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Want more money? Don’t change jobs!

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It has been a common misconception among graduates that switching jobs will lead to higher salaries, however new analysis by the Office for National Statistics (ONS) suggests this may not be the case.
According to the ONS, full time employees who remained in the same role during 2014 enjoyed a pay rise, well above those who changed jobs. The study found that those who remained within the same role witnessed an average of a 4.1% increase in salary.

Sticking around pays off

The ONS stated that pay rises for full time employees – graduates and non-graduates – are at an all time low. However, those professionals who remain in continuous employment are more likely to be promoted to managers and directors, further increasing wages.
Staff who “stick around” may also be chosen to work more overtime and benefit from a pay profession scale, bonuses and other performance related pay, the ONS stated.
Co-founder of Adzuna, Andrew Hunter, commented that the data found by the ONS demonstrated that employers are making “concerted efforts to hang onto their top talent”.
He added that due to employers becoming nervous about replacing members of staff, many are providing their workers with pay-rises and bonuses in order to retain them.
Hunter also noted that while previously the best way to climb that “salary ladder” was to change companies, now there is increased value “in staying put”.

Younger employees receive larger benefits

The report by the ONS also found that the under 30s – including graduates – saw a “phenomenal” growth in earnings by remaining within the same job during 2014. They even “outstripped” the gains enjoyed by their older colleagues.
The study also found that those aged between 22 and 29 – who remained within the same full time position for a minimum of 12 months – received a 7.2% pay rise, compared to just the 3.7% rise received by 30-39 year olds.
These findings suggest that those who are leaving university or have just begun their first graduate job should hold on to their role in order to benefit from a larger pay increase.
Are you a recent graduate? Speak to Discovery Graduates to land your first graduate role.

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