Pay Raises Really Are Tied To Switching Jobs, Workers Want Abortion Access Benefits And Bill Russell’s Leadership

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Amid soaring inflation, getting a pay raise is on everyone’s mind. How to negotiate for more pay. How to get a great performance review that leads to a boost in comp. How to develop a side project for a boost in income.

But a new analysis of government data from the Pew Research Center finds your best bet might just be switching jobs. Our communities and leadership team intern Ethan Steinberg covered the report last week, writing that it not only confirms the conventional wisdom that changing companies is the best route to a pay bump, but appears to suggest a growing gap in the fortunes of those who stay put versus those who switch jobs.

Sixty percent of workers who changed jobs between April 2021 and March of this year reported an increase in their wages, as adjusted for inflation. That was significantly more than the 51% of job switchers who said they saw wage gains the year before, according to the report, which analyzed data from the Census Bureau’s Current Population Survey. Among workers who stayed with their employers, the share that reported an increase in real wage gains fell from 54% to 47% over the same period.

The difference was stark: During the second year of the pandemic, half of the workers who changed jobs saw their pay increase 9.7%, while the median worker who stayed in the same job experienced a loss of 1.7%. (Yes, a loss.)

But before you run out and start searching for a new job—you and everyone else, that is—keep in mind that the report, which also surveyed U.S. adults about their job search plans, found that a greater share of people expect their job search to be difficult than the share that plan to look for a job. That could be a sign that the split-screen job market—which has been flashing both red and green as layoffs mount while job openings remain high—is starting to make an impact on employee sentiment.

If a pay negotiation is in your future—or a job search—we have ideas to help. Happy hunting.

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FEATURED STORY

More Than 75% Of Employees Want To Work For Companies That Support Abortion Access: Survey

Amid new restrictions on abortion in at least twelve states, many workers want their employers to take action, writes Forbes senior contributor Kim Elsesser. New research from LeanIn.Org reveals that most employees under age 40, regardless of their political affiliation or gender, want to work for a company that supports access to abortion. And a third of women and men under age 40 are considering switching jobs either to work for a company that publicly supports access to abortion or one that offers more generous reproductive healthcare benefits, the survey found. Read more in Elsesser’s story here.

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WORK SMARTER

Company values can be jargon speak. Here’s how to determine whether your company’s values actually have meaning.

Here’s why you maybe didn’t get the job.

Why curiosity matters when it comes to career advancement.

A boss you don’t like can be a major stressor in the workplace. Here’s how impulsive leadership costs companies.

Hearing radio silence after an interview? Here’s how you can follow up.

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ON OUR AGENDA

The latest layoffs: As recession fears continue to grow and inflation remains high, companies such as Robinhood, who laid off nearly a quarter of its staff this week, are continuing to cut jobs. Also among the latest wave of layoffs are fitness company F45 Training, Shopify, 7-Eleven and more, Forbes’ Brian Bushard reports.

Billionaires still do chores: A Forbes survey of 65 of the richest people on Earth found that, while they could easily outsource, many billionaires still choose to do at least some household chores and other domestic tasks themselves, reports Forbes’ Jemima McEvoy. More than a third said they regularly grocery shop and take out the garbage, while 40% cook and walk their dogs. More than half said they watch their children or grandchildren’s sports games.

Most U.S. billion-dollar startups are founded by immigrants: Research by the National Foundation for American Policy, writes Forbes senior contributor Stuart Anderson, found that more than half of companies valued at $1 billion or more in the U.S. were founded by immigrants. The research is an update of NFAP studies in 2016 and 2018; due to the growth in billion-dollar companies, the 2022 study involved gathering and verifying information on the founders of more than 580 “unicorns” tracked by CB Insights.

Remembering Bill Russell: Forbes contributor Don Yaeger recalls the time basketball icon Bill Russell—nearing 80, already a legend himself—took notes in the front row of a Q&A session he did with pro football player Michael Oher. “That captures why Russell was, and always will be, in a class of one,” Yaeger writes of Russell, who died Sunday at 88. “He embodied the phrase life-long learner in ways both big and small. And his constant thirst for growth and knowledge allowed him to break many barriers.”

The four-day workweek debate rolls on: While eyes are on the U.K.’s four-day workweek trial, U.S. companies and business leaders weigh the pros and cons. Ninety-four percent of jobseekers in a Joblist survey said they are looking for a four-day workweek. Forbes contributor Bryan Robinson spoke with leaders at software companies Formstack and 15Five about ways to create flexibility—whether reducing workweek hours or not.

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BOOK CLUB

Companies need positive leadership and healthy thinking just as we need good air to breathe. That’s Jason Barger’s argument in his new book Breathing Oxygen. Barger looks into six key mindsets (clarity, inclusivity, agility, grit, rest and ownership) employees should bring to their team and how it affects company culture.