You don’t see professionals staying with one company for life anymore. When I meet people who have been with their employer for more than five years, I’m usually surprised. Job hopping has become part of how we manage our careers because the economy is volatile, there are pay incentives for switching employers and people are desperately looking for a job that aligns with their talents and passions. The Bureau of Labor Statistics reports that the average person will have about eleven jobs between the ages of 18 and 34. The average tenure for a millennial is only two years!
Some experts says that the only way to move up is to move out. Employees can receive a higher salary by 15 to 20 percent if they job hop. They also have the ability to build their industry experience and network. The cons of job hopping are that you’re seen as disloyal and you have to start over again when it comes to building a reputation and workplace connections. I see too many people jump from company to company in less than a year and it’s a major issue. The only reason why you should move to another company is if you’ve spent two years in your position and you aren’t able to move laterally or upward in the organization. If there’s simply no room for growth, it’s time to start looking elsewhere.
Job hopping is a serious issue for employers who are looking to recruit and invest in the best talent. Employers have to recruit the best talent yet know that they won’t stay for long so they have to get the most out of them while they’re employed. I believe retention rates would increase if employers helped their employees create more internal opportunities for them.
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Dan, I agree! As a Baby Boomer who leveraged job hopping to consistently improve my income, this is no longer simply an economic option. For GenX and GenY, it is a necessity! Don’t wait for your employer to choose when you leave. Leave on your own terms and give THEM your “two week notice pink slip.”
Interesting Dan, so do you recommend only to move when there’s slow income growth or position growth or both. I’m just curious as it’s a hot topic and it’s becoming the “norm” to hop around in this economy and interested on your take 😀
Job hopping definitely has its downsides. However, you can also take it to your advantage especially with the skills you’ve learned from your various jobs. There is this article I found which talks about why companies would hire job hoppers (selected though). Interesting read as well. http://www.manilarecruitment.com/manila-recruitment-articles-advice/spot-deal-job-hoppers/
Very useful information, thanks for sharing with us, keep up the good work!