It’s very true, there’s a bigger budget to hire more people than it is to retain people. Sometimes changing departments or roles can get you more but some companies often still treat those as lateral moves. I say if you aren’t finding growth in your role within two years then it’s time to leave.

My experience says you're better off switching companies. I have plenty of people working for me that can't get a raise but they could find another restaurant that pays more per hour for new employees. I had a lady working for me who had been with the company for 12 years making the same amount as people who are coming in off the street. I had to tell her the company would not authorize a raise because there was a cap on hourly wages. It's her own fault for not moving up the ladder.

Sticking with one company is good if you're risk averse and don't like leaving your comfort zone. If you want to accelerate your income potential, staying at one firm is not going to do you any favors

True for me until stopped doing it.

Change job means change company, changing to another role within the same company is not called change job. To find out if you will get paid more by change to a different company, just go interview and see what they offer you, there's your answer.

The data backs up changing companies every few years leads to better pay relative to staying in the same role for many years. You can get your company to match an outside offer once during your tenure and in general should target promotions as well as raises from outside jobs. It's the same as any competitive market, if multiple companies are bidding for your services, you become more valuable.

I’ve definitely made the most headway financially when I changed companies. (It’s stupid - companies should prioritize promoting from within but they don’t. Always gotta have that bright shiny object.)

Typically true— but lots of pros and cons. For greatest financial gain and career advancement you should aim to ‘move up’ or ‘move out’ every few years. With time and inflation, ‘worker shortage’, change in company needs, and your increase in experience— your market value may increase BUT most companies only to a marginal ‘cost of living’ increase that does not keep up with the pace of what your market value could be. The one major caveat is that some companies it is easier to be promoted from within— having a higher title/role, leadership experience can open more doors and check more boxes as you move on to new opportunities down the road and should come with a 10%+ pay bump too. So if these are your goals — ensure you are seeking a higher pay grade and that any move you make are in line with your career goals. You want better compensation but also experience that the jobs you want will value. Jobs changes helps growth, but can also be stressful and in reality the grass isn’t always greener, the key is to be open to opportunity and flexible to change when it suits your career interests and goals. Sadly companies do not prioritize retention of talent.

Very true. Depends on company but I have jumped roles at mine and gotten increases of 10 and 25k depending on roles.

I wouldn’t say every year but 2-3 years, yes. If you’re moving around every year then companies will stop considering you as a candidate limiting opportunities

It’s true till a certain level (title and/or compensation). It’s good for more junior roles where companies don’t think you need much specialization into the industry. Typically, you’ll also need to “specialize” in a company’s culture/organization to move into leadership roles. Yes, some leaders come from the outside, but it’s harder to break in and those are typically ex-coworkers with someone high up. After a certain number of years of experience, companies pay for specialization. It’s no longer a seat to fill. In fact, sometimes the seat is created just for you. As someone else mentioned: Sometimes you need to take a new role internally (promoted or lateral) to move out… but sometimes you’re just happy where you are and good with cost of living adjustments/merit raises. That’s fine too.

2-3 years, yep, many studies to back this up https://www.forbes.com/sites/cameronkeng/2014/06/22/employees-that-stay-in-companies-longer-than-2-years-get-paid-50-less/?sh=107c891ae07f

That’s what I hear. I’m a millennial and I’ve always grown up with the mindset to find a company and just work there until you retire. I see the pros and cons. The biggest pro with changing companies seems to be the salary growth. The biggest con seems to be the whole process of applying and interviewing and starting from the bottom (in terms of seniority and learning the culture). Do I want more money, yes of course who doesn’t?! Do I think the grass is greener on the other side? I wonder all the time. But do I also think I’m making the best out of the tiny garden I’ve invested into planting (gaining seniority, better understanding of department workflow, great team, great benefits, decent enough raises here and there, WORK LIFE BALANCE)… yes. But do I want more money??? LOL

It's 200% true

Very true. I personally changed based on salary but on Hourly rate. Since 2018, I have job hopped seeking opportunities that offered new skills and went from $11.00/hr to $30/hr within a 4-year time span. Compared to people employed in management positions taking 6+ years to see salaries above $50,000. Companies are willing to spend more money on new recruits (marketing) than increase salaries above 3% annually. I have a coworker who is with an old company that offered 2% raise while we are in a 10% inflation. They were better off looking for another job that paid double what they made now highlighting the different projects they worked on and how the skills they developed contributed to department/company profit growth.

It can work both ways. I have a good friend who has moved up the ranks in a F500 company and she is now a VP. She has a fantastic personality and is very well liked, but also knows how to motivate people. She was fortunate to be noticed by the right people early in her career and basically had sponsorship as she moved up the ranks. By staying with the same company for her career, she has developed a solid understanding of all aspects of the business.

There is no rule that fits all here. You need to evaluate your own personal circumstances to determine the right answer. Is your skillet in high demand externally? Are you well liked by senior leaders in your own firm and on track for a promotion? Is there an internal opportunity you can network into? Consider where you see yourself internally in 1-2 years time, and also look externally and get an offer to know your market value. If it's a good enough offer, present it to your leadership to see if they'll match or just leave and take it. If they won't match then they don't value you enough anyway.

Create and nurture a strong personal brand - everything you do communicates something. Are you sending the right message? Do people want to work with you? Build relationships with performers and influential leaders before you need to ask them for anything. You need both a strong brand and a supportive network to find corporate success. If you’ve done these things and not moved up despite multiple attempts, time to start looking. Make sure you know your opportunity areas and address them.

Make sure you are going from a $1B company to a $10B dollar company. You won’t get higher pay if you going the other way around, unless you are moving into a higher position.