Switching jobs for Pay Raises/Promotions[Finance Fridays]

The job environment has changed. You should change with it.

Jun 04, 2022

Happy Friday you amazing human,

I’m sure all the inflation news has got you all worried about your bank. Never fear, I am here. In this post/email, I will go over how you can use job-hopping to significantly boost your chances.

Switching to higher-paying companies is a serious cheat code for career progression.

I know this will come as a surprise to many of you. Especially because many people subscribe to the mentality that the best way to progress up the career ladder is to stay dedicated to one org for your whole life. Unfortunately, for most people, this is completely false.

Highlights-

This post will cover the following ideas-

Job hopping is your way forward. People that switch jobs have been shown to earn higher and earn more promotions. This CNBC article is one such example
Why you should lose loyalty to your company. Things just aren’t what they used to be. Or so I hear. I’ve only seen this paradigm.
How to best prepare for job switching- Build up your skills and keep your ears open. Shocking, I know.

This newsletter is the best because it helps you develop multiple skills and not just a Leetcode Zombie.

Going Job Hopping for your Career

Unfortunately, many companies prefer to go with lateral hires instead of promoting internally. No, I’m not making this up. Check out this insane stat.

The average salary increase when changing jobs is 14.8%, while wage growth is 5.8%. - Source

This effect is the highest for people between 25-34 who receive an average wage increase of 9.8% when changing jobs. Imagine getting a free day’s salary for every 10 days you work. That is what switching gives you.

There are plenty of other stats like this. This is another report on the benefits of switching jobs.

Why you should lose company loyalty

No, I’m not telling you to not be grateful for a great opening/company. Or to not put effort and strive for excellence in your current role. Or to violate any contracts/commitments you have made. Not recommending any of these.

I am telling you to be willing to go to switch to better opportunities when they come. And to always be on a casual lookout for new positions. I find LinkedIn’s Job Alerts and leaving my profile “Open to Work” to be easy ways to get at least an idea of what is going on. To complement this, make sure you have a well-built LinkedIn profile. This post goes into depth on how to build a profile that has recruiters reach out with roles.

Don’t miss out on building a LinkedIn profile. It will change your career path.

Even if you are one of the few who is content/dedicated to their specific position, the above step is helpful. Interviewing at places will give you an idea of what skills are trendy in your sector, and what the current compensation looks like. Both of these are very important for your career.

It’s not like you’re doing something unethical. Every time we hear about layoffs, we will learn of someone who made a commitment to a company (turning down others), who lost their jobs before their first day of work. Or someone in a tricky position. Companies are going to put their financial wellness above you, so there’s no reason to not do the same. Or you might end up posting about losing your role in dire straits.

How to Job Hop well

Here are some basic suggestions I would give you-

In all your roles try to leave on a high note. Make sure your work was appreciated, and that you leave on a positive. The benefits of not burning bridges are vast and impactful.
Don’t skip out too soon. Constantly leaving an org after 1-3 months is going to trigger some concerns.
Even if you like a place a lot, make sure you actively negotiate with them (unless you’re content with where you are).

This article is a great guide on the considerations you should make before getting started. However, to be able to implement these into action, you will need to have a very strong set of skills.

The reason that this newsletter focuses on multiple aspects is to allow you to build a complete foundation.

It can be a little tedious, and many people complain about the cut-throat nature of this process. And it makes sense. This process requires a lot of commitment and energy. But what can we do about it?

Based on their response, there are two kinds of people. People who don’t venture out and try to learn, fail and grow. Maybe they are content with where they are. Maybe they are scared to move. Either way, they stay where they are. Unfortunately in a rapidly evolving industry like Tech, that is a death sentence.

I’m guessing you’re like me. You appreciate that there are no shortcuts and that your growth requires dedication. You wouldn’t be here, reading this newsletter otherwise. For us, the way forward is simple. Continue to read up, test different ideas, and develop foundations. Doing that will allow you to find lots of opportunities and establish an amazing career.

The way I see it, there are 3 ways you can try to educate yourself-

Go at it completely on your own- In my content, I stress the importance of educating yourself. However, there are 20,000 videos on every topic, and knowing what to do next is hard. Finding the correct resources, figuring out an effective plan, and sticking to it alone will be a painful process.
Subscribe to another course or services like AlgoExpert, Leetcode Premium, or your fav book- You could choose to go for the courses/books/boot camps. And I will say it, they’re awesome. They do exactly what they promise. But, too narrow. They will teach you one narrow skill, and end it there. They won’t teach you the foundational knowledge that makes things work. They can’t help you take advantage of contemporary developments. By their very design, they are meant for one time use. This is not good for your long term growth.
Become a sub here and leverage all the new techniques discovered through tutoring multiple people into top tech firms- The newsletter is designed to help you succeed, saving you from hours wasted on the Leetcode grind. There is a 100% satisfaction guarantee, so if you don’t like it, I will refund all your money. Therefore, there is absolutely no risk to you. Try the product, and see if there’s a match.

If you have enjoyed this post so far, please make sure you like it (the little heart button in the email/post). I also have a special request for you.

Special Request

This newsletter has received a lot of love. If you haven’t already, I would really appreciate it if you could take 5 seconds to let Substack know that they should feature this publication on their pages. This will allow more people to see the newsletter.

There is a simple form in Substack that you can fill up for it. Here it is. Thank you.

https://docs.google.com/forms/d/e/1FAIpQLScs-yyToUvWUXIUuIfxz17dmZfzpNp5g7Gw7JUgzbFEhSxsvw/viewform

To get your Substack URL, follow the following steps-

Open - https://substack.com/
If you haven’t already, log in with your email.
In the top right corner, you will see your icon. Click on it. You will see the drop-down. Click on your name/profile. That will show you the link.

Click on the circled place to get your URL

You will be redirected to your URL. Please put that in to the survey. Appreciate your help.

In the comments below, share what topic you want to focus on next. I’d be interested in learning and will cover them. To learn more about the newsletter, check our detailed About Page + FAQs

If you liked this post, make sure you fill out this survey. It’s anonymous and will take 2 minutes of your time. It will help me understand you better, allowing for better content.

https://forms.gle/XfTXSjnC8W2wR9qT9

Happy Prep. I’ll see you at your dream job.

Go Kill All you Financial Fiend,

Devansh <3

To make sure you get the most out of Finance Fridays, make sure you’re checking in the rest of the days as well. Leverage all the techniques I have discovered through my successful tutoring to easily succeed in your interviews and save your time and energy by joining the premium subscribers down below. Get a discount (for a whole year) using the button below

Get 20% off for 1 year