Look To The Left And The Right
One thing I’ve learned over the years is that it’s a good practice to see where you fall relative to your peers in the employment market even if you are quite contented in your present position.
The current high demand environment for employees has brought the importance of doing this into a starker relief. While the Federal Reserve is tapping the brakes harder these days and employment will soften some, it remains a quite solid environment for workers at this time.
It goes without saying that old (paternalistic) model is long gone. Some firms continue to (partly because of an idiosyncratic internal culture and/or an under performing/inefficient operating model) be tone deaf to the larger context in which they are conducting business. You, by jumping in to the job marketplace once in a while and looking at what’s out there, are in the best position to get an accurate assessment of your marketability and where you fall. Do not rely on your employer to do this for you through the traditional performance review process. There are too many incentives (consciously held and otherwise) to undervalue your work. There are lots of ways to get a more accurate perspective. You can talk to your friends who work at other companies. You can make an occasional inquiry about a position on any number of websites such as Indeed. You can read up on other firms and look (carefully and with a critically discerning eye) at company reviews.
Agreed. Your compensation level isn’t everything. But it matters. So do pathways for your own professional growth. No one is going to look out for your interests as well as you do.
Why is this important? Things can change quickly. Take a look at the tech layoffs today in recently high flying places such as Silicon Valley. You, of course, cannot predict the future. However you can prepare for it.