Wait or Walk? Deciding Between Staying for a Raise or Switching Jobs for More Pay

Carlos Stanza
Nov 27, 2024
5 min read

The modern job market is a fast-paced and constantly evolving landscape, leaving many professionals facing a deeply personal and often stressful dilemma: should you stay in your current role, hoping for that long-awaited raise, or take a leap of faith and switch to a higher-paying job? This question isn't just about money—it's about values, goals, and how you envision your future. Each option comes with its own risks and rewards, and the right choice depends on a variety of factors, from your career aspirations and financial needs to your tolerance for uncertainty and your industry’s trends.

Making this decision isn’t easy. It involves balancing practical considerations, like salary and benefits, against emotional factors, such as loyalty to your team or fear of the unknown. It’s a crossroad we all encounter at some point in our professional journeys—and for many, the answer isn’t black and white. Let’s take a closer look at what’s really at stake when you’re deciding whether to stay or go, backed by real-world data, actionable insights, and examples that hit close to home.

The Emotional Weight of Staying: Loyalty, Comfort, and Hope

Staying in a role often feels like the safer choice. You’ve built relationships with colleagues, understand the rhythms of the work, and feel a sense of security in the familiarity of your day-to-day responsibilities. There’s also the emotional investment: the late nights spent meeting deadlines, the successes you’ve contributed to, and the trust you’ve built with your team. Walking away can feel like betraying that investment.

But there’s another reason many people choose to stay: hope. Hope that the raise will come, that your efforts will be recognized, and that your loyalty will eventually pay off. And sometimes, it does. Companies often reward long-term employees with promotions, bonuses, and leadership opportunities. In fact, a report by Gallup shows that engaged employees who feel supported in their growth are 59% less likely to look for a new job.

Still, waiting for a raise isn’t without its challenges. According to a 2023 study by Payscale, the average annual salary increase for employees who stay in their roles is just 3%—barely enough to keep up with inflation. This means that while you might feel appreciated in your role, the financial benefits of staying might not align with your long-term financial goals.

The Thrill (and Risk) of Walking Away: Reinvention and Reward

Switching jobs, on the other hand, is like jumping into the deep end of the pool. It’s exciting and nerve-wracking, offering the potential for significant financial and professional growth—but also carrying the risk of uncertainty. For many, the prospect of a 10-20% pay bump, a more fulfilling role, or access to better benefits is enough to make the leap worth it.

Here’s the truth: job switchers often make more money than those who stay. A report by ADP Research Institute found that job switchers saw an average wage increase of 8.9% in 2023, compared to just 5.2% for those who stayed. Over time, these compounded increases can dramatically shift your financial trajectory. For example, a professional earning $75,000 who switches to a job paying $85,000 sees an immediate $10,000 increase. Over five years, factoring in raises, that move could equate to $60,000 or more in additional earnings compared to staying in the same role.

But walking away isn’t just about the money. It’s also about reinvention. A new job often comes with fresh challenges, opportunities to learn new skills, and exposure to different people and ideas. For some, that change is energizing. For others, it’s intimidating. And not every leap lands perfectly. Research from Robert Half shows that 28% of professionals who change jobs end up regretting their decision due to mismatched expectations or company culture issues.

What’s Really Driving Your Decision?

The decision to stay or go is deeply personal, shaped by factors that go beyond numbers on a paycheck. Here are a few questions to ask yourself as you weigh your options:

Are you happy in your current role?Job satisfaction matters. If you enjoy the work, feel supported by your team, and see potential for growth, staying might be the right choice—even if the financial rewards are slower to materialize.
What are your financial priorities?If you’re working toward a big financial goal, like buying a house or paying off debt, the immediate salary boost from switching jobs might outweigh the benefits of staying.
How is the job market in your field?In hot job markets, like tech or healthcare, switching jobs can lead to faster career advancement. In more stable industries, staying put might offer better long-term benefits.
Are you prepared to take risks?Switching jobs often comes with uncertainty. A new role might offer higher pay but could also involve longer hours, a challenging work environment, or less job security.

Real Stories, Real Lessons

Let’s consider two professionals grappling with this decision:

Sarah’s Story: The Stayer
Sarah has been working as a marketing manager for four years. She loves her team and has steadily received small raises, bringing her salary to $80,000. While she’s tempted by job listings offering $90,000, she values the stability and the leadership opportunities she sees on the horizon. After discussing her career goals with her manager, she’s promised a promotion within the next year. For Sarah, staying makes sense—her loyalty and patience are likely to pay off.
Mike’s Story: The Switcher
Mike, a software developer, has changed jobs three times in six years. Each move has brought a 15-20% salary increase, and his current role pays $120,000. While switching jobs has meant rebuilding relationships and adapting to new teams, Mike thrives on the challenges and opportunities each new role provides. For Mike, switching has been the key to rapid financial and professional growth.

Key Takeaways

Stay if: You’re happy, see growth potential, and value stability over immediate rewards.
Switch if: You’re underpaid, feel stuck, or want to accelerate your career trajectory.
Balance your decision with data: Understand your market value, research your industry, and factor in both financial and personal priorities.

A Personal Reflection

At some point, I’ve stood where you are now—staring at the fork in the road, wondering which path to take. The truth is, there’s no one-size-fits-all answer. What worked for me (a leap of faith to switch roles) might not work for you, and that’s okay. What matters most is that you make a choice aligned with your goals, values, and vision for the future. Waiting or walking—it’s not about right or wrong, but about what feels right for you.

Whether you're staying in your current role or exploring exciting new opportunities, having a polished, professional resume is essential. Let Resumefin help you stand out! Email Carlos at carlos@resumefin.com to craft a resume tailored to your goals—setting you up for success, no matter the path you choose.

Works Cited

U.S. Bureau of Labor Statistics. "Employee Tenure in 2022." U.S. Department of Labor, 2022.https://www.bls.gov/news.release/tenure.htm
Gallup. "State of the Global Workplace: 2023 Report." Gallup Research, 2023.https://www.gallup.com/workplace/349484/state-global-workplace-2023.aspx
Payscale. "The State of the Gender Pay Gap in 2022." Payscale, 2022.https://www.payscale.com/research-and-insights/gender-pay-gap/
ADP Research Institute. "Workforce Vitality Report." ADP, 2022.https://www.adpri.org/
CareerBuilder. "Survey: Why Employees Leave Jobs and What They Expect." CareerBuilder, 2023.https://www.careerbuilder.com/advice/survey-job-hopping
Deloitte. "Burnout Survey: The Workplace and Employee Well-being." Deloitte, 2022.https://www2.deloitte.com/us/en.html
Robert Half. "Job Optimism Report: Employee Satisfaction and Turnover Rates." Robert Half, 2023.https://www.roberthalf.com
The Muse. "Should You Stay or Should You Go? The Pros and Cons of Switching Jobs." The Muse, 2022.https://www.themuse.com/advice/should-you-stay-or-switch-jobs