There was a time when job hopping frequently was considered both unprofessional and pointless. In point of fact, it used to be rather typical to spend your entire working life for a single employer, during which time you would steadily advance through the ranks of the company and receive regular wage hikes along the way.
However, in today’s job market, it is typically necessary to be open to new employment opportunities in order to keep your career on an upward trend. That includes keeping an eye out for new chances and making the most of the pay and benefits you now have in order to negotiate for something better.
However, despite the fact that job hopping is frequently required, there are some circumstances in which it might be detrimental rather than beneficial. Let’s discuss the benefits and drawbacks of job hopping, as well as some approaches that can be used to successfully navigate this process.
What is Job Hopping?
Job hopping is the practice of changing jobs more frequently than is customary, typically after spending less than two years with one organization. Job hopping is frequently associated with negative connotations since many individuals believe that it denotes an individual’s inability to handle commitment or that the individual is a choosy worker.
The Benefits of Changing Jobs
Might bring in additional cash.
Workers frequently jump ship to new employers because they believe they will have better financial opportunities there. This is one of the primary motivating factors for employee turnover. According to research compiled by Bloomberg, staying put with your current employment results in an average pay increase of 4% over the course of your career. However, you will be eligible for a 5.3% rise if you move to a different location. Over the course of time, a disparity of this kind can pile up.
Might pick up some new abilities.
Even though you operate in the same sector, every company has its own unique way of doing business. If you are into job hopping frequently, you might be able to pick up useful new talents that your prior employer would not have been able to teach you. Moving on to a new job could also assist you get up to speed if you have been employed in the past by a company that was lagging behind the trends.
Negative Aspects of Changing Jobs
Will suffer a loss in benefits
When you first start working for a firm, it is common practice to require that you work there for a predetermined amount of time before you become eligible for benefits such as paid vacation, paid sick days, and contributions to a 401(k) plan. The specific number of hours you need to put in to earn such benefits will vary from company to company and from employment contract to employment contract.
There are certain firms who insist that you put in a minimum of six months of work before you are eligible for significant vacation time. In addition, some employers award an increasing number of vacation days commensurate with the amount of time spent working there.
Changing jobs frequently may have significant negative effects on one’s finances. For instance, if you have to put in a full year of employment before you are eligible to receive matching contributions to your 401(k), that is actual money that you are going to miss out on. The majority of businesses use something called a vesting schedule, which states that you will not be entitled to one hundred percent of the employer contributions until you have been employed by the company for a predetermined period of time.
Consider the following scenario: your new company uses a graded vesting schedule that extends over a period of five years. This means that you will receive twenty percent of the contributions made by your company each year. If you leave the company before the five-year mark, you will get a portion of the employer contributions based on the percentage of time you were an employee.
When transferring companies, you should take this into consideration. Check to see that the increased income and other perks would, in fact, compensate for the 401(k) matching contributions that will no longer be received.
It is dependent on the employer and the benefits that are provided to other employees as to whether or not you will be able to negotiate these benefits before you begin working for the company.
Could make a poor impression on potential future employers
It is possible that employers will frown upon job-hopping, and having a string of stints that are all one year long could seem terrible on your resume as a result.
Consider bringing it up in your cover letter if you’ve quit more than two jobs in the past couple of years after working there for less than two years each time. Be prepared to talk about it at the interview even if you don’t want to discuss it in the cover letter you send with your application.
The Appropriate Way to Change Jobs
Even if you are changing jobs frequently due to an unpleasant working environment, you should still make an effort to behave in a courteous and respectful manner when you do so. When it comes to the business world, everyone you know is a link, and if you injure even one of those relationships, it might come back to haunt you in the future. You never know who might end up being your future employer or working alongside you on a project down the road.
When conducting your exit interview, you should exercise caution when providing constructive feedback to ensure that it is not misunderstood.
If money is the primary factor driving your decision to leave your current job, you should make an effort to negotiate a pay increase before beginning your search for a new job. It’s possible that your existing company might be willing to bump up your pay. You may start applying for new jobs and use a letter of offer from one of them as a bargaining chip if they refuse to grant you a raise even though you wish to remain in your current position.
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