Had a somewhat basic question. I've been contemplating taking a gap year from my well-paying role in the valley to travel. However, I've had advice from some friends that I shouldn't leave my current job before finding a new role because my current job will provide leverage in salary negotiations. How true is this? Will leaving my current role prematurely hurt my salary prospects in new jobs?
I took most of the year off last time I left a job and I was able to get multiple offers when I was ready to jump back in.
Keep in mind my resume is great, I interview well, and I have savings. Not a single company cared that I took time off. Every single one offered me extremely competitive top-of-range compensation.
My leverage was simple - the ability to walk away and other offers/interviews on the table.
If you come off as desperate then yeah companies will use that against you. If you speak softly and indicate indirectly that you're in control - you'll get the respect you deserve.
It's your frame / perspective / the way you see it. It's not just you applying to them, it's you being able to screen the right company for you with the right team, salary, and perks. If it doesn't fit the bar you set, you walk away.
That comes with being able to back up your experience and track record. Being able to communicate it in an articulate manner. And taking your time instead of rushing to get hired.
It's not just you selling what can you bring on the table. It's also them selling their company to you if it's the best decision for you among other companies out there.
This is the key. If you are good at what you do, there is always someone looking to hire. If you are not desperate, ball is in your court.
OP, make sure you also check these boxes: Great Resume (a.ka. very hirable), Interview well (no way around it) and savings (so you can take your time and be picky). If you are missing any of these, it will be tougher for you.
In general, you always have more leverage when you are employed than not but it comes down to the 3 factors.
extremely true.
I've been able to negotiate great compensation multiple times after taking an extended break and not being actively employed.