As an employee of an organization, staying on at your current job can be largely dependent on the financial incentive earned. While some may argue against this viewpoint and throw in other things like one’s passion, the pursuit of a new challenge/growth, opportunities to learn etc, — in the end you find out that money is still one of the biggest factors that determines your decision when that next big gig comes along.
The truth is it’s not totally unreasonable to be driven by money when you consider the tough economic conditions, currency devaluation, and high standard of living. However, there are other variables to consider before you job-hop.
So ask yourself:
What will be the cost of living?
A job offer may require that you move to another city, and you need to consider how this may affect your living expenses- will you be spending more on transportation? will the company be willing to foot the cost for relocation? what will be the cost of rent? etc
What is the big picture?
Before you accept a new job offer, you should think of your long term career goals, then examine if the offer puts you on track to achieving them. Sometimes you might need to take a pay cut at a point in your career (usually early career days) in order to be on the right track for career advancement.
Your expectations vs The reality
When you are considering a new job that offers more pay, analyze the full package; make sure you get a sense of what the new environment will be like. Questions you need to ask yourself will be around the company’s culture, your typical working hours, your leave days etc. This evaluation is very necessary because you might end up taking a job for more pay but leaves you with little or no time for your self care.
What can you get from your current job?
If you love your current job and it’s only the pay that isn’t cutting it, you may consider asking for a justifiable pay raise from your boss.
Outline the things that you currently do, compare with the industry pay and see if your current pay matches. In a case where your employer is unable to review your salary, you can negotiate for other incentives like flexible working hours, for example.
It turns out that switching jobs doesn’t always mean you’ll rake in more dough, and switching for a job with a higher pay but less incentives and less room for growth and learning opportunities isn’t always the best choice.
For more competitive roles, like a software developer, switching jobs on the regular can be beneficial for a bump in pay. But for jobs where the market isn’t changing quite so rapidly, like an operations manager or administrative assistant, employees can earn more by staying at their current company.
Making Life Possible is our ethos at Paga, and it is what keeps us committed to our mission of providing inclusive financial services for all Nigerians. With over 17,000 agent outlets and 9 million+ customers, we are inspired by the stories of the community we are building and the people we are empowering by making life possible every single day.