Looking for a shift in job? The time is not right. Given the fact that the economy is marked with inflation—coupled with economic slowdown—job hopping is not advisable for a few extra bucks, say experts.
“It is always better to stick with an old devil than encounter a new one. The fact remains that in today’s job market, it is difficult to find dream job. You never know what you are getting into till you start working in the new place,” says Yogesh Saigal, independent HR consultant.
Experts say reasons like low salary and minor problems with boss are no longer considered big enough to switch jobs in the current scenario. “Every office has its own problems. There is no guarantee that the existing problems in the office will not crop up at the new workplace. One has to adjust; try and find a niche,” says Girish Baliga, CEO and founder, Career Vita.
The reason, remarks Baliga, is the lack of good opportunities in the market right now. In fact, a huge salary raise might make you unsaleable in the market for the next three-four years. “In today’s scenario, it will be nothing less than being in a golden cage,” says Baliga.
In most cases, compensation philosophy works on salary range positioning of individuals most of the time. “It effectively means that at a certain level/designation in that company, if you are being hired at the maximum of the salary range, it is highly likely that your subsequent increments post appraisals in the initial few years/cycles will be lower than average,” says Saigal.
Companies mostly offer exorbitant salaries to people due to specific skill-set requirements or generally when there is a build phase of a project or some new process being transitioned in. The high initial package is to attract talent as an immediate need—it more often than not is not really aimed to retain one on a long term basis.
“Also, if you are unhappy with the job, the market is such that you will not be able to make a shift easily without taking a pay cut. Hence, it is advisable to stick to a known brand even if compensation does not match your expectations,” says Prof Uday Salunkhe, group director, WeSchool.
“It is easy for an outsider to tell someone else to be bold and take a risk (even in a downturn), but people should gauge their risk profile and appetite properly before making a move,” says Madhur Ramani, Co-founder and Managing Partner at Stratum Consulting.
How he got Back to square One
Dhruv Solanki switched from an investment bank to a global ecommerce company with a pay of Rs 22 lakh per annum. However, five months into the company, Solanki started hunting for a new job, which was not easy to come. Solanki had to take a pay cut and return to his old company at the pay scale he had left. “Though, I got a good hike, I realised the work environment was not as good as my previous company. I tried at many places, and was ready to move at the same salary level. However, I did not get any good offer and had to return to my old company at a lower salary,” says Solanki.