Decades ago, a job used to be something that many people could count on until retirement. Staying with one company for the long haul was standard, and job-hopping was rare. However, among millennials, things are changing rapidly. Recent surveys have found that the median time a millennials stays at a job is only two years, as opposed to seven for baby boomers. So does job-hopping pay off?
As with most difficult career questions, there is no answer that is perfect in every situation. But here are some things to keep in mind when examining whether to bail on that brand-new job:
Does Job-Hopping Pay Off? Pros and Cons
“Job-hopping” is when you change jobs every year or two for reasons other than firing or layoffs. There are ups and downs to this approach. On the “pro” side, working in many different places gives you a variety of experiences. You’ll likely end up at big companies, small companies, and everywhere in between. This is likely to be attractive to future employers. You will also end up in different industries, with exposure to a variety of jobs and all kinds of people. Speaking of people, you’ll end up with a far wider network of people than if you stayed in one place – unless they all hate you for leaving your job so soon (more on that below).
Another way in which job-hopping does pay off is quite literal – in your pay. According to Forbes, changing jobs is extremely likely to give you a far bigger salary bump than a raise.
Perhaps you’re still wondering, “Does job-hopping pay off?” There is one more big advantage to changing jobs a lot. Being in a lot of different positions gives you a chance to find out what you like and what you don’t, and increases the chance that you’ll be able to find a job you love – or at least like enough to stay in long-term.
The consequences of job-hopping are not all positive, of course. One danger is that potential employers will see that you leave jobs after a year or two, and they will be reluctant to bring you on out of the (not unreasonable) fear that you’ll do the same thing to them.
You also put yourself in the position of damaging relationships with your former co-workers, who are likely to be disappointed or angered by your disappearing act. This may well negate the networking advantages enumerated above.
If you change jobs frequently, it can also affect your job security. New employers are likely to make you the first one out during a crisis, if they think you’re likely to leave anyway.
Finally, by changing jobs frequently, you may be only cheating yourself. Many work projects are long-term and take months or years to see through. By not staying at a job for a long period of time, you are denying yourself the satisfaction of seeing a difficult process through to the end.
So in the end, does job-hopping pay off? Well, the fact that millennials are doing it in ever-increasing numbers indicates that there are very real advantages. But be careful and stay aware of the potential downsides.
