Observed Signal · Jun 9, 2022 · Research Study · Source: OnlineMarketing.de · Impact: 3/5 · Sentiment: Neutral
30% Salary Boost With Every Job Change
McKinsey conducted a study showing that changing jobs frequently can significantly boost earnings. On average, each job switch yields about a 30% salary increase. Over ten years, workers in Germany, the UK, India, and the US switch positions two to four times, with overall raises across all changes averaging around 5%. Those who switch five times saw gains of roughly 30–46%. Moving to different industries and acquiring new skills also elevates pay, with workers learning about 25% more skills per role change. However, frequent hopping may raise questions about loyalty from employers. Experience matters as much as formal education, and ongoing training correlates with higher lifetime earnings. About 80% of job changes involve new employers; financial incentives are the fourth most common reason for switching. The analysis draws on four million anonymized career profiles and tens of thousands of job postings, with McKinsey’s Angelika Reich urging mobility and upskilling in a digitizing economy. Germany aims to upskill about 6.5 million workers by 2030.
Substantive study with implications for compensation practices and talent strategy in the labor market.
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Key Takeaways & Evidence Grounding
- McKinsey study: average 30% salary increase with each job change.
- In ten years, workers in Germany, the UK, India, and the US switch 2–4 times.
- Overall salary growth across all changes is about 5%.
- Five-time job changers achieve 30–46% raises.
- 80% of job changes involve new employers; financial incentives are the 4th reason.
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