Looking for a New Job? Why Base Salary Should Be the Last Thing You Consider
The job market is shifting. Executive recruiters, who act as liaisons between clients and candidates, are educating both sides on emerging employment trends.
Candidates expecting a salary increase when switching jobs are often disappointed. Companies that expect top-tier talent to make a lateral move based solely on salary are struggling to fill positions. The wage increase for job switchers is at its lowest level in a decade. Instead of focusing only on base salary, particularly in the insurance and wealth management industries, candidates should evaluate opportunities based on career growth, stability, total compensation, work environment, and skill development.
Market-driven salary offerings are more rigid than before. The pay gap between those who switch jobs and those who remain in their roles has nearly disappeared. In early 2023, switching jobs resulted in an average salary increase of 7.7%. By 2024, the gap narrowed significantly, with employees who stayed receiving a 4.6% raise and job switchers seeing only a slight bump to 4.8%. As of February 2025, job stayers see a 4.4% increase and job switchers mark a 4.2% increase. However, the job market in the traditionally strong insurance and wealth management industries show sustainability. Lyneer Search Group is filling roles that offer wage growth. Our placements are getting stronger offers with higher salaries. Clients are emphasizing attractive work environments, culture, and career growth in their packages. What does that mean for candidates and the job market? A new model for employment negotiations emerges.
Candidates for accounting and finance roles in the insurance and wealth management industries are increasingly disillusioned when recruiters present offers lower than expected. Moreover, companies have limited flexibility in salary negotiations. Transparent job postings often state salary ranges based on skills and experience, and companies are holding firm on those numbers.
“If you’re making a move purely for a higher paycheck, you might be disappointed.”
– Michael Block, Associate Client Partner at Lyneer Search Group
Will This Job Set You Up for Long-Term Success?
Bigger titles, increased responsibility, and a clear leadership path often outweigh a modest salary increase. Sarah L., a corporate accountant, accepted a role at a private equity firm with the same base salary but a clear path to CFO within five years.
“I wasn’t getting that opportunity at my old firm. Even though my paycheck didn’t change much, the growth potential made the move a clear choice.”
Recruiters advise looking beyond immediate compensation and toward long-term earnings and leadership opportunities.
“A strong career trajectory beats a quick pay raise.”
– Vincent Crochunis, Senior Client Partner at Lyneer Search Group
Are You Considering the Full Compensation Package?
Bonuses, stock options, 401(k) matching, and benefits can add tens of thousands of dollars in value. Companies are enhancing benefits to attract top talent, including performance bonuses, above-average 401(k) matching, stock options, additional vacation time, and expanded parental leave. These benefits contribute significantly to total compensation. James P., a financial analyst, weighed two offers. One had a base salary $5,000 higher, but the other included equity, tuition reimbursement, and a 6% 401(k) match.
“When I calculated everything, the second job actually paid me more, even though the salary was technically lower.”
“I advise candidates to look at total comp—not just the number on their paycheck.”
– Sandra Burreci, Senior Search Consultant at Lyneer Search Group
Does the Work Environment Match Your Needs?
In 2022, 20% of LinkedIn job postings were remote. By late 2023, that number dropped to 13%. Many companies are reversing remote work policies, requiring employees to return to the office. Even wealth management firms, which embraced hybrid work, are bringing employees back.
Office culture has once again become a key factor for job seekers. Candidates should evaluate whether a company fosters a positive in-office experience and if they can envision themselves collaborating with the team.
“Candidates who embrace return-to-office policies stand out to hiring managers,”
–
Alex Kokos, Search Consultant at Lyneer Search Group.
Will This Job Keep You Competitive in the Future?
Roles are evolving rapidly. AI-driven automation is reducing demand for entry-level accounting positions that focus on repetitive tasks while creating opportunities in financial analysis, data-driven forecasting, and fintech.
Candidates who anticipate industry changes know that the best move isn’t always the highest-paying one. AI will not replace accountants entirely, but it is transforming the profession. Professionals who develop AI skills are positioning themselves for long-term career security.
How Do You Make the Smartest Career Move?
Recruiters who advise candidates to weigh factors beyond salary help them secure better benefits, career growth, work environment, and long-term stability when considering a job switch.
- Career trajectory – Will this role help you grow?
- Total compensation – Are there hidden benefits beyond base salary?
- Work environment – Does the culture and flexibility align with your needs?
- Future-proofing – Will this job make you more valuable in five years?
The smartest candidates work with search consultants to evaluate every aspect of a job offer. Compensation is no longer the sole determining factor. Career growth, benefits, workplace culture, and long-term industry trends have become increasingly important in making a strategic career move.
Conversely, employers seeking top talent without offering massive salary increases can emphasize career growth potential, expanded benefits, work environment, and long-term company vision to attract and retain skilled professionals.
Who We Are
Lyneer Search Group empowers businesses and professionals in the insurance and wealth management industries by delivering tailored executive recruitment solutions that prioritize quality, trust, and long-term success. With a deep industry focus and an extensive network of premier talent, we connect the right people to the right opportunities, driving transformative growth for companies and careers alike.
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