When to Switch Jobs and What New Job to Take

Lou Adler writes that you should use the 30% Solution:

The idea is that for a new job to represent a true career opportunity it must provide at least a 30% increase over the one now held. However, only a small part of the 30% increase should be compensation. Most of the increase should be in the form of job stretch and job growth.

Job stretch is the difference in the scope, size and impact of the new job in comparison to the others the person is considering or the one now held...combine job stretch, job growth and compensation to reach the 30% threshold figure. More important, I suggest emphasizing the stretch and growth factors over compensation. The reason is that compensation will increase faster in the long-term when stretch and growth are maximized in the short term.