Sit Tight or Jump Ship?

It's the age-old cycle: When the economy heads down, job anxiety kicks up. So here's the question: Is the smart career play to wait it out or dust off your résumé and start looking elsewhere?

As a career and executive coach, I've been asked this question quite often lately. And with so many companies now "right-sizing" and well-known organizations disappearing weekly from the marketplace, this isn't a time to simply sit back and manage your career on a wing and a prayer.
While there's no answer that's right for everyone in every situation, there's no doubt that your current compensation will play a big role in helping you make the decision about whether to stay where you are or look for greener pastures.

Tools like Computerworld 's 22nd annual Salary Survey can help you consider your existing situation and job alternatives.

For example, if your organization is telling you that it simply has no budget for raises (again) this year, but you see that 73% of survey respondents received one, what does that tell you? Conversely, if you've just been given a bonus that was larger than last year's, when 85% of survey respondents said their bonuses were the same or smaller, then your existing employer might seem a little better than it did mere minutes before.

The survey is also valuable if you're wondering about your current role. Job titles with the biggest gains in compensation are a clear sign of growth opportunities. If you're in an area that seems hard-pressed to get enough funding for the job to be done adequately and your pay isn't keeping pace with inflation, I'd say it's time to consider a career upgrade.

Many times, those types of changes can't be accomplished at your current employer. Quite simply, if the bosses regard you as suited to one particular role, it's often impossible to "re-engineer" yourself for consideration in other areas. If you want to get ahead, you might have to go to another company where you're not pigeonholed. (Read more about getting promoted.)

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