From $28K to $350K, Compensation Growth Most Often Requires Movement

Are you feeling stuck in a professional rut, watching your compensation crawl at a snail's pace? It might be time to consider making a bold move and switching companies. While the prospect of change can be daunting, it often presents an unparalleled opportunity for rapid career growth and increased compensation.

At the point I'd been with Accenture 5 years, I knew I was going to have to make a big change if I wanted to see significant salary growth.  Even though my performance ratings were above average, my salary increases we're averaging 4-10% annually. (What we wouldn't give for those kind of increases today, am I right?)  It was only in accepting a new position with a healthcare technology company that I was able to increase my compensation by 30%.  After 3 years with that healthcare tech company, I returned to Accenture.  Once again, I was able to boost my compensation by another 30%.  While I remained at Accenture for the next 10 years, I took long-term international assignments, which provided broad visibility within the organization.  This helped me advance my compensation, until I left for Facebook and eventually Bark.  I'll spare you all the details, but overall, I was able to advance my base compensation from $28,500 in 1998 to $350,000 in 2022.  (Bonus' and stock plans were over and above this.)  I believe this growth was only possible because I was willing to transition to new roles in new organizations. 

When you transition to a new company, you bring with you a fresh perspective, a wealth of experience, and a hunger for advancement. This can position you as a valuable asset, ripe for recognition and reward.  Additionally, new employers may be more inclined to offer competitive salaries and benefits packages to attract top talent, providing you with the leverage to negotiate for a higher compensation package.

Moreover, switching companies exposes you to new networks, industries, and opportunities for professional development. By expanding your horizons and challenging yourself in unfamiliar territory, you can acquire invaluable skills and experiences that enhance your marketability and earning potential.

While staying with a company where you are "known" can feel safe, and change may seem daunting, it's often the catalyst for growth and advancement in your career. So don't be afraid to take the leap and explore new opportunities. By making a strategic career move, you can propel your compensation forward faster and embark on a path to greater success and fulfillment.