The Truth about Job Hopping [Infographic]
Gone are the days when employees remained at a job for life.
A survey conducted by PayScale found that an increasing number of Millennials (individuals belonging to Generation Y) are choosing to switch their jobs every year in the search for newer and better opportunities.
While a larger number of baby-boomers (41%, according to the survey) believe that a worker should keep a job for at least 5 years, Millennials are not of the same opinion.
Human Resource Professionals refer to workers who change their jobs every couple of years as job hoppers.
Even though a number of millennials look upon job hopping favorably, an increasing number of people seem to believe that job hopping can actually have a negative impact on one’s career in the long term.
In spite of this, the survey found that 55% employers choose to hire job-hoppers over anyone else.
Considering job hopping?
Let’s take a look at some of the advantages of switching jobs periodically.
A string of jobs and a variety of projects on your CV displays to potential employers that you have a mix of skills and talents.
A job hopper would understandably have more exposure and experience than other workers would, and sometimes the skill set they have acquired through different jobs might just make them the perfect fit for an organization.
Job hopping would give you a chance to work with different types of organizations, teams, bosses, and peers, and learn about management and adapting to different work environments.
You have the chance to observe the fundamental functioning of different businesses and develop an interesting skill set.
A smart job hopper will make sure they use their different jobs to build a strong professional network.
With a strong list of references and a connection of people across various businesses, finding a new job becomes a relatively easy task. It is a well known fact that personal connections, rather than a good CV, is a more effective means of acquiring a job.
Job hopping is perhaps the smartest way to climb up the career ladder. Rather than simply waiting for a promotion to come knocking at their doors, job hoppers believe in actively looking for better positions, paychecks, and benefits.
5. Higher Pay
The Payscale survey found that while the average increase in salary for an employee within a company is 3%, the average increase in salary for someone who changes a job can be as much as 10-20%.
With the rise in competition, employers today are willing to offer higher salaries in order to acquire a talented and skilled worker.
While the advantages of job-hopping can be quite impressive, workers also need to consider the flip side. The following is a list of possible drawbacks of constantly switching jobs:
Whether you are a job-hopper or not can be easily gleaned from your CV. It can cost a company anywhere between $30,000 to $50,000 to replace one single employee.
It is only understandable if some companies are hesitant to hire individuals who are sure to leave in a short period of time.
2. Job Security
Since job hoppers are not loyal to a company, it is hard to expect companies to be loyal to them. Job hoppers are often the first to be fired if a company has to lay off some of its employees.
3. Lack of Growth
Management professor Matthew Bidwell from Wharton says, “In the first 2 years, external hires score worse in performance reviews that those who are hired from within a company”.
Job hoppers often do not give themselves too much time to learn the nuances of the company they are at. Unless you are good at adapting and learning, you might find it difficult to catch up with employees who have been in the organization for years.
4. Losing Contacts
Job hopping might allow you to build a wide network. But on the flipside, it may not allow you to create reliable, long-term contacts who can support and motivate you.
Employers might question your commitment and dedication if you have been constantly job hopping for years.
While employers might find job hopping acceptable among younger workers, they are usually skeptical about job hoppers who are above 30 years of age.
Switching jobs is a big decision, but so is staying at one for too long. Ask yourself the following questions before you make your next career move:
- What exactly are your career goals?
- Have you been able to extract and learn everything you could from your current job?
- What do you expect from a new job opportunity? Are you looking for a higher salary, promotion, or more experience?
- Does your current job have great long-term potentials? Could switching jobs be more promising for your career than your current job?
- Do workers switch jobs often in your industry?