Job stability and security is something many of us naturally desire. But how does this affect your paycheck at the end of the month? If you’re younger than 30 then the answer may cause you to think twice about your career goals.
According to new research from Resolution Foundation, the living standards analysts, pay-growth for workers under 30 who changed jobs between 2007-2014 was nearly 3 times times more than for people that didn’t.
The research further highlighted that the overall pay of young workers (i.e. under 30 years old) would have been 3% higher were it not for a slowdown in job mobility since the recession.
These findings were backed up by data from AdView who similarly argued that younger workers who stick to the same career for several years without promotion are missing out on better pay.
AdView’s Kevin Brady said:
“In prosperous economies job switches should be easy, which, as the data suggests, would make pay increases more common. However despite the financial gains to be made, the number of young people switching jobs has fallen by a third since its peak in 2000.
“We’ve got over 100,000 active subscribers to our Jobs By Email system. Of this figure 62% are between the ages of 18-34, many of whom are already in work. This suggests to me that a significant number of younger workers are proactively searching for jobs in the UK.
“However, the findings from Resolution Foundation clearly show that even more that more needs to be done to help younger workers climb the career ladder. Needless to say, there’s no easy answer to this.”
So what should young people do then if they feel stuck in a dead-end job with little or no prospect of promotion?
“If you’re a worker under 30 and stuck in a stagnant position, there’s still reason to be optimistic. The key is to be proactive in your job search. For example, signing up to one or two solid job sites job search sites can bring a range of relevant jobs in your area straight to your inbox each week.
“The job search sites – also known as aggregators – are especially useful for the general jobseeker because they’ve got 100,000s of jobs all in one place.
“From that point all it takes is a quick glance at your phone or computer to see if any jobs have come up that offer a greater salary or chance for career progression.
“Even if you’re relatively happy in your job it’s no effort at all to take a look at what else is out there every now and again.”
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