Eric Siu and others debate whether switching jobs still pays off. Job-hoppers used to earn more over their careers, but post-COVID salary deflation and slower wage growth have changed the math. Staying put and climbing the ranks might now be the better strategy.
It used to pay to switch jobs. So it's interesting because remember your rich BFF?
Forbes did a study. People who stay at jobs for longer than 2 years make essentially 50% less their entire lifetime. You need to be getting a 10 to 15% promotion at a minimum. Otherwise you need to leave.
She had one where it's like, yeah, every 2 years you gotta be up or out.
And it's like, basically like that got a lot of views.
Everyone's like, yeah, I gotta switch jobs. Right.
And then what did I say when I saw that?
I was like, this is just terrible advice. And you, you commented and I, I don't know where that went, but, um, here, Wall Street Journal posted this, right? So it says, Job seekers hit wall of salary deflation. So it was inflating a lot during COVID times, right? 2022, it went up a lot. 8% wage growth for job switchers and stayers. So if you're a job switcher in the gold over here, you went as high as 8% if you switch jobs right now.
It's deflated.
It went from 8% over to like 5% or so.
What's the bottom line?
The bottom one's a job stayer. So job stayer, you might get like, you know, 5.5%. wage, uh, wage growth, um, like over time.
So, but now it's pretty much even.
Now it's even.
Yeah.
It's, it's closer than it's ever been. And I think if you truly like, it's hard to see this like just numbers-wise, but long-term I think you're probably better if like, if you're a high performer and you don't want to start a business, you don't want to take risks, you're probably better off staying somewhere because you can make a lot doing that because—
And climb the ranks. Yeah.
And there's nothing wrong with that.
And that was my argument with Your Rich BFF. He's like, to get paid the most, you should switch jobs. I disagree with that because if you want to be the CEO or CMO or CFO, in most cases, you're going to get there by climbing the ranks. Now, if you're a CFO at another company or CEO at another company, sure, you can switch to another one and go into the same role. But a lot of the people who get to the top do there by climbing their way up and sticking around at a company for a long time.
Yeah.
Now, the one thing I'll tell you though, is if you're at one company too long, A lot of times you'll find that your career trajectory slows down. So the moment you hop to some other large corporation, you have a better title and promotion or whatever it may be, you're managing more people. And then you come back to the original company that you used to work for, they usually treat you better, give you a better title and pay you well. And then you're on a much faster trajectory.
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Dude, reading The Nvidia Way, there's a lot of people that left and would come back because they were addicted to that culture of working hard.
And again, they would work Saturdays.
Again, Jensen would come in at 9 AM and work till 12 AM or so. And then I think I sent you the quote. He's like, you know, I find work relaxing. When I don't work, I think about work. And it's just like, it's— and to an extent, I do find work is relaxing. You know, I don't really— I get annoyed. I don't really get stressed. I don't know about you. I don't think you really get stressed either. I think you probably get more annoyed than anything.
Stressed about work?
Yeah. I don't get stressed.
I get stressed.
You do?
Yeah. I'm really good at controlling my emotions though.
So yeah, I get annoyed. But I don't get stressed. Yeah. No, I want you to think in the past, any situation where I've panicked at work. We could talk about it after. 'Cause Noah's seen me for 2017 to 2022 or something like that. So 5 years.
I can mention one right now.
No, no, you can't mention it right now.
Mention it after.
You can't mention it right now.
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