ManpowerGroup research suggests a significant portion of the workforce is considering moving jobs due to dissatisfaction with career growth, stress, and work-life balance. Key motivations for job changes include gaining new skills, higher pay, and more fulfilling roles.
So, is looking for a new role your best course of action? Forbes reports that studies show that you will earn more in a shorter period by job hopping rather than staying with a single company. By moving to new jobs, workers can negotiate better wages and enjoy career advancement that may not be available at their current employer.
Job security is important, especially during times of economic instability, but staying at a job too long can prevent you from learning new skills and gaining experience that may make you a better practitioner in your field.
The changing workplace
Lockdown led to a significantly changed work environment and a normalisation of job changes, particularly for those seeking better conditions, flexible work, and more meaningful careers.
In addition, the advance of technology such as AI means a constantly evolving demand for new skills. The skills you have perfected in your current job may not be those that get you hired at the next job.
Organizations increasingly seek out employees who are adaptable, innovative, with a range of skills, both technical and personal. Building interpersonal relationships, negotiating skills, and guiding and motivating teams are the most in-demand skills today. Meta’s recent attempted recruitment of AI researchers offering $125 million in stock and cash over 4 years illustrates the importance of having highly sought after technical skills.
Move more
I have for many years advocated for job mobility as a key to career progression. Take a comparison between working for one company for 15 years or three companies, in the same space, over 15 years – the results are clear: the latter worker will be paid more, usually significantly more, and that individual is three times more employable.
Whose responsibility is it to manage your career? Don’t expect, or trust, your employer to do this for you. A good employer will enable career development, but at the same time the necessities of operating in a commercial environment means that if they no longer need your skills or find someone who can do the job more cheaply, they will dispense with your services. This is particularly true in industries dependent on technological advances. Do you really have 25 years of experience? Or is it about one year’s worth of experience replicated 25 times?
Ensure that you are learning, developing, and appreciating as an employable asset.
I have a rule of thumb, 18 months to learn a job, 18 months to pay back that investment the employer made in you, and if at that point you aren’t learning anything new, you should move on. If you can do that internally then great, otherwise look around for new horizons.
Self-interest and loyalty
You may be lucky enough to work for an organization has career and talent management policies and programmes. They may be good at engaging and developing staff; if they are not, you should make the right choice for your career.
A broad range of experience means that you have dealt with different problems and people and cultures and that adds to your employability and versatility. If you can’t get the experience you need from your current role, then fill the skills gaps by moving on to a role that will enlarge your network and, as you learn new skills, broaden your horizons too.
You need to weigh the possibility of changing jobs against loyalty to your employer. Will your loyalty be rewarded? Are your interests aligned with those of the company and are their interests aligned with yours? What happens if your boss leaves or the company is taken over? What will your hard work and loyalty buy you then? As may be apparent from comments earlier in this article, I remain very sceptical about trusting the organisation to manage your career in your best interests.
What works for you?
Staying in a job too long can potentially hurt your earning potential unless there is a culture of upward mobility and line of sight to career path options and opportunities. In some roles upward mobility is still a question of hard work and commitment but in many industries staying too long in one role or one company can make you, perhaps, a bit one-dimensional.
A 2022 survey, in the US by research organisation The Conference Board, showed 20% of those who changed jobs during the pandemic saw a 10% to 20% pay increase, and nearly a third of those surveyed got an even bigger bump – over 30% more than they previously made. The pattern is similar in the UK, the Office for National Statistics reports that job changers who switched industries, occupations, or region as well as changed jobs experienced higher earnings growth than those who moved jobs within their industry, occupation, or region.
With the year end approaching it’s time to look at your career, worthwhile to assess where you are, and look at what else may be out there.
