Moving to a new city can be scary, but it has long-term benefits. If you are looking for change in your career and want to increase the chances of getting a raise or promotion, consider making a move closer to where talent is needed.

The “how much salary increase when switching jobs” is a question that many people find themselves asking. The answer, unfortunately, is not always the same. You may need to relocate in order to get a raise.

Want a raise? It may be time to relocate

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There’s something to be said about personnel who have been with the company for a long time. They know the ropes, have some authority, and are most likely at ease. There is, however, something to be said about making more money. If you want to do it, you may have to leave your comfort zone – and your ZIP code.

 

The latest LendingTree research examines data on individuals who chose new positions that required relocation — either within or outside the state — and found an average salary increase of 11%. We also look at how job-hopping pays off depending on the location, size, age, and sector of a firm.

What we tracked & why

LendingTree researchers analyzed typical quarterly earnings before and after a job transition that required a relocation, whether in or out of state, in this study. Employees who are early in their careers may find that job-hopping is the greatest approach to increase their pay. The amount of wage increase you might anticipate depends on where you work.

 

Why does changing jobs so regularly pay off? According to Jacob Channel, senior economic analyst at LendingTree, the causes vary.

 

“Your new wage will likely be considerably less reliant on your existing one when you’re negotiating for a job with a new company than it would be if you were negotiating a raise with your present employer,” he adds. “As a consequence, it may be simpler to negotiate a larger wage than if you had retained your previous position, since your new employer won’t be comparing what you’re earning now to what you’re asking for.”

 

“Job-hopping may pay off since individuals are less inclined to transfer employment for a lower pay boost.” After all, moving professions, learning all of your new duties, and meeting all of your new coworkers may be a stressful and intimidating process, so taking a new job could not make sense unless you were being offered much more money.”

Where workers who switch jobs & move see the largest average pay increases

Are you looking for a significant pay raise? Be ready to gather some moving boxes. Workers who changed employment and relocated (within or outside of their state of residence) had an average income increase of 11%.

 

We averaged the results from the states with accessible data from the fourth quarter of 2020 — which corresponds with the conclusion of the first half year of the coronavirus pandemic — since this data isn’t monitored at the national level. According to the data, employment relocations to 42 of the 43 states resulted in increased average salaries.

 

Buckle up and start looking for jobs in the Buckeye State for the greatest chance for a large pay raise. People who relocated to or within Ohio for new work had their quarterly wages grow by 33% on average, the most of any state.

 

In 2020, the state recorded 171,073 new company registrations, about 40,000 more than the previous high of 130,621 in 2019. (While there’s no assurance that company registrations will result in lucrative, job-creating firms, it’s an encouraging sign.) In the Cleveland, Akron, Dayton, Columbus, and Cincinnati metro regions, a LendingTree survey indicated that company applications increased by at least 25% year over year in 2020, compared to the previous year. This might result in a competitive employment market where wages must be dramatically increased to attract personnel.

 

Workers in Connecticut and New Jersey earned an average of 26% more than they did in their former occupations after relocating to these states. Both states have some of the highest per capita personal earnings in the country. They also have higher-than-average living expenses, forcing firms to pay extra to keep employees there.

Pay rises when changing jobs or relocating

Pay scale

LendingTree analyzed the Longitudinal Employer-Household Dynamics job-to-job flows information from the US Census Bureau.

 

Moving can be costly, and the epidemic has made it considerably more so. While a higher pay is appealing, you must consider the larger picture, which includes the prospect of having a mortgage with a new work and owing debt incurred during the relocation. While taking on temporary debt may save you money in the long term, be sure you have a strategy in place to pay it off, such as a debt consolidation loan.

The lowest average wage gains are seen by employees who change employment.

Moving doesn’t necessarily mean a raise in pay, particularly if you’re traveling to Wyoming, which is the only one of the 43 states with data where employees witnessed a drop in quarterly earnings after changing positions. After relocating to or within Wyoming, the average dropped by 12%, from $12,128 to $10,684.

 

Why? A notion explored in more depth later in this LendingTree report may provide a better explanation. The mining business, as we’ll see later, is the most profitable for job-hoppers. However, as of the fourth quarter of 2020, this industry was seeing the most employment losses in Wyoming. In fact, the state shed almost 5,900 jobs in this field during that quarter. It seems natural that a state like Wyoming, which loses the most employment in that sector, would have the opposite effect in our analysis. (In addition, the state has a lower-than-average cost of living, which might affect how much an employer pays you.)

 

North Dakota, Nebraska, Maine, Idaho, and Montana are among the places where job-hopping only resulted in a tiny average gain in wages (a few of which also had below-average living expenses). The average wage gain for workers shifting to new employment in these states was just 4%.

Pay gains are the smallest after changing employment or relocating.

 

Smallest payscale

LendingTree analyzed the Longitudinal Employer-Household Dynamics job-to-job flows information from the US Census Bureau.

Job-hopping benefits employees at the larger companies the most.

As an example, consider California.

Beyond locale, the payoff for job-hopping is often affected by the type of job to which you’re hopping. Because this demographic data isn’t available at the national level, we used As an example, consider California., since it provides the largest sample size.

 

When it comes to job hopping, size does matter. When we looked at job moves by firm size — again, this is centered on California since it has the greatest sample size and no national-level data — employees who moved to or within bigger organizations had the highest wage gains.

 

Those who moved to a business with 500 or more workers had an average wage boost of 15%, while those who moved to smaller organizations saw just a 5% to 6% gain.

 

The diversity of a bigger organization may make it simpler to overcome the challenges that companies experienced during the epidemic. A second COVID-19 wave, for example, in the fourth quarter of 2020 has many small firms anxious about their fate.

Changes in pay after changing jobs (by size of companies)

 

Pay changes

LendingTree analyzed the Longitudinal Employer-Household Dynamics job-to-job flows information from the US Census Bureau.

If you want a greater wage raise, go to a well-established firm.

Moving to a more established company may also pay off, with individuals who join a company that has been operational for at least 11 years seeing a 13 percent increase in their profits.

 

Those who went to newer firms with less than a year on the job only experienced a 2% boost, while those who transferred to organizations with four to five years on the job saw a 3% loss in their compensation.

 

This isn’t unexpected, considering that 18.4% of private-sector enterprises in the United States fail during the first year, and 49.7% fail within five years. While 65.5 percent of firms fail after ten years, those who survive are likely to have regular clients and a consistent cash flow.

Changes in pay after changing jobs (by age of companies)

 

Employer change

LendingTree analyzed the Longitudinal Employer-Household Dynamics job-to-job flows information from the US Census Bureau.

Looking for a new career in mining? Consider the mining business in California.

Check out the mining sector in California if you want to strike it rich — or at least wealthier than you were at your prior career. In the fourth quarter of 2020, those who shifted to enterprises that extract coal, crude petroleum, and natural gas, among other things, raised their profits by an average of 31%.

 

Finance and insurance, as well as lodging and food services (hotels and restaurants), were among the top California categories that paid well for job-hoppers, with an average income rise of 25%.

 

These are significant increases, particularly when contrasted to job-hoppers in the California agricultural business (think farms, ranches, dairies, greenhouses, nurseries, orchards, or hatcheries), who saw their incomes fall by an average of 11%.

 

Professional and technical services (fields requiring extensive training and expertise, such as law, architecture, and research) and arts, entertainment, and recreation were just above agriculture, with workers switching to these industries only increasing their average income by 1% and 6%, respectively.

Changes in pay after changing jobs (by industry)

 

Pay scale Industry

LendingTree analyzed the Longitudinal Employer-Household Dynamics job-to-job flows information from the US Census Bureau.

5 job-search tips

Are you considering changing jobs to increase your pay? Channel provides the following suggestions to help you get started:

  • Recognize your worth: Employees should make sure they can effectively convey how much money they’re worth while looking for a new job and a raise, according to Channel. “They should emphasize their relevant talents and explain to potential employers why such skills are valuable,” he advises.
  • Negotiate: You should be eager to bargain and unafraid to be upfront and honest about your desires. “No is the worst word an employer can say,” Channel says. “How can someone expect to acquire anything they want if they never ask for it in the first place?”
  • Proceed with caution: Work searchers seeking a raise should make sure they aren’t abandoning their present job and jumping into something new without first learning all there is to know. “Be careful of leaving your present work without a backup plan,” he advises. “Just because you’re not working doesn’t mean your commitments, such as debt, go away.” The last thing you want to do is damage your credit or default on a loan because you lost your job, couldn’t find another, and couldn’t make your payments.”
  • Consider the following: When looking for a better-paying job, keep in mind the cost of living in the place you wish to relocate to, as well as relocating costs. A greater income in a major metropolis may be less valuable than a lower wage in a small town. A higher salary may not pay off immediately away if you spend a lot of money traveling across the nation. You should also examine if you will like the location where you are considering relocating. “Extra money may not be worth it if your new surroundings are absolutely depressing,” Channel advises.
  • Consider remote options: Since the epidemic, more occupations have been conducted remotely, and you may want to consider these before making a decision. “In today’s work world, you could be able to acquire a better-paying job at a firm located a thousand miles away without ever leaving your home,” he argues.

Methodology

We evaluated wages for job switchers in the fourth quarter of 2020 — the most recent data available — to determine the states where employees obtained the highest gains in earnings after switching jobs and relocating. We specifically examined employees’ incomes before and after they changed employment and relocated. We rated the states from greatest to lowest percentage gain.

 

Using the same technique as the state study, we examined job movers across several demographics (including industry size, industry age, and more). We chose California as our topic since it has the greatest sample size and this data isn’t accessible at the national level.

 

Data from the US Census Bureau’s Longitudinal Employer-Household Dynamics job-to-job flows database was studied by LendingTree.

 

This item was syndicated by MediaFeed.org and originally published on LendingTree.

MediaFeed has more.

 

Want a pay increase? You may wish to relocate to this location.

 

 

Depositphotos_190882168_m-2015

When increasing inflation reaches the news, companies are affected in two ways: they must pay more on production expenses and more to employ new workers or maintain the ones they already have. But what does this entail in terms of pay?

 

To find out, LendingTree researchers examined the most recent available U.S. Census Bureau data to see which states had the biggest pay growth between the second quarter of 2020 and the second quarter of 2021. Only one state saw average weekly salaries rise by more than 10% over this time period. Only two states saw a drop.

 

Here’s what more they discovered.

 

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  • Between the second quarter of 2020 and the second quarter of 2021, average weekly salaries in the United States increased by 4.8 percent. Despite a 5.5 percent drop in the most recent quarter for which data was available, wages were up year over year.
  • Only one state witnessed a rise in earnings of more than 10% year over year.
  • Only two states had wage growth within the same time period.
  • The leisure and hospitality business received the largest salary gain year over year, although there is still room for development in this area. Wages in the sector increased by 13.4% from $464 in the second quarter of 2020 to $526 in the second quarter of 2021. Other services, which includes vocations like car repair technicians and hairdressers, is the only other sector with average pay below $1,000.

 

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According to the most recent statistics available, average weekly salaries grew by 4.8 percent between the second quarter of 2020 — the first full quarter of the pandemic — and the second quarter of 2021, when vaccine distribution began.

 

Weekly salaries declined 5.5 percent between the first and second quarters of 2021, thus more of the gain occurred earlier in the year.

 

But, according to Jacob Channel, senior economic analyst at LendingTree, such a drop isn’t unexpected.

 

“Consumer demand for a range of products and services tends to rise in the fourth quarter,” Channel notes, “which means many employees will need to work longer hours to meet that need.” “Workers are on the clock for longer periods of time as a consequence of these longer hours, and their average weekly salaries tend to rise.” These increased salaries usually endure for the first quarter, but then diminish as consumer demand declines.”

 

As a result of this occurrence, he says, when it comes to economic trends, a year-over-year comparison is more revealing.

 

 

istockphoto

 

alaska_VwzsVUk

  • Q2 2020 average weekly wages: $1,147
  • Q2 2021 average weekly wages: $1,124
  • Change in percentage: -2.00 percent

 

 

Chilkoot

 

autumn_in_Vermont

  • Q2 2020 average weekly wages: $1,022
  • Q2 2021 average weekly wages: $1,017
  • Change in percentage: -0.50 percent

 

 

DenisTangneyJr

 

rhode_island_I8L5GLF

  • Q2 2020 average weekly wages: $1,117
  • Q2 2021 average weekly wages: $1,119
  • Change in percentage: 0.20 percent

 

 

danlogan

 

connecticut

  • Q2 2020 average weekly wages: $1,399
  • Q2 2021 average weekly wages: $1,407
  • Change in percentage: 0.60 percent

 

 

traveler1116

 

hiking_in_the_catskill_mountains_new_york

  • Q2 2020 average weekly wages: $1,516
  • Q2 2021 average weekly wages: $1,525
  • Change in percentage: 0.60 percent

 

 

Boogich

 

north_dakota

  • Q2 2020 average weekly wages: $1,054
  • Q2 2021 average weekly wages: $1,065
  • Change in percentage: 1.00 percent

 

 

sequential5

 

massachusetts

  • Q2 2020 average weekly wages: $1,582
  • Q2 2021 average weekly wages: $1,600
  • Change in percentage: 1.10 percent

 

 

Rolf_52

 

new_jersey

  • Q2 2020 average weekly wages: $1,359
  • Q2 2021 average weekly wages: $1,375
  • Change in percentage: 1.20 percent

 

 

aimintang

 

maryland

  • Q2 2020 average weekly wages: $1,238
  • Q2 2021 average weekly wages: $1,255
  • Change in percentage: 1.40 percent

 

 

James Lane

 

louisiana

  • Q2 2020 average weekly wages: $987
  • Q2 2021 average weekly wages: $1,004
  • Change in percentage: 1.70 percent

 

 

DenisTangneyJr

 

hawaii

  • Q2 2020 average weekly wages: $1,039
  • Q2 2021 average weekly wages: $1,057
  • Change in percentage: 1.70 percent

 

 

Art Wager

 

pennsylvania

  • Q2 2020 average weekly wages: $1,161
  • Q2 2021 average weekly wages: $1,186
  • Change in percentage: 2.20 percent

 

 

weaver1234

 

Depositphotos_215191524_m-2015

  • Q2 2020 average weekly wages: $916
  • Q2 2021 average weekly wages: $936
  • Change in percentage: 2.20 percent

 

 

DepositPhotos.com

 

delaware

  • Q2 2020 average weekly wages: $1,148
  • Q2 2021 average weekly wages: $1,178
  • Change in percentage: 2.60 percent

 

 

mdgmorris

 

MICHIGAN_Mackinac_bridge

  • Q2 2020 average weekly wages: $1,109
  • Q2 2021 average weekly wages: $1,138
  • Change in percentage: 2.60 percent

 

 

haveseen

 

iowa

  • Q2 2020 average weekly wages: $964
  • Q2 2021 average weekly wages: $991
  • Change in percentage: 2.80%

 

 

JoeChristensen

 

Depositphotos_7549387_s-2019

  • Q2 2020 average weekly wages: $892
  • Q2 2021 average weekly wages: $917
  • Change in percentage: 2.80%

 

 

DepositPhotos.com

 

kentucky

  • Q2 2020 average weekly wages: $952
  • Q2 2021 average weekly wages: $979
  • Change in percentage: 2.80%

 

 

Kelley, Thomas

 

new_mexico

  • Q2 2020 average weekly wages: $913
  • Q2 2021 average weekly wages: $939
  • Change in percentage: 2.80%

 

 

Davel5957

 

maine

  • Q2 2020 average weekly wages: $968
  • Q2 2021 average weekly wages: $996
  • Change in percentage: 2.90 percent

 

 

DepositPhotos.com

 

1637079555_726_Milwaukee_Wisconsin

  • Q2 2020 average weekly wages: $999
  • Q2 2021 average weekly wages: $1,029
  • Change in percentage: 3.00%

 

 

FierceAbin

 

kansas

  • Q2 2020 average weekly wages: $976
  • Q2 2021 average weekly wages: $1,006
  • Change in percentage: 3.10 percent

 

 

Pham, Michael

 

virginia_beach

  • Q2 2020 average weekly wages: $1,211
  • Q2 2021 average weekly wages: $1,251
  • Change in percentage: 3.30 percent

 

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2. SmartAsset has thoroughly vetted each adviser and holds them to a fiduciary standard of acting in your best interests. Get started today if you’re ready to be matched with local experts who can help you reach your financial objectives.

 

 

DenisTangneyJr

 

Sturgis_South_Dakota

  • Q2 2020 average weekly wages: $907
  • Q2 2021 average weekly wages: $938
  • Change in percentage: 3.40 percent

 

 

Rex Wholster

 

Buford_Wyoming_population_one

  • Q2 2020 average weekly wages: $929
  • Q2 2021 average weekly wages: $961
  • Change in percentage: 3.40 percent

 

 

dschreiber29

 

minnesota_1b915ws

  • Q2 2020 average weekly wages: $1,199
  • Q2 2021 average weekly wages: $1,243
  • Change in percentage: 3.70 percent

 

 

JoeChristensen

 

ohio

  • Q2 2020 average weekly wages: $1,017
  • Q2 2021 average weekly wages: $1,056
  • Change in percentage: 3.80%

 

 

dypics

 

illinois

  • Q2 2020 average weekly wages: $1,212
  • Q2 2021 average weekly wages: $1,261
  • Change in percentage: 4.00%

 

 

ibsky

 

missouri

  • Q2 2020 average weekly wages: $1,008
  • Q2 2021 average weekly wages: $1,050
  • Change in percentage: 4.20 percent

 

 

eyecrave

 

mississippi

  • Q2 2020 average weekly wages: $791
  • Q2 2021 average weekly wages: $824
  • Change in percentage: 4.20 percent

 

 

stevegeer

 

nebraska_TCTOTWW

  • Q2 2020 average weekly wages: $950
  • Q2 2021 average weekly wages: $993
  • Change in percentage: 4.50 percent

 

 

marekuliasz

 

iStock-1268624137

  • Q2 2020 average weekly wages: $1,240
  • Q2 2021 average weekly wages: $1,298
  • Change in percentage: 4.70 percent

 

 

istockphoto/Jacob Boomsma

 

UTAH_Park_City

  • Q2 2020 average weekly wages: $1,013
  • Q2 2021 average weekly wages: $1,063
  • Change in percentage: 4.90 percent

 

 

” 4kodiak”

 

Astoria_Oregon_vp2uUhW

  • Q2 2020 average weekly wages: $1,110
  • Q2 2021 average weekly wages: $1,166
  • Change in percentage: 5.00%

 

 

HaizhanZheng

 

El_Paso_Texas

  • Q2 2020 average weekly wages: $1,165
  • Q2 2021 average weekly wages: $1,224
  • Change in percentage: 5.10 percent

 

 

DenisTangneyJr

 

1637079541_839_montana

  • Q2 2020 average weekly wages: $879
  • Q2 2021 average weekly wages: $924
  • Change in percentage: 5.10 percent

 

 

YinYang

 

arkansas

  • Q2 2020 average weekly wages: $913
  • Q2 2021 average weekly wages: $960
  • Change in percentage: 5.10 percent

 

 

Rdlamkin

 

south_carolina

  • Q2 2020 average weekly wages: $914
  • Q2 2021 average weekly wages: $962
  • Change in percentage: 5.30 percent

 

 

SeanPavonePhoto

 

waterfall_in_Alabama

  • Q2 2020 average weekly wages: $943
  • Q2 2021 average weekly wages: $994
  • Change in percentage: 5.40 percent

 

 

Deitsch, James

 

Charlotte_North_Carolina

  • Q2 2020 average weekly wages: $1,038
  • Q2 2021 average weekly wages: $1,096
  • Change in percentage: 5.60 percent

 

 

Brandis, Darwin

 

georgia

  • Q2 2020 average weekly wages: $1,084
  • Q2 2021 average weekly wages: $1,146
  • Change in percentage: 5.70 percent

 

 

SeanPavonePhoto

 

idaho_fTpeVkf

  • Q2 2020 average weekly wages: $877
  • Q2 2021 average weekly wages: $928
  • Change in percentage: 5.80%

 

 

knowlesgallery

 

indiana_wCv3Jdh

  • Q2 2020 average weekly wages: $959
  • Q2 2021 average weekly wages: $1,016
  • Change in percentage: 5.90%

 

 

f11photo

 

arizona_8nquDux

  • Q2 2020 average weekly wages: $1,073
  • Q2 2021 average weekly wages: $1,142
  • Change in percentage: 6.40 percent

 

 

wanderluster

 

Depositphotos_77886538_l-2015

  • Q2 2020 average weekly wages: $1,830
  • Q2 2021 average weekly wages: $1,949
  • Change in percentage: 6.50 percent

 

 

DepositPhotos.com

 

nevada

  • Q2 2020 average weekly wages: $1,021
  • Q2 2021 average weekly wages: $1,088
  • Change in percentage: 6.60 percent

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2. SmartAsset has thoroughly vetted each adviser and holds them to a fiduciary standard of acting in your best interests. Get started today if you’re ready to be matched with local experts who can help you reach your financial objectives.

 

 

AlizadaStudios

 

tennessee_6ErJQ0F

  • Q2 2020 average weekly wages: $1,014
  • Q2 2021 average weekly wages: $1,096
  • Change in percentage: 8.10%

 

 

Swarmcatcher

 

Avalon_Harbor_Santa_Catalina_Island_California

  • Q2 2020 average weekly wages: $1,465
  • Q2 2021 average weekly wages: $1,588
  • Change in percentage: 8.40%

 

 

mlauffen

 

I_Naples_FL

  • Q2 2020 average weekly wages: $1,011
  • Q2 2021 average weekly wages: $1,099
  • Change in percentage: 8.70%

 

 

Elisa.rolle

 

washington_NP9X7gp

  • Q2 2020 average weekly wages: $1,439
  • Q2 2021 average weekly wages: $1,572
  • Change in percentage: 9.20%

 

 

4nadia

 

new_hampshire_BJwqbBH

  • Q2 2020 average weekly wages: $1,219
  • Q2 2021 average weekly wages: $1,367
  • Change in percentage: 12.10%

 

 

DenisTangneyJr

 

iStock-1153863127

Only New Hampshire had an increase in salaries of more than 10% between the second and third quarters of 2020 and 2021. This might be due to increased demand for labor as more individuals leave the workforce.

 

New Hampshire’s unemployment rate was 2.8 percent at the start of the second quarter in April 2021, almost in line with pre-pandemic norms. However, the state’s employment-to-population ratio — which gives a more comprehensive picture of the labor market — had not improved, remaining at levels seen just after the Great Recession in late 2009.

 

New Hampshire residents also have about $14,000 more in median family income than the national average, which might help them find jobs that suit them – and lead to higher salary rises.

 

With a 9.2 percent rise in earnings throughout the study period, Washington State came in second. Despite a minor drop in employment during this period, the state’s gross domestic product (GDP) exceeded pre-pandemic levels by the third quarter of 2020, after a dip when the pandemic struck. Florida saw the same rapid economic rebound, which might explain salary gains.

 

Overall, weekly incomes in the top five states increased by between $82 and $148 (Tennessee) (New Hampshire).

 

jacoblund/istockphoto

 

Depositphotos_99108832_s-2019

The only two states where wages fell between the second and third quarters of 2020 and 2021 were Alaska (-2.0%) and Vermont (-0.5%). Interestingly, both Alaska and Vermont raised their minimum wages at the same time. However, these were insufficient to compensate for lower total incomes.

 

It’s worth mentioning that oil is a major source of revenue for Alaska. Crude oil prices plummeted during the start of the epidemic, hardly rebounding by April 2021, putting downward pressure on salaries. Another important business in the state is tourism. Furthermore, the fact that the pandemic reduced demand for associated services may have contributed to the drop.

 

Vermont’s economy, on the other hand, has its own set of problems. Part of this is attributable to the state’s limited area and the fact that it only has a few significant companies. It’s more difficult to identify possibilities to improve pay when there are fewer job alternatives.

 

Pay gains were seen in the other states on this end of the wage range, although they were all less than 1%.

 

DepositPhotos.com

 

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Wages rose from $464 in the second quarter of 2020 to $526 in the second quarter of 2021 in the leisure and hospitality business. (The industry includes occupations in the arts, entertainment, leisure, lodging, and food services.)

 

This significant gain in profits might be due in part to a fall in benefits expenditure in this industry from the second quarter of 2020 to the second quarter of 2021.

 

Given its low profitability, leisure and hospitality is also the sector with the greatest opportunity for development.

 

Despite the fact that every sector evaluated grew during the study period, only one other business — “other services,” which includes employment like car repair technicians and hairdressers — had average pay under $1,000.

 

These low results are somewhat less shocking given that certain workers in these two low-paid sectors may be subject to minimum wage rules for tipped staff (cash pay may be as low as $2.13 an hour).

 

DepositPhotos.com

 

GettyImages-879751676

Small firms may find it especially challenging to deal with wage rises. There are, however, methods to make it work:

  • Take use of state and federal programs: “Many state and federal initiatives were put in place in the aftermath of the COVID-19 outbreak to assist small company owners make ends meet,” Channel adds. Even though certain programs aren’t open to applicants, it’s still worth investigating.
  • Check with the SBA: “Small companies may still obtain several grants and other sorts of help,” Channel advises. “You may discover a range of services from the United States Small Business Administration to assist you get through these trying times.”
  • Look for ways to save money in your business: Requesting supplier discounts, decreasing office-related expenses via virtual choices, and searching for ways to package services to save money may all help to balance the costs of rising salaries.
  • Consider the following wage-increase options: Other incentives, such as more vacation days or free dinners, might be a good way to keep staff happy without breaking the wallet. Depending on the circumstances, these kind of modifications may be less expensive than boosting pay across the board.

“While paying increased compensation to staff might be difficult for many small firms, rising wages aren’t always bad news,” Channel argues. “Instead, greater salaries may frequently imply more customer demand and, as a result, more money flowing into firms.”

 

AleksandarNakic

 

Depositphotos_154365706_s-2019

LendingTree examined data from the United States Census Bureau’s Quarterly Census of Employment and Wages. Between the second and third quarters of 2020 and 2021, researchers analyzed pay data from all 50 states and the District of Columbia. This percentage change was used to rank states from top to lowest. During the same time period, researchers looked at pay data at the industry level.

 

Related: 

  • Where to look for a financial planner
  • 10 Financial Advisor Interview Questions

This article originally appeared on LendingTree.comand was syndicated by MediaFeed.org.

 

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12 talents that are quickly becoming outdated among Baby Boomers

 

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Credit for the featured image goes to anantachat/istockphoto.

The “job-hopping salary increase” is a phenomenon that has been on the rise, and it may be time to relocate.

  • average salary increase when changing jobs 2021
  • pay increase when changing jobs internally
  • how much of a raise to leave job
  • how much of a pay rise to ask for
  • how much of a raise should i ask for after 1 year
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