Why job hopping is losing its negative stigma globally?

job hopping trends

Before I say anything, let me first confess that I’ve been a job hopper in my career (only the first half of it), and this post is not written in self defence. Nor this is written to support job hopping in any manner.  I am just trying to present another view which  will help the recruiters to change their perspective (just a little bit) on this age old stigma.

According to a  new survey out from PayScale and Millennial Branding finds that 41% of baby boomers believe that people should stay in their jobs for at least five years before looking for a new role. Another 21% say between four and five years.

What is really interesting to note in that survey is that the people born between 1982 and 2002, a full 26% believe that you should start looking for something new before a year is up. Only 13% say more than five years.

Why the difference?

In one of the interviews given to F@st Company,  Lydia Frank, director of editorial and marketing at PayScale in Seattle said:

Young people tend to believe that loyalty is a two-way street. Especially in this economy, things that demonstrated loyalty from an employer to an employee are disappearing,

There’s just not this sense in the job market that your employer is necessarily going to take care of you.

As a result, people have become more focused on ensuring they’re making the best choices for their individual career

Pros of Job Hopping

Moving jobs early on in their careers has become a necessary evil for a lot of freshers. Not that they plan for it, or it is fashionable. The thing is, we are living in the times where only few people know what they want to be when they grow up these days. Trying different jobs—or even industries—early on can help you find the right fit.

Second, even if you do know what you want to do with your life, the global economy has been tepid for young people since the economic crash of 2008. Many teens in their early 20s have not been able to start out where they wished.

If a new opportunity comes along, the mind-set is this:

I don’t like what I’m doing;

I’m not being paid well for my skill set;

and if I’m not in a job that’s utilizing my training and education, why would I stay?

In the below video, Anne Krook, author of “Now What Do I Say?”: Practical Workplace Advice for Younger Women, explains how economic changes have prompted shifts in attitudes about company loyalty for Gen Y.

Interestingly, Forbes published an article early in this year ( ReadEmployees Who Stay In Companies Longer Than Two Years Get Paid 50% Less )  that touched upon this topic in much greater detail.

income-graph-people-who-leave-jobs-hopping
Graph comparison of salary growth of people who moved fast vs those who stayed in the same company

 

According to the article published in Forbes:

Why are people who jump ship rewarded, when loyal employees are punished for their dedication? The answer is simple. Recessions allow businesses to freeze their payroll and decrease salaries of the newly hired based on “market trends.” These reactions to the recession are understandable, but the problem is that these reactions were meant to be “temporary.” Instead they have become the “norm” in the marketplace. More importantly, we have all become used to hearing about “3% raises” and we’ve accepted it as the new “norm.”

Cons of Job Hopping

Like I mentioned earlier, I’ve been a job hopper myself, but after spending 9 years into the advertising & marketing business, I do not look back at what I did, nor I feel guilty or regretful about the choices I made. When it comes to your career, I believe it is all about making the decisions, right or wrong is not in your control. While the right ones reward you, the wrong ones make you a better professional.

There is a hidden fear in people who move too often, that sooner than later they would hit a dead end in their career, which is not entirely incorrect. Recruiters and HR start looking at your profile (and you) as if you’ve committed the most heinous crime on earth (what I do not understand is why they call such candidates for interview in first place, just to humiliate?).

The thing is, there are no “valid reasons” for why someone hopped in his career. As a hiring manager, even I would have apprehensions of hiring someone who has moved too fast too furious. But, what we are missing here is the fact that none of the organizations may have tried to retain this individual.

A research conducted by workopolis (see infographic) suggests two key things:

  1. 20% of the employee’s annual salary is actually the cost of replacing him.
  2. Most people leave their companies for reasons other than compensation

If we go by the above 2 reasons, I believe there is some serious thinking that is required by all employers and their HR in order to retain their employees. If the company really want to retain their key talent, they can very well pay them more or improve their policies in order to save themselves from the botheration & cost of hiring process.

 

I am also running a Twitter poll for this: