In the dynamic world of work, professionals often seek new opportunities to enhance their career growth, work on challenging projects, or seek better compensation. While job changes can indeed open doors to these opportunities, understanding what salary hike to expect during this transition is crucial. In this blog post, we will provide a comprehensive understanding of the salary hikes one can anticipate during a job change, factoring in their job experience.
Job changes typically come with a higher salary hike compared to in-role promotions or annual increments. The average salary hike during a job change in India can range anywhere between 20-30%, contingent on various factors like industry norms, individual skills, and the job market's current state.
For fresh graduates or professionals with less than two years of experience, the salary hike could be anywhere between 15-25%. A higher increase may be expected if you're moving into a role that requires specialized skills or if you've made significant strides in your short career span.
Professionals at this stage usually have found their niche and possess valuable industry-specific skills. Therefore, they can expect a significant salary hike, typically around 20-30%, depending on the sector and the value they bring to the new organization.
In the senior level phase, employees usually have substantial industry knowledge and often hold significant responsibilities. If they decide to switch jobs, they can expect a salary hike of around 25-35%, especially if the move includes a higher role or a bigger company.
For professionals at the leadership level, the salary hike can vary greatly, usually ranging from 30-50%. The exact amount will largely depend on the size of the organization they're moving to, the responsibilities they will hold, and their previous achievements.
The industry you belong to plays a vital role in determining the salary hike. For instance, IT, Data Science, and Digital Marketing sectors, riding the wave of digital transformation, often offer higher salary hikes compared to more traditional sectors like manufacturing or retail.
Remember that a job change is not just about a salary hike. It's also about finding a role that fits your career aspirations, offers a good work-life balance, and provides opportunities for learning and growth.
Make sure to do your homework about market rates for your role and industry. Online platforms such as Glassdoor, Payscale, and LinkedIn Salary Insights can provide valuable information.
While the prospect of a substantial salary hike during a job change is enticing, always consider the complete picture, including career growth, work culture, and personal fulfillment. Keep in mind that the right job change can provide not just a higher salary but also a stepping stone for future career milestones. So, approach it strategically, stay updated with the market, and keep upgrading your skills to make the most of your career transitions.