Resigning? Salary increment for switching jobs to be lower in 2024

Employees changing jobs can expect an increase of 5%-10% from their current salary.

Employees wanting to switch jobs next year to seek higher salaries may have to rethink their plans.

According to Robert Walters, salary increments for changing jobs will be lower in 2024 at 5%-10% from an average of 15-20% in 2023.

Seven in 10 employees in the city plan to seek new job opportunities in the next 12 months, citing career progression (37%) as the primary factor for wanting a job change.

Should their current employer counteroffer, more than half of employees said they would reconsider resigning. 

"As pay expectations moderate, employees are increasingly prioritising job security and career development opportunities," John Mullally, managing director of Robert Walters, commented.

"Once one has decided to resign, reneging on that decision and accepting a counteroffer can create more issues down the line and may not change the factors that led one to resign in the first place." 

According to Robert Walters, amongst respondents who had accepted a counteroffer in the past, 38% of them left that company within six months.