Are you paid enough, or is it time to make your move? (2024)

FAQs

Do companies give you time to relocate? ›

It's common to ask an employer for 4 to 8 weeks to move across the country (distances of around 2,000 miles or more).

Adjust for inflation

And in 2022, it was 6.5%. This means that in 2023, you're going to want to aim for an increase in pay of at least 7% — less than that and you're taking an effective pay cut. If you're looking at an increase in responsibilities or seniority, make that at least 10%.

The average pay raise is 3%. A good pay raise ranges from 4.5% to 5%, and anything more than that is considered exceptional. Depending on the reasons you cite for a pay raise and the length of time that has passed since your last raise, you could request a raise in the 10% to 20% range.

You'll want to get a good feel for what it's like to live in the location, including its climate, safety and culture. You'll also have to pay close attention to the expenses associated with the move, and you'll need to figure out whether you can afford the cost of living in a new location.

The full costs and figures can vary depending on the individual and their package however, as an example, payments are typically between $2,000 and $100,000.

Short-Distance Moves: 1-3 weeks – Quick packing, transport, and settling in. Long-Distance Moves: 4-8 weeks – Includes more complex logistics and travel time. International Relocations: 1-6 months – Variable due to paperwork, shipping, finding housing, and cultural orientation.

Aim for a 5% to 10% raise for a standard increase. If you're underpaid or have extra duties, 10% to 20% could be fair. Back it up with research on sites like Glassdoor and highlight your achievements. Pick the right time to ask, like after a big project win.

A 30% raise in salary is very high, comparatively. Why such a big jump in compensation? It may be that your current salary is unusually low for your field, or for your talent and effort. You may be seriously underpaid, in which case you have to take into consideration the reasons you were undervalued.

Make sure you're prepared if you're going to ask your boss for a raise. Pay increases tend to vary based on inflation, location, sector, and job performance. Most employers give their employees an increase of around 3% per year.

Everyone would like to make more money, and $10,000 is definitely enough of a jump to, at the very least, consider a new job offer.

What is a 3 raise on $20 an hour? ›

The pay rate increased from $20 to $20.60 per hour after a 3% pay raise. If we assume a standard 40-hour workweek, that would be a weekly pay of 40 × $20.60 = $824. The weekly pay before the raise was 40 × $20 = $800. To determine how many hours per day or per week you work, try using our hours calculator.

Similarly, a Mercer poll indicates companies' total salary budgets, which include money for all pay increases, such as raises and promotions, will be 3.8% in 2024, on average. That's down from the 4.1% paid out last year.

While there are a lot of factors involved, the average age when people move out of their parent's home is somewhere between 24 and 27.

Job relocation can have big benefits in terms promotion, pay and professional growth. It can also be a terrific path to new experiences and the adventure of a new location. In fact, for 37% of people, career advancement and money were the primary reasons to make a job relocation.

If you're unhappy with your city, move.

If you're only staying because you feel it's secured and because you're already living there for a long while now that it is “home” or that it is “convenient” – well, you might want to re-think your decisions. Being comfortable can be a whole lot scarier than taking risks.

Most companies will cover the total cost of the relocation, but it is up to you and your employee to agree on a fair amount. The relocating employee must keep all receipts to ensure your company does not overpay them when reimbursing the money.

In a voluntary relocation, the employee requests the move and the employer can agree to support it. In an involuntary relocation, it's the employer who initiates the move and the employee will usually need to accept relocation to continue their employment with the company.

If the company doesn't offer a relocation package, you can ask for an advance on your earnings to cover some of your moving expenses. If HR agrees, you earn more money at the beginning of your tenure, either as a lump sum or in installments, to help supplement the immediate costs of moving.

Payback clauses generally cover the first year of relocation, sometimes the first 18 or 24 months, “but I've not seen anything longer than that,” he says. At Exelon Corp., a national energy services company based in Chicago, an “expense repayment agreement” is executed when the employee agrees to relocate.