Salary increases of 30 to 45 percent for almost half of all job changes
The information portal Merkur refers to the study and explains: In Germany, the salary increase for employees who change jobs five times on average is 30 to 46 percent. The subjects from all of the countries surveyed by McKinsey (Germany, Great Britain, India and the USA) changed jobs an average of two to four times within ten years. With each change, they received an average salary increase of six to ten percent, although cases of involuntary job changes with falling salaries were also included in the calculation. 40 to 50 percent of the test persons also received a large salary increase of 30 to 45 percent when they took up a new job.
Salary increase for non-industry job changes particularly high
McKinsey divides professionals into five salary brackets. According to the publication, 32 percent of working people in Germany are currently facing a salary increase that will take them up a notch.
To a certain extent, they can control how much more salary they earn after changing jobs: according to the study, those who switch to another industry and have to learn new skills for the new job have greater chances of a decent salary increase than employees who who stay in their comfort zone. McKinsey describes the proportion of required skills that have to be re-learned for the new job as “skill distance”. In Germany, this averages 40 percent, although in all countries considered for the study, a large salary increase required a skill distance of 35 to 50 percent. Usually, the higher the value, the higher the new salary.
Expert: Good job prospects await outside the comfort zone
Of course, the new skills to be learned are not the only factor in the amount of the new salary: In Germany, professional experience makes up around 40 percent of the salary for employees – depending on the industry and qualification – after ten years of work, after 30 years it is already about 40 percent 60 percent.
Whether a lot of work experience or little – Angelika Reich, partner and expert at McKinsey, draws the following conclusion for employees: “The results should be considered against the background that in Germany due to the digitalization by 2030 around 6.5 million employees will be retrained to a large extent and many of them will have to change jobs. Anyone who shows the courage to acquire new skills and leave the comfort zone has good job prospects and the prospect of a decent salary increase.” With these words, she is quoted by Merkur. And she recommends companies to learn from the study results and their employees actively because further training opportunities are one of the most important selection criteria when choosing a new employer.
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