not just at the money. If you like the opportunity and can also get that 5% to 10% increase in compensation, it’s something you should seriously consider.
If you have any questions for us or want to learn more about the building product industry, don’t hesitate to give us a call or send us an email. We would love to hear from you.