You are more likely to move jobs this month than at any other time of the year
2/8/2020 The Pay Index
The period from January to March is widely regarded as the peak season for job moves. Studies across different industries and geographical regions all cite these three months as the most popular, in terms of people entering a process to explore a new role.
At the executive level, this will more frequently mean that a headhunter / executive search firm will approach you to enquire if you’d be interested in a potential move.
Why is this time of year so popular?
Statistics on The Pay Index show that almost 37% of annual bonuses are awarded over the two months of December and January, indicating that people look to move after this has happened.
But I’m happy in my current role, so why should I consider moving?
Although you may be happy in your current role, statistics show that if you have remained in your current role for three years or more, there is every possibility that your compensation has fallen behind the market average, sometimes by as much as 38%.
These findings were consistent with a study on Forbes, which also found that employees who fail to move roles/companies frequently enough can be reducing their earning potential by as much as 50%, when compared to those who move roles more frequently. They largely attribute this to the fact that internal pay rises are frequently below 5% per annum, whereas the average pay rise an individual receives when they move externally is around 20%.
Become a Cub Scout – “be prepared”
The key takeaway from this article is that statistics point towards that there is a greater chance you may see role or are approached about a role, at this time of year. As such, it is worth putting a few simple tasks in motion to give yourself a platform from which you can take advantage of this.
Here are some suggestions for you to consider:
Update your LinkedIn profile
LinkedIn is the first port of call for any recruiter seeking to build up a list of potential candidates. Recruiters like to use LinkedIn because it gives them a quick, yet broad, understanding of a candidate. Plus, they can put a face to name.
Assuming you are already on LinkedIn (If you’re not, then we definitely recommend you create a profile), then it shouldn’t take more than 30 minutes to spring-clean you profile. Here are five quick tips:
- Start by ensuring you have a professional photo in your header area – this doesn’t have to be a corporate photo, it can reflect a hobby, interest or taken at a special event.
- Your personal headline is the next item to focus on, making sure that clearly reflects the role you do and the skills you have. Avoid vague language (Managing Director for example) and language that is too technical or internally / industry focussed (as it is common for the person researching your profile to not be related to your industry).
- Next, you should make sure that your roles and companies are tagged. There is a relatively new feature in LinkedIn which enables you to update different roles within the same company, which is great to show promotions etc..
- Finally, think about offering and asking for recommendations. This is an excellent way to add some personal context to your profile.
In summary, even though you personally may not be regular user of LinkedIn, it is the platform of choice for recruiters, and it will play a big impact in whether you are approached about potentially interesting roles.
To many this is a dreaded word and prompts visions of standing in a corner of a crowded room, whilst nursing a warm glass of white wine. However, numerous studies show that new roles and business opportunities are often generated through networking.
Therefore, by investing some time into attending just one industry-related a month, you’ll soon find that you quickly expand your network and raise your brand profile.
Snapshot of your accomplishments
Keeping an up to date record of your work-related accomplishments is an often-over-looked activity, yet one that is hugely important.
There may be a time where you are forced to look for a new role and having to remember all the key achievements you’ve made within role (especially if you’ve been in your role for several years) can be very difficult.
Understand your market worth
Our final advice is ensure you have an accurate understanding of your market worth, with regards to how much you should be paid within your role.
Research from The Pay Index shows that executive compensation can notably change between industry and company size, often meaning that individuals can frequently expect to see an increase in comp of over 25% by simply changing the size of the company they work within.
The Pay Index: a FREE independent viewpoint on your compensation
The Pay Index is an independent analytics platform that you can use to accurately verify you comp package against your global peer group – completely FREE.
After completing a brief registration process, you will be able to access a range of fully-interactive dashboards where you can cross-reference your compensation against a range of criteria, such as company size, location, industry, education, tenure and experience.
Executives who use The Pay Index frequently comment on how the data provides them with an invaluable insight when going into their pay reviews or when they are considering a new opportunity.
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