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American workers' plans to look for new jobs this year are encouraging, with a majority of the population, 95%, expressing their intention to do so, according to a January 2024 survey by job site Monster. Money is a significant reason for this decision, with 45% of workers stating that they need a higher income. Data from the Federal Reserve shows that job switchers tend to increase their salaries more quickly than those who stay in the same job, on average. However, focusing solely on money may not be the best strategy, as highlighted by the example of Kyyah Abdul, a 29-year-old biotech and pharmaceutical global regulatory affairs consultant.
Abdul has consistently upskilled throughout her career, switching jobs six times since 2016, including taking a $20,000 pay cut for the first job change to gain experience. This focus on experience has enabled her to almost double her salary after a year and a half. Abdul emphasizes the importance of balancing salary growth with skill development, stating that building new skills can help insulate employees from layoffs by justifying higher pay.
Experts, such as Julia Pollak, chief economist at ZipRecruiter, share this view, noting that rising too quickly through the ranks can make one an easy target for layoffs during economic downturns. Abdul also cautions against job hopping solely for higher pay without considering the responsibilities and performance that come with it, highlighting the mutually beneficial relationship between employees and employers. By prioritizing experience and skill development alongside salary growth, workers can better navigate uncertain job markets and protect themselves from potential layoffs.