Changing jobs now could pay off with a raise – NBC Connecticut
You’ve seen and heard of others leaving their current jobs for greener pastures during the pandemic’s “great quit,” and you may have wondered if you should do the same.
Payroll company Automatic Data Processing, known as ADP, just analyzed the salaries of 18 million workers in the last three months of 2021 to spot trends.
Nela Richardson, ADP’s chief economist, said the wage gains are real, adding that Gen Z workers, ages 24 and under, have seen their wages rise 13% from a year ago. year, the highest average wage gains of all groups of workers.
“If you’re young and can hold a job for more than a year during a pandemic, you deserve that double-digit pay raise,” Richardson said.
Millennials saw average wage gains reach 9%, Gen X just under 6%, and baby boomers 3.5%, according to ADP.
In many cases the increases have not been enough, according to Bristol’s Marta Lopez.
“If you ask what we pay in our races or whatever, versus what we get and how much tax you pay, it doesn’t balance out,” Lopez said.
For those who don’t get big pay jumps, the question may be, “should I stay or should I go?” »
Rondel Bourne, of Hartford, says he has a great job and isn’t looking for another, but he’s been the exception among his social circles.
“My friends are most definitely waiting for you to know, quit their jobs and find something better,” Bourne said.
Richardson suggests you may want to see what other jobs are available, especially if you’re looking for a role in technology, finance, information technology, and professional business services.
“The war for talent is strong here and the wage gains are for those who are able to change jobs within these industries,” Richardson said.
Richardson added that some size companies seemed to have more pay raises.
“They’re actually outpacing small and large businesses not only in retaining their workforce but also in hiring, so they’re paying more for incumbents and for job changers,” said Richardson.
For many, the best thing to do may be to stay put – your company just might reward you for it.
However, if you’re looking, it’s a rare opportunity where, for workers, it’s a seller’s market.