Q. I keep hearing about the Great Resignation. Some of my friends who left their jobs are now making more money at their new jobs and I wonder if I am missing out by staying put. Should I resign? If I do, when should I tell my current boss? If I tell him early, he might give me a raise to keep me on board.
A. Although it is called the Great Resignation, in reality (according to Harvard Business Review) a better name is the Great Retirement, as Baby Boomers move out of the job market.
However, you are right about the salary increase for those who change jobs. CareerArc says that they received an average 21 percent increase in salary compared to an average 8 percent increase for people who did not change jobs. That extra money is surely enticing. It may be enough to encourage you to resign.
However, you need to weigh the possibility of a salary increase against other important factors, including the cost of commuting, benefits offered, potential for career growth, and culture at the new job compared to your current job.
Concerning your other question, you should not tell your current boss about your plans to resign until you have a signed, written agreement in hand. Companies are taking longer to make offers, and you may eventually find that the salary they offer is below what you expected. You may object to something in the contract, such as the expectation for travel. The new company may require a background investigation which can also take time. Until you have a signed agreement, you do not have a job.
Part of your negotiations for the new job should be a start date. The general rule of thumb is to give your current company two weeks’ notice in writing, although you should check the contract you signed before taking your current job to find company policies. You want to leave a happy company behind.
The best way to negotiate for a higher salary at your current job is to discuss your contribution rather than holding the company hostage with a threat to resign. If you have been keeping a brag book, you will have a record of all your achievements and how they aided the companies. If you have not been keeping a brag book, now is the time to start because you will need it to strengthen your resume if you ever do change jobs.
As a career transition coach and resume writer, I have helped many individuals build their resumes and LinkedIn profiles to prepare for a job search or career change. If you feel you are missing out by staying put in your current job, contact Robin’s Resumes® today.