The cost of living is on the rise. We’ve all seen the stories about inflation, and we’ve seen it reflected in the cost of goods. Real estate, gas, groceries, and many other things are more expensive than they were only a couple of years ago. So, it makes sense that you may be looking for a pay raise to help keep up. 

But there is one issue. Asking your current employer for a raise may not always be feasible. Most companies have processes in place for how they provide raises to their staff. For some, it’s based on the number of hours worked or years of service. For other companies, it’s merit-based and tied to performance reviews. 

Recruitment Toronto how to get a pay raise


Granted, there are companies who do offer raises under unique circumstances, such as outstanding performance by their employees, or in recent times, to help support their employees during COVID and keep up with inflation. 

But it is traditionally believed that if you want to receive a significant jump in compensation, you are more likely to receive it if you switch jobs. 

Switching Jobs Leads to a Pay Raise

According to recent findings from Pew Research Center in the U.S., switching jobs has become the best course of action to get a pay raise. 

They found that during the second year of the pandemic (2021), half of the people who switched jobs saw an average pay increase of 9.7%. While the typical worker who chose to stay in the same job experienced a loss of 1.7% when you factor in inflation. 

“From April 2021 to March 2022, a period in which quit rates reached post-pandemic highs, the majority of workers switching jobs (60%) saw an increase in their real earnings over the same month the previous year. This happened despite a surge in the rate of inflation that has eroded real earnings for many others,” says Rakesh Kochhar, Kim Parker, and Ruth Igielnik from Pew. 

“Among workers who remained with the same employer, fewer than half (47%) experienced an increase in real earnings,” they add.

Based on this data, it makes sense why more people chose to make career moves post-pandemic and continue to do so presently. Many did it for the extra money. It literally pays to switch jobs. 


Get More Salary Insights From Our Toronto Recruiters on Our Blog

Why You Should Discuss Salary Before the Final Interview

Know Your Worth: How a Recruiter Can Help You Figure Out What Your Salary Should Be in a Hot Market

Jobs That Increased Entry Level Salary Last Year


IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across Canada and internationally. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Startup, Data Science, Consumer, eCommerce & Retail, HR, Manufacturing, Supply Chain & Engineering, Construction & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, and Sales. Click here to view current job openings and to register with us.

Mark Rouse Marketing Recruiter

Mark Rouse

Mark leads Canada’s largest Marketing Communications & Media recruitment practice. Leveraging close to two decades of industry experience in the Marketing Services and Agency businesses, he has been responsible for hiring, developing, and retaining top talent as Vice-President with companies such as Young & Rubicam, Wunderman, and J. Walter Thompson.

Hire Better,
Hire Smarter
73.3% of our clients are repeat customers. They trust us to help them hire better.
Hire Better
The Smarter Way to Find Your Next Job
Because smart people make great companies.
Get Hired