Job hopping has become more common due to the tumultuous job market, layoffs, better job offers, or general dissatisfaction with specific roles or companies. As the job market evolves, our perception of job hopping also changes. What was once an anomaly a few decades ago has become the norm, with many people staying at a job for only a year or two.
Despite criticism from employers and older generations, the rise in job hopping signifies empowerment for the younger workforce. It allows them to gather diverse experiences from various companies and roles and opens doors to higher salary opportunities.
What Is Job Hopping?
Job hopping, a growing career trend, involves changing jobs every year or two and is most common among younger generations. A recent Employee Benefit Research Institute study found that in 2022, over 22% of workers aged 20 and above spent a year or less at their jobs. This trend is especially pronounced in the tech industry, where the average tenure is less than two years.
A LinkedIn report found that 95% of respondents felt confident about their careers, even though roughly half were worried about layoffs. The report argues that people are beginning to realize that jobs come and go during their careers.
Pros and Cons of Job Hopping
While many believe job hopping has significant benefits, it can also have downsides. Below, we've included the pros and cons of job hopping.
Pros:
- Higher Salaries: Job hopping allows workers to secure jobs with higher salaries than their current ones. In 2022, job hopping outpaced inflation for 49% of job hoppers, according to Forbes (Castrillon, 2023).
- Promotions: If your current company is not offering the promotions you believe you deserve and that will advance your career, another company may be happy to hire you for the role you are seeking. A 2022 McKinsey study found that a company's lack of career advancement opportunities was the main reason people quit their jobs (McKinsey, 2022).
- Experimenting: Job hopping allows you to try out different roles and get involved in various industries, enabling you to find the right fit.
- Skill Diversification: Job hopping may also boost your resume as you can showcase different companies, roles, and industries you have worked in and the various skills you have developed.
- Networking: Working at different jobs and companies allows you to grow your network quickly.
- Fewer Drawbacks: Pensions were an essential reason workers stayed with their companies. However, as pensions disappear, so does the perception that you need to stay at a job for a long time.
Cons:
- Lack of Solid Connections: While job hopping may expose you to more colleagues and clients in a shorter period, it may not be enough time to build solid connections for a strong network.
- Poor Loyalty: Some employers may see job hoppers as lacking company loyalty and, therefore, as undesirable hires. Companies want employees who will stick with them for as long as possible.
- Loss of Benefits: While pensions may be out of the question for many workers already, job hopping could result in a loss of other benefits. Some jobs may wait to give you vacation days or cover your health insurance. Also, frequently changing 401(k) plans may negatively impact your retirement account.
- Applying: Job hopping can be challenging. Sometimes, it takes many rounds of applications and interviews to find a company that will hire you. Applying for jobs and doing interviews takes time and effort, whereas staying at your current job is more manageable. When the job market is tough, applying for jobs can feel like taking up a second full-time job.
Impact on Career Growth and Reputation
There is no overarching positive or negative impact on job hoppers' career growth or reputation. Some people will view it as an advantage, while others will see it as a red flag.
For example, some employers may see a list of short-term roles, a lack of company loyalty, and possibly even a problematic employee. Others will see the same resume and be impressed by its diverse skills and industry experience.
Open and honest communication is key to job hopping. When discussing your career journey with employers or potential employers, be transparent about your reasons for job hopping. Highlight the positive aspects and benefits of your diverse experiences.
Takeaway
Perceptions of job hopping are changing in a post-COVID world where many people work remotely or hybrid. People are rethinking the workplace, and the job market themselves, and many workers may feel free to explore other opportunities.
In addition, many workers feel that companies don't value them enough or see them as people, which reduces their loyalty to companies and allows them to explore new opportunities.
Whether job hopping is for you depends on who you are, your career circumstances, and your current job role. When you're unsatisfied with your current job or think there are better opportunities, consider applying for a new job, even if you've only been at your current company for a short period. Job hopping isn't for everyone, but it could be for you.