Reports are mixed on if millennials are actually job-hopping more frequently than previous generations. What is clear is that job-hopping is becoming the norm for the average twenty something.
One LinkedIn study says millennials job-hop more than their predecessors, however this only contains data LinkedIn members actually report. Gen X and Baby Boomer members of the site may be less likely to report their extended history of employment, but rather the few most recent jobs.
On the flip side, the Bureau of Labor Statistics reports that Baby Boomers job-hopped in their twenties just as frequently as millennials do now.
Regardless of the assumptions and unclear conclusions around young employees, I’m convinced that they shouldn’t apologize for job-hopping. A Careerbuilder survey showed that 45% of employees plan to stay with their employer for less than two years, so we ought to get comfortable with the idea.
Millennials can earn a higher salary, grow their career, change locations more frequently, and find a better cultural fit from job-hopping. The negative stigma is on its way out, so people should lean into the positive outcomes from making a change.
Most people assume that talented employees who change jobs frequently are always chasing a dollar. This may be partly true, but is only a piece of the puzzle. It’s true that most job-hoppers can raise their salary faster by changing companies than they can by going through the annual review cycle. It certainly doesn’t happen for everyone though.
According to Legal Technology Solutions (LTS) figures, in a healthy economic market, a 8-10% increase is about average for a job change. Other reports show as much as a 20% increase possibility.
In fact, staying at the same employer for over two years on average can cost you 50% or more in lifetime earnings.
If money is your main motivator for work, then job-hopping can certainly help you along the path, especially if you are early in your career.
Many individuals will actually take a pay cut to change jobs, though. A culture mismatch can drive an employee out the door faster than a smaller paycheck can. Poor work-life balance can also contribute to a job change. Working for a purpose is especially important for millennials. Any of these reasons can cause an employee to accept a lower salary in order to change.
A LinkedIn survey on people who have changed jobs showed that 59% of respondents chose their new company because they saw a stronger career path or more opportunity there.
This is a bit of a given for job changers, but many organizations, especially those with fewer employees, are unable to provide the ability to advance through the ranks quickly.
Changing jobs allows employees to be choosy in the direction they head and avoid any preconceived notions from colleagues about their advancement.
More Info: www.forbes.com