Millennials have long been accused of having no job loyalty, job-hopping and only following the money.
The pandemic also triggered a slew of job-related phenomena throughout the world, including the ‘’great resignation" and the growth of the ‘’contingent worker.’’
According to Farzana Botha, the segment marketing manager at Sanlam, the opportunity cost of shifting careers should be carefully examined. In the long term, staying with a firm may be more financially advantageous.
‘’Traditionally, people’s career moves were motivated by salary gains. Now, 70% of people change jobs to pursue better work-life balance, flexibility, a positive work environment and professional growth.
‘’The financial pros and cons of job hopping should be carefully considered. It’s vital to approach the decision with a long-term mindset,” said Botha.
Joanne Barrett of specialist recruitment agency Joanne Barrett Consulting, has seen significant job-hopping, particularly in pursuit of better mental health.
‘’Millennials tend to job hunt to accelerate growth, while Gen Z’ers prioritise flexibility, remote work opportunities and work and life balance. They’ll ‘hop’ if these needs are not being met,’’ she said.
Barrett emphasised that employers still see frequent job changes as a cause for concern in a prospective candidate’s CV.
‘’Less than 18 months on your resume, sends a red flag to future employers that you may not commit to a company for long. I advise staying for at least two years. Four years demonstrates consistency, dedication, and commitment.”
Here are the financial pros and cons of job-hopping:
A pay boost is a clear motivation for changing jobs. But at what price? Staying in one position may provide benefits that are difficult to measure in terms of monetary gain, but it may be beneficial for your finances in the long run.
Become an expert
When you stay in a role with one company, you position yourself as an expert in your field. You become increasingly valuable as a result and can ask for more money for the same job because of the skills and efficiencies you bring to the role. It is essential to speak up to make your value known.
Pep up your rep
It also gives you time to establish a good rapport and reputation. The trust you have earned and your commitment to the company could make you eligible for more senior roles.
Promotions usually come with immediate remuneration and the opportunity to learn new skills, which greatly increases your market value.
Mentorship matters
Organisations tend to invest in talented people who show potential and commitment. This may mean executive development and mentorship opportunities, which coupled with prolonged experience in a role, could significantly improve earning potential.
Loyalty is loved
Many organisations reward loyalty and performance excellence with share incentives – hence, the long-term value you get from an organisation could outweigh the incremental salary increase you’d get from changing employers.
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