Changing jobs can be an effective way to advance your career while also increasing your salary.
How much of an increase can you get?
These average salary increase when changing jobs statistics will provide you with insights across industries, regions, and demographics on this topic.
Overall, the average salary increases when a person change jobs is 14.8%, with an average wage growth of 5.8%.
This percentage changes and depends on several factors such as your industry, the current job market, and your experience level.
For instance, people working in the tech field often see higher salary increases when they change jobs.
However, retail workers’ pay see pay cuts instead.
In this article, we’ll explore the average salary increase when changing jobs and the factors that affect salary increases.
We will also provide you with some tips for negotiating for a higher salary.
- 1 Key Statistics
- 2 Average Salary Increase When Changing Jobs Statistics
- 2.1 1. Across All Industries, the Average Salary Increase for Changing Jobs Is 5.8%.
- 2.2 2. In the Resources and Mining Industry, the Highest Wage Increase Comes to 11.8%.
- 2.3 3. 9.7% Is the Average Wage Increase for Job Switching in The Information Field.
- 2.4 4. Trade and Transportation Job Growth Is Down to 2.2%.
- 2.5 5. The Hospitality and Leisure Industry Has Incurred a Negative Wage Growth of -1.3%.
- 2.6 6. Older Employees Experience the Lowest Wage Growth at 4.1%.
- 2.7 7. Women’s Average Salary Growth Is 6.4%.
- 2.8 8. Men’s Average Salary Growth Is at 5.5%.
- 2.9 9. In August 2022, the Average Job Changer Earned an 8.4% Raise.
- 2.10 10. In March 2023, Job Changers Received a Wage Growth Rate of 7.3%.
- 2.11 11. As of April 2023, the Average Salary Increases for Job Changers Accounted for 10%.
- 2.12 12. Executive Managers Can Negotiate for A Salary Increase of Between 25% and 30%.
- 2.13 13. The Fast-Food Industry Averages About 3% to 5% for Salary Increases when Switching Jobs.
- 2.14 14. IT Workers Can Expect a Job Change Raise of Between 15% and 25%.
- 2.15 15. The Healthcare Industry and Financial Service Industry Both Offer a 10% to 20% Wage Increase when Changing Jobs.
- 2.16 16. Retail Professionals only Average Between 3% and 7% Salary Increases when Changing Jobs.
- 2.17 17. Prior to The Pandemic, People Saw About 10% in Salary Increases when Changing Employers.
- 2.18 18. In New England, Job Changers Can See an Average of 8.8% in Salary Increases.
- 2.19 19. In the Western Regions of The United States, the Average Salary Raise Is 8% for Those Who Switch Jobs.
- 2.20 20. The Worst Part of The United States for Changing Jobs for A Bigger Salary Is in The Midwest at 3% Growth.
- 3 FAQs
- 4 Conclusion
- 5 Sources
- Across all industries, the average salary increase for changing jobs is 14.8%, while wage growth is 5.8%.
- The Resources and Mining industry has the highest wage increase of 11.8%.
- 9.7% is the average wage increase for job switching in the Information field.
- Trade and Transportation job growth is down to 2.2%.
- The Hospitality and Leisure industry has incurred an negative wage growth of -1.3%.
- Older employees experience the lowest wage growth at 4.1%.
- Women’s average salary growth is 6.4%.
- Men’s average salary growth is at 5.5%.
- In August 2022, the average job changer earned an 8.4% raise.
- In March 2023, job changers received a wage growth rate of 7.3%.
Average Salary Increase When Changing Jobs Statistics
1. Across All Industries, the Average Salary Increase for Changing Jobs Is 5.8%.
According to Zippia, the average salary increase is 14.8%, but the average wage growth accounts for only 5.8%.
While you can expect to see an increase in salary expectations when changing jobs of between 10% and 20%, you should be realistic about it.
Many factors determine this like company size, budget, current market, etc.
2. In the Resources and Mining Industry, the Highest Wage Increase Comes to 11.8%.
Some job markets experience higher wage increases than others which is one reason people might change jobs to get better pay.
In fact, the Resources and Mining industry has a high average wage increase of 11.8%. that percentage is more than in 2021-22 by 5.3%. It’s also 18% more on average than the Information industry.
This high wage increase potential makes the Resources and Mining industry a good one for changing jobs.
3. 9.7% Is the Average Wage Increase for Job Switching in The Information Field.
The Information job market has the second highest average salary increase at between 9.6% and 9.7% in terms of switching jobs.
The Information field has a lot of potential regarding increasing your income these days.
It’s a good 40% higher than the 5.8% average, so it’s a good field for job switching when you want to earn more money.
4. Trade and Transportation Job Growth Is Down to 2.2%.
One of the job industries that has a lower average salary increase for job switching is in the Trade and Transportation industry.
It’s at the lowest growth rate that is still in the positive percentage of 2.2%. It’s seen a decrease of 1.3% over the past year, according to Zippia data.
5. The Hospitality and Leisure Industry Has Incurred a Negative Wage Growth of -1.3%.
The Hospitality and Leisure job market is the only industry that has incurred negative wage growth.
Unfortunately, it’s not changed much since 2021, but it’s currently at -1.3%.
Therefore, you won’t have much to negotiate if you’re changing jobs in this industry.
6. Older Employees Experience the Lowest Wage Growth at 4.1%.
If you think “ageism” isn’t a thing, you might need to look at the fact that in terms of salary growth for job switching is lower at 4.1%.
Among younger age groups, it’s around 9.8%, which is over 50% higher.
Even for workers between 16 and 24, growth of 1.7% has been seen.
7. Women’s Average Salary Growth Is 6.4%.
In terms of gender, women’s average salary growth for switching jobs is at 6.4%. This marks a 1.1% increase over 2020-2021.
It’s also higher than the men’s average salary growth rate for changing jobs.
In fact, women get 0.09% higher wage growth on average than men do when switching jobs.
8. Men’s Average Salary Growth Is at 5.5%.
While women’s average salary growth for changing jobs is at 6.4%, men’s is at 5.5%.
More statistics show that women enjoy a 14% higher salary growth when changing jobs than men.
Men’s salary growth has seen only a 0.2% increase.
That said, women are still earning less than men for the same jobs.
9. In August 2022, the Average Job Changer Earned an 8.4% Raise.
Data from the Federal Reserve Bank of Atlanta reported that the average job changer got an 8.4% raise in wages.
For those who remained in their jobs, they only got a 5.6% increase in their earnings.
In this instance, it paid to change jobs.
(Charles River Regional Chamber)
10. In March 2023, Job Changers Received a Wage Growth Rate of 7.3%.
Again, in March 2023, people who switched jobs enjoyed a salary growth of 7.3% compared to the 5.9% of employees who stayed with their employer.
Even with the lower salary growth among job switchers, those who stuck with their employers had a tiny increase which was still lower.
(Charles River Regional Chamber)
11. As of April 2023, the Average Salary Increases for Job Changers Accounted for 10%.
A study by Glassdoor revealed that the most recent average salary increases for job switchers accounts for 10%.
So, if you have a job that isn’t paying you a fair wage, you may feel compelled to take a 10% raise by changing jobs.
Do your homework before quitting your current position.
12. Executive Managers Can Negotiate for A Salary Increase of Between 25% and 30%.
Data shows that people in executive management jobs can negotiate for a salary boost of between 25% and 30%.
This is especially true in higher demand job fields like finance or technology.
If you have a proven track record in the field, you have a good chance of changing jobs and making more money.
(Resume Worded Blog)
13. The Fast-Food Industry Averages About 3% to 5% for Salary Increases when Switching Jobs.
While executive management positions have a higher chance of getting a major salary increase, the Fast-Food industry, while competitive is much lower at 3% to 5% when you’re changing jobs.
This industry is also known for its high employee turnover rates and low wages; therefore, a lower wage increase is expected.
(Resume Worded Blog)
14. IT Workers Can Expect a Job Change Raise of Between 15% and 25%.
People working in Information Technology (IT) offer rapid advancement in high demand sectors among highly skilled professionals.
However, they can also expect to see a rise of between 15% and 25%, which is second only to in-demand executive management roles.
Consulting jobs also fall into this percentage for changing jobs.
(Resume Worded Blog)
15. The Healthcare Industry and Financial Service Industry Both Offer a 10% to 20% Wage Increase when Changing Jobs.
Two more industries that offer between 10% and 20% salary increases among those who change jobs include the Healthcare and Financial Services industries.
These career fields are constantly evolving and for highly skilled professionals who want to change jobs, they can enjoy a pay raise.
(Resume Worded Blog)
16. Retail Professionals only Average Between 3% and 7% Salary Increases when Changing Jobs.
In the Retail sector, you won’t see any huge salary increases when you change jobs.
So, unless you just feel compelled to find better management in the retail sector, you may only see an average of between 3% and 7% in terms of job changing even among skilled retail professionals.
(Worded Resume Blog)
17. Prior to The Pandemic, People Saw About 10% in Salary Increases when Changing Employers.
According to Bank of America research data, before we experienced the pandemic, the average pay increase for employer switchers was 10%.
As we reached the “Great Resignation”, that figure quickly grew to 20%.
However, now it’s become more moderate again at around 13%.
18. In New England, Job Changers Can See an Average of 8.8% in Salary Increases.
In regard to location, New England in the United States has the highest average salary growth for job switchers at 8.8%.
Furthermore, the wage growth rates are higher in the Northeastern United States than it is in the Western side of the country.
19. In the Western Regions of The United States, the Average Salary Raise Is 8% for Those Who Switch Jobs.
We mentioned that the western regions of the United States have a lower salary raise rate for those who change employers.
That figure for the western side of the U.S. is 8%.
This area includes states like Oregon, California, and Washington.
20. The Worst Part of The United States for Changing Jobs for A Bigger Salary Is in The Midwest at 3% Growth.
Sadly, job switching in the Midwest of the United States isn’t very profitable.
The salary growth rate there is only 3%, which means you won’t earn much more by changing employers.
However, if you have other reasons to switch employers, your salary may not matter as much to you.
Why Is It Important to Know the Average Salary Increase when Changing Jobs?
Knowing the average salary increase related to changing jobs offers you realistic expectations for salary negotiations.
It can also help you to determine if your offers are fair for a new job.
What Affects Salary Increases when Changing Jobs?
We found several things that impact the salary increases that can occur when changing jobs.
• The current job market: When the current job market is strong, you are more apt to be able to negotiate for higher wages.
• The company’s budget: How much the company budget is will determine what they can pay you.
• Your negotiation skills: Your own ability to negotiate well will play a role in a salary increase.
How Can You Increase Your Chances of Getting a Higher Salary Increase?
When you’re looking to change jobs, you should know how to improve your chances of getting a good salary increase.
• Do your research: Do some digging to find out what your market value is before you start negotiating for a salary increase.
Glassdoor and Salary.com are two sites that help you learn more about the worth of your specific skillset and role.
• Be prepared to negotiate: It’s almost a given that companies expect you to negotiate for more money.
So, you need to understand that if you’re not being offered a fair salary, walk away from the negotiation.
• Highlight your accomplishments and skills: When you’re negotiating for a higher salary, make sure you highlight your skills and accomplishments.
Explain why you’re a valuable asset and why you deserve more money.
How Much Should You Ask for When Changing Jobs to Get a Salary Increase?
When you’re negotiating for a higher salary while changing jobs, you should aim for an increase of between 10% and 20%.
That said, it’s also wise to be flexible according to your circumstances.
For instance, if you’re new to the field, you may not be able to negotiate for a high salary increase compared to someone who has been working in the industry for a long time.
Now we know that the overall average salary increases for those who want to change employers is 14.8%.
We have also shown that this differs among locations, companies, age groups, and industries.
We have researched and shared with our readers the most updated data about how much a person can increase their income by changing jobs.
If you need to make a little more money and are in a high-demand field, you may find that you can get a substantial salary increase by changing employers.
Keep in mind that how long you’ve been working in an industry and in one job also contributes to how much more you can make at another job in the same field.
We hope these average salary increase when changing jobs statistics have given you useful information you can use when you’re changing jobs.