Job changes are practically inevitable for the majority of folks looking to land a substantial raise.
In 2018, I made a job change that led to a 45% salary increase for me after only getting a 3% raise from my employer earlier in the year.
And I’m not alone. Data from the Atlanta Fed Wage Growth Tracker shows that the average employee who switches jobs will have more potential for wage growth than the employee who stays with an employer long-term.
However, changing jobs at the wrong time without doing your due diligence could cause you to lose a substantial amount of money that offsets any salary increase. You have to be wise and look at a potential change from all angles. (Unless the situation you’re in is toxic and affecting your mental health. Just get out at that point.)
Here are some potential costs you need to be aware of if you’re considering a job change: