It Pays to Job Hop
Gone are the days of loyally devoting 40 years working for a single company. Enter the present, where one works for a company for 2-3 years, give or take, then leverages that title, experience, or salary, and leaps to a new, better job at a different company. Consider any LinkedIn CXO hiring article: ‘Joan Smith hired as Company Y’s new CFO after spending previous years at PayPal, Google, and Facebook.’ Say what you will about Gen X and Millennials, but this new era in employment is not without good reason.
Let’s quantify this societal shift in workforce behavior: In 2019 vs 2018, job switchers saw 5.3% wage growth vs job holders’ 5.0% wage growth (Source). Specifically, those in the Information industry saw 9.7% wage growth vs job-holders’ 5.4%, Construction workers saw 8.7% in switching vs 5.3% holding, professional and business services gained 8.3% in switching jobs vs 4.7%, and finance job-switchers saw 5.8% vs 5.1%.
There are other benefits as well. In addition to significant title advancements and comp increases, an individual who job-hops also benefits from a diverse work background experiences, wider professional networks, and avoids getting pigeon-holed in a niche role or market.
The numbers speak for themselves. Want more money? Accelerated career advancement? More diverse work experience? Get a new job (or create your own).