According to Lou Adler, author of The Essential Guide for Hiring & Getting Hired and creator of the Performance-based Hiring system, there’s a notion of the 30 percent solution when considering new job offers.
Per his post on LinkedIn, for a job opportunity to become truly viable for you to make the move, it must have at least a 30 percent increase over your current one. By increase he doesn’t mean salary alone. Yes, there should be a salary bump but that shouldn’t be the only reason for making the move nor should it comprise the entire 30 percent.
He writes, “Most of the increase should be in the form of job stretch and job growth. Job stretch is the difference in the scope, size and impact of the new job in comparison to the others the person is considering or the one now held.” Job growth refers to the rate of the company as well as industry’s growth. There’s also the likelihood the job will provide long-term opportunity down the road.
Adler’s advice? Combine job stretch, job growth and compensation to reach the 30 percent mark.
He explains, “More important, I suggest emphasizing the stretch and growth factors over compensation. The reason is that compensation will increase faster in the long-term when stretch and growth are maximized in the short term.”