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The pros and cons of job-hopping
Published on
July 19, 2024
These days, Canada isn’t seeing as much job hopping as we did during the Great Resignation. In fact, in the first quarter of this year, new job starts, including job switches, were down 24% from pre-pandemic levels (Indeed).
One factor, of course, is the unemployment rate, which rose to 6.4% last month, and 13.5% for youth. Then, consider a recent article in the Globe and Mail, The Great Stay: Why Job Hopping Has Hit the Skids. While based on U.S. data, it shows how the cooling economy is cooling the job hop rate, too. Job-hoppers are no longer seeing as big a bump in pay as they were when the Great Resignation was in full swing. In fact, in the U.S., median pay raises for hoppers have dropped from more than 20% in 2021 to around 10% today (lower than pre-pandemic levels).
That said, the question I get most often in the career space is, ‘How often is too often when it comes to job-hopping?’ When is 1-2 years or less too short a stay?
The answer is nuanced, of course. Everyone is different, and situations vary by age and stage of career, industry, career goals, and more.
However, as a general rule, I advise employees, especially those early in their career, to stay in a job long enough to deeply learn and grow (usually more than a year or two) before they go. My point is that they need to build expertise and know-how before starting anew.
Yes, a new job is exciting, and sure, every move means possible new opportunities, but the grass isn’t always greener in a new job. One study found that 80% of employees who left their jobs during the Great Resignation regretted it.
Read on for my list of pros and cons when it comes to job-hopping, along with two suggested exercises you can do to make the most out of every move.
From gaining new skills to making new professional connections, there’s a lot to like about switching jobs. Here are my top five benefits:
With every job switch you make, think of all the new information you have to learn—new systems, processes, technologies and tools, brand language and more. A switch can be especially helpful if your new employer offers opportunities to learn about in-demand technologies like AI.
Hard skills aside, all of this learning translates into greater adaptability, resilience, people and communications skills, and creative thinking—the kinds of soft skills that employers are looking for today. (Read more about soft skills here.)
Tip: The key is being able to articulate to a potential new employer how these skills will be of benefit to them.
With every new job comes new colleagues—people with varying knowledge, experience and extensive professional networks who can help you advance on your career path.
Tip: In each new job, make a point of trying to connect with as many colleagues as possible. Go for coffee dates, even virtual ones. Tell your colleagues what your career goals are, highlight your past experience and skillset, and be sure to connect with them on LinkedIn.
Sometimes, job-hopping can be the fastest way to earn a higher salary—as much as 10%-15% more in some cases. In comparison, Canadian workers were expected to receive an average salary increase of 3.6% in 2024, according to a study from Normandin Beaudry. So, it’s no wonder, given today’s high cost of living, that some workers are jumping ship for higher pay.
Increasingly, I’m seeing our clients demand specialists over generalists—that is, candidates who have taken the time to specialize in their field. However, in some cases, it can be beneficial to develop specialized skills while broadening your scope to encompass different industries. For example, maybe you’re a finance leader who has worked in for-profit and non-profit companies across sectors.
Tip: This varied experience can make you more adaptable and able to solve a range of challenges by bringing new ideas and ways of thinking to the table. Be sure to articulate this in your job interview.
Another benefit of job-hopping is the potential for faster career advancement. Many employers are limited in the number and frequency of promotions they can make in a given year, so the best option for you to advance on your chosen career path might be to move to another company.
For example, if your goal is to become a people leader, and your current employer doesn’t have a path for you to get there, it might be advisable to seek options elsewhere. In doing so, you might also be able to take on more responsibilities, lead bigger projects and grow more, which will make you an asset in future roles.
Tip: Before considering a job move, always ask your current employer what career pathing options are available to you and if there are any stretch assignments for you to take on.
Sure, changing jobs can be great, as we’ve seen, but there is a downside, too, especially if you change voluntarily every 1-2 years (or less). Here are my top five cons of job-hopping.
I’ve heard about influencers urging job-seekers to change jobs every few years to earn up to 50% more with each move (for example, Nathan Kennedy’s TikTok video, titled How to Skyrocket Your Income). Interesting, but only as long as your knowledge and skills are growing with your salary demands.
Tip: Be prepared to justify your salary demands by demonstrating the measurable impact you have had in past roles.
It costs thousands of dollars and considerable time and effort to hire, onboard and train a new employee, not to mention the lost productivity while a new hire is coming up to speed, so naturally, employers want a return on that investment.
If a hiring manager looks at your resumé and sees that you change jobs every 1-2 years, they’ll likely think you’re a flight risk and not worth the investment. They might also think that you avoid challenges by leaving, rather than sticking around to solve them and learn.
Tip: Sometimes, people change jobs for reasons that are out of their control. For example, restructuring or layoffs can mean shorter tenure or gaps in a resumé. Be sure to explain this in your cover letter to address any worries about employment stability and loyalty.
That’s right, there are pros and cons related to skills development. While switching jobs can mean learning new skills, switching jobs too often won’t allow you to learn critical new skills fully, and it certainly won’t enable you to develop the specialized skills that are in demand today.
It takes a long time—I think at least three to five years—to learn many aspects of a role, not to mention the nuances of a new industry and its trends, the dynamics of a team, and more. I also think the longer you stay in a job, the more challenges you will naturally face, and with each challenge comes an opportunity to learn, especially if your goal is to become a leader.
Tip: In every job at every stage of your career, it’s critical to keep learning and growing as much as possible, so you will always be ready for your next move, whether in your current organization or elsewhere.
To be an effective leader requires stability, someone willing to spend the time developing and mentoring others, dealing with challenges in an effective way and leading others through change.
An employer might not see you as leadership material if you’ve changed jobs too frequently in the past, as it signals that you might not want to invest the time growing as a leader.
Tip: If your career goal includes people leadership, I recommend exploring all career pathing options at your current company. If there are no leadership options available, take leadership courses before you seek another role elsewhere, so you can demonstrate your ambitions in an authentic way.
Change will always be part of every job. It’s stressful and challenging, but it can also be rewarding when you work your way through it and can help you develop critical skills. So, rather than jumping to a new company to avoid changes in your current role, try to embrace them and learn as much as you can from them.
Tip: All employers want to hire resilient employees who are adaptable and open to learning. Document how you’ve worked through changes in past roles and be ready to speak about it in interviews.
Before you consider a job switch, make it count by ensuring it aligns with your personal and professional goals.
Here are two helpful exercises I recommend for everyone, regardless of your age and stage of career:
1. Create a dream board (also called a vision board): A dream board is a curated selection of images and affirmations (physical or digital) that represents your dreams and goals (personal and professional). Basically, it’s a roadmap of how you envision your best life.
It could answer more personal and holistic questions such as, “Is your current progress directionally right for you?” It can also help light up the many goals and hopes you have about your friendships and family, the location/geography you want to live in, your future finances, the strengths you want to use, the values you strive to live by, and the hours you want to dedicate to work and play.
This article contains some good suggestions for creating a vision board.
2. Create (and maintain) a professional development plan (i.e., a medium-term career plan): Your plan should include a series of actionable steps for achieving your career goals, including the credentials and experience you will need, and the likeliest path you will need to take to achieve your desired salary and title. It will also help you determine whether a career leap will drive you to the outcome you desire.
This article contains some practical tips on developing a professional development plan.
Most importantly, after completing these two exercises, reflect on how your resumé relates to your goals and be sure to keep it up to date as you achieve each of them.
One of the many things I appreciate about today’s workforce is that we can talk openly about our hopes, our skills and the career trajectory we desire. We can choose to stay with an employer for the amount of time that feels right for us—whether long- or short-term—without the judgment that existed when I was starting out 35 years ago.
In my view, the key is always to be learning and growing in your career, developing new skills and applying them in a role that lights you up.