#Jobloyalty #careeradvancement #jobhopping #raises #companyculture
Do you know why a lot of people choose to only work for 1 or 2 companies their whole career even though it seems like a fact that they would get a raise by switching companies multiple times? 🤔
It’s a common belief that switching companies is the best way to secure a substantial increase in your salary, and in many cases, this holds true. However, there are various factors that come into play when determining whether job hopping is really the most effective strategy for career advancement. Let’s delve deeper into this topic to gain a better understanding.
Loyalty vs. Job Hopping: The Great Debate
——————————————
Many individuals swear by the benefits of staying loyal to a single company for their entire career, while others are strong advocates for job hopping to secure higher salaries and better opportunities. So, what’s the deal with these two contrasting approaches?
• Job Loyalty: The Case for Staying Put
——————————————-
Some employees choose to remain at one company for an extended period for reasons that go beyond monetary gains. Here are a few factors that contribute to their decision to stay loyal to a single employer:
1. Company Culture and Work Environment: Many individuals place a high value on the company culture and work environment. They may feel a sense of belonging and purpose within the organization, which outweighs the allure of higher paychecks elsewhere.
2. Job Satisfaction and Fulfillment: For some, finding fulfillment in their work is more important than chasing after salary increases. They derive satisfaction from the work they do, the impact they make, and the relationships they build within their current organization.
3. Long-Term Career Growth: Instead of seeking immediate salary increments, loyal employees may prioritize long-term career growth within the same company. They may aspire to climb the corporate ladder, take on leadership roles, and contribute to the overall success of the organization.
• Job Hopping: The Appeal of Seeking Greener Pastures
———————————————————–
On the flip side, job hopping has its own set of benefits that draw many individuals to this approach. Here’s why some employees choose to switch companies multiple times throughout their career:
1. Competitive Salary Increases: Job hoppers often secure substantial salary increases by leveraging competing job offers. This method allows them to negotiate higher pay or jump to a new role with a more attractive compensation package.
2. Skill Diversification and Career Progression: Changing companies can provide opportunities to diversify skills, gain exposure to different industries, and accelerate career progression. Moving to new roles and organizations can lead to a broader skill set and a more well-rounded professional experience.
3. Mitigating Stagnation and Boredom: For some individuals, the prospect of remaining in the same role for an extended period can be unappealing. Job hopping allows them to continuously seek new challenges, learn from different work environments, and avoid feeling stagnant in their careers.
The Bottom Line: Finding the Right Balance
———————————————-
In the ongoing debate of job loyalty versus job hopping, there isn’t a one-size-fits-all answer. The best approach varies from person to person and is influenced by individual career goals, priorities, and values.
It’s essential to assess your unique situation and weigh the potential trade-offs associated with each approach. Consider factors such as job satisfaction, long-term career growth, financial stability, and personal fulfillment when making decisions about your career trajectory.
Ultimately, finding the right balance between job loyalty and strategic job hopping is key. It’s possible to cultivate a fulfilling and rewarding career while also leveraging opportunities for advancement and financial growth.
So, whether you find yourself committed to a single company or open to exploring new horizons, remember that your career journey is yours to shape. Seek out the path that aligns with your values, ambitions, and aspirations.
In conclusion, the decision to stay loyal to one company or engage in strategic job hopping is a personal one, deeply rooted in individual preferences, career objectives, and workplace values. By understanding the nuanced factors at play, you can make informed choices that propel your career forward while aligning with your overarching professional ethos.
Because finding a new job fucking sucks and is a pain in the ass.
I’m afraid to leave my current company I’ve been at for over 10 years. With how long I worked here, I earn double the vacation time each year than when I started, I know exactly what to expect when it comes to salary, bonuses, stock grants, health insurance coverage, 401k match, employee stock purchase discounts, sick time, and I don’t have any concerns about being let go.
I’m potentially interested in other companies, but the potential risks and unknowns outweigh what I have currently.
I’ve just changed company’s after 10 years at my old company I only changed because I was made redundant.
My view is because I hate change. I find it awkward, I hate feeling uncomfortable. It’s actually not been that bad, however, I have a very young family so I really need that flexibility which you don’t get at a new company until you have settled in and feel comfortable saying to your boss I need to leave early today or I need to take a emergency day off.
I stayed so long at my old job because I felt so comfortable asking for what I needed for the family balance. You don’t have the power to do that when you’re the new girl.
I should have left my old job ages ago, but the flexibility was worth more to me at the time than the money. However, new job I have got a 30k pay rise, I won’t be staying that long in a job again.
Finding a new job is a pain in the urethra.
Furthermore people get attached to the people they work with, their boss and the whole office process. When you start at a new company you have to get to know your new coworkers, learn a new system and probably other technologies they use and get used to your new bosses management style.
It’s not as simple as getting hired then start from the ground running, getting up to speed at a new company can take up to 6 months.
I stayed 22 years at one place because while I knew I could get more money, it was a mostly stable job…3 “restructures”, but came through or got promoted every time. A decent benefits package didn’t hurt, either, especially a pension.
I work in sales. I’m happy and I make good money. So I’m good!
Sometimes people get married and can’t move to a better opportunity due to their spouse’s commitment to their job. Also, children sometimes prefer a stable home so this might be a consideration. As for changing jobs and staying in your own home, sometimes there aren’t similar companies in your geographical area or similar opportunities for your skill set. If you’re alone for your entire life or don’t care about your family, then go for it.
Money is the main driver for work, but not the only one. I make decent money and it’s a chilled out work place. There’s a dollar amount that could get me to leave, but nobody is going to give it to me. I don’t know exactly what that dollar amount is, but I know it’s not $12k a year
Because people get comfortable with their work and don’t feel like changing.
Jumping is effective for getting a quick salary boost, but if you do it often the companies recognize it and tend to offer you less and invest in you less. You get less vacation, don’t vest shares, etc. You’re quicker to be laid off, and less often naturally promoted. You tend to have a linear progression in base compensation as you go up, whereas the non-jumper has more jumps.
My current position gives very reasonable annual raises. They give extra vacation if you stay over a certain time, RSUs that vest over 3 years, tons of benefits, and promotions are nice jumps indeed. I don’t feel like jumping frequently would serve my interests at all. I might jump one more thing me before I retire — unless I end up retiring early (which may happen if our stock does well; it’s trading at about 3x my option strike price and 4x would do it).
If it ends up going this way for me it will be because I don’t care that much about the money, and I care more about continuously being stimulated by my work, feeling like my contributions are valued, and avoiding the tech interview shitshow forever.
I have a career path at a great company where people don’t get rich but they do get wealthy.
The number of retirees that I hear about that are just golfing and living life is insane.
I’m 4 years in, into my 5th year and it’s laughable how little tenure I have- my department is young so there I do but all around me 10/20 years is the norm.
People rarely get fired- we move people around but don’t really terminate – I can think of one example, not even in my department in my 4 years. So there’s that dependability of planning your life.
Company is focused on consistently doing the right thing and the fair thing- we’ve been around over 100 years and will continue to be through conservative decisions and reliability.
It’s not all about money- I talked to a Dr in the family who spent 35 years in primary care medicine- he would have earned 2X-3x working in a specialty but he loved interacting with people and the connection. I’ve met pharmacists at weddings that see my last name and say do you know dr so and so- and then they proceed to compliment him on the way he treated them and actually was polite/respectful. He chose a path where he got to be connected with the medical field and community through primary care- and he did great.
Money only buys happiness to a point- after that it’s about all the other stuff.
Job hopping also means you’re a transactional gun for hire- that’s fine and there’s nothing wrong with that. It simply isn’t for me- I’ll put my 20 years in and retire on a beach somewhere. The raises and promotions haven’t hurt either. So I’ll say that is a big difference in that my comp and role haven’t been stagnant.
There’s a whole host of reasons. Some may genuinely like the company they work for (I know this is taboo these days), some appreciate the stability and want to avoid uncertainty, location and/or proximity to home, othere have “mastered” what they do and would prefer to not have the stress of learning a new job/company, there’s plenty of reasons. But generally changing employers when you’re younger makes sense – but I would almost take less money to stay in my current role/job. More money doesn’t guarantee more happiness.
I spent my entire career with one company. I think it depends on the company and your career trajectory. It’s becoming increasingly less common but it worked for me.
My company in its current state is a dream company for me. If it remains this way, I fully plan on staying til I retire. My pay may be a little low compared to other companies, but I have 4 weeks of vacation, a winter break (separate from the vacation time), unlimited sick days, free health care (100% covered premiums and deductibles), and a hybrid working environment (with the option to be fully remote). Everyone in the company shares similar interests to me so it’s easy for me to get along with others. I like what I do and I like what the company stands for. Plus every 2-3 years you can apply for a promotion which comes with a 15-25% raise. So switching companies won’t always guarantee me more money. And almost no where near me has as good of benefits.
I think if you like the company, there’s no reason to switch.
People just get comfortable where they are. Easy to stay in one place, harder to keep adjusting to new things.
I’ve been at my current company for 2 years and signs are pointing to it being time to leave (massive off-shoring projects). They broke up my department which just killed my chances of promotion because my new manager is basically ghosting us.
Unfortunately, life has been a huge mess for the last couple years and I’m exhausted and don’t have the energy to actively job hunt right now. I’m gonna have to ride it out for 6 months and hope they don’t fire the rest of my department before I’m ready to go.
Remained at the same company 43 years before retirement. Other friends in similar positions moved around every 3-5 years moved around. In the end, all of us were within $3k – $5k of each other.
It all depends on where you live, the ability to move, the distance from work, and the field of employment.
No, I didn’t perform the same job as hired, I progressed up the ladder as much as possible and did go looking every 3-5 years to determine my worth.
I worked in the cummnsumer electronics field for a company of 7500 on the US East Coast.
I work in sales. My commission structure goes up, the more I have coming in. So, if I left I would have to start over. Many companies will pay a guarantee the first year to help cover some of the lost commissions but it is a lot of unknowns. Because I am a top performer, they give me the best stuff to work on and I have a lot of flexibility because they trust me. I am at 8 years right now and don’t plan to leave anytime soon. I also have a few coworkers who are also high earners and have been there longer.
there could be so many external factors beyond pay – maybe the benefits are amazing, maybe the flexibility is so great that it allows you to focus on family outside of work, maybe you’re in a location with few job opportunities, maybe you appreciate the stability, maybe you’re a convicted felon who’s served time and finding a new job is difficult, maybe you come from a rich family, maybe don’t need the highest paying job because you’re passionate about what you do and that’s enough, or who knows why!
after being fired from a job for having two young kids, my mom worked a different job for a fraction of the pay for a decade because they allowed her to be at my sibling’s and mine’s sports game, theatre shows, taking us to school, dr appt, etc, and when her parent got sick, she was able to take time off during the day without penalty to take them to doctor appointments. that was more valuable than spending the time/energy to find a job that maybe paid a little more but didn’t let her be present in her life.
I’ve stayed where I’m at because my company has matched competing offers when I’m approached by other agencies. I’ll continue to stay because of the benefits I have and the people I work with. It’s hard to pass up fully remote work, unlimited PTO and not needing to pay for my health benefits. At some point, the additional income isn’t worth going out and “proving myself” again.
Also, as someone who frequently hires and looks at resumes, if I see people that are job hopping every 6 months-1 year, I pass on those individuals. They might be rockstars, but I’m wasting more of my time by always needing to hire and train in and endless cycle.
Depending on the company you have more vacation, more tenure, and sometimes more security.
Because not all companies are trash, truly. Yes you’re still working for someone else, but there are places that actually want to keep you around and will pay to do so.
I just left one of these places last year, for the closest thing I can imagine to a dream job, but that shouldn’t take away from the point.
For me, it wasn’t about fear of change but career growth. I was fortunate to have great managers who advocated for me and during my 17 years at one company, I had 4 internal transfers that led to more money, new responsibilities, and recognition. Sadly, my run came to an end last year due to reorganizations and budget cuts across several business units. It was tough to start over but I am grateful that I landed in a better spot – less stress and more pay.
Fear
One is the fear of leaving and the unknown. Someone people would rate make less and live comfortable.
Or Those people are happy where they work, why leave? Money isn’t everything.
Inertia… I’ve been at two companies for combined 17 years… however I’ve gotten promoted frequently and gotten better than average raises every year …
For me it’s very stressful starting a new job… and i get comfortable and don’t want to do the work of starting again
That said I do wonder whether I’d be making a lot more money if I was moving around… possibly but at a director level idk if it’s a for sure thing …
Staying longer has def allowed me to grow some skills that you just can’t get bouncing around… like how to influence ppl.. how to instill change.. etc… all that takes time at most organizations bc they tend to be slow moving
In general, people are more risk-adverse than opportunity seeking. Changing jobs is both stressful and risky. What if you don’t “work out” at the new job and get let go after a few months? What if you did not know how many arse holes you would be reporting to? Yes, you can get pretty significant pay bumps by jumping jobs but as the saying goes, “people don’t quit jobs, they quit managers”. A company with lots of long term employees probably has good managers and policies.
My boss just passed on an otherwise perfect candidate that had a long list of companies they had worked for for 18 months to 2 years.
You’ll probably be fine job hopping every two years, but some managers don’t want to put the time in on someone that’s all but guaranteed to walk out in the middle of a project.
At some point if you’re doing half a decent job, have been there for like 15 years, longer than 95% of your peers, your job becomes as stable as it gets. I’ve seen layoffs but I’ve never seen them affect these veterans. More recent hires that haven’t built a name and a good network in the company, and are often more expensive than long-term employees, tend to be the primary target.
If you don’t see it now, you’ll see the value of that once you’re in your forties, have a mortgage and a family to support.
I’ve been working at the same place for 28 years. I started at today’s equivalent of $100k back then, and had steady pay raises (not great but 3% minimum yearly, with a few 7%). Almost left 5 years ago but they gave a decent raise to retain, and inflation adjustments have been decent. Pay is good and work interesting, but hate the bureaucracy, which has gotten worse. I’m also in a field (engineering) where it takes many years to build up the skills and customer trust, which sometimes you can’t get by job hopping.
It’s really about crossing the finish line, sometimes the turtle wins. I’ve been maxing out my 401k for 27 years, so I’m in a decent spot, but still early 50’s.
It’s expected to move jobs (and locations) when you’re in your 20’s, 30’s, etc. Not everyone does it, but it’s definitely not unusual.
However… there will come a time in your life when you have to put roots down (or do some variation of the dreaded “settle” word), and stay put. Hopping around every couple of years can have the effect of wearing you down, and besides, you also tend to miss out on other benefits by remaining where you are.
If none of this resonates with you, or makes you roll your eyes, then keep living your unstable ways.
It also depends on how much (in however you want to parse it) you are leaving your company for. An extra $2-3000 a year? Forget it. An extra $20-30000? Sure, go for it.
In the rare chance that a company actually takes care of you, it’s sometimes worth it to stay. I’ve almost doubled my salary in 7 years, and now own a (small) piece of the company, which is worth a pretty penny. It’s also now owned by some sales guys that love me, I get an insane amount of flexibility, and work from home 4 days a week.
My job is a unicorn I’m going to ride as long as I can.
Job hopping gives you short term salary boost but you don’t know the team, the work or technology. In the longer term, this means you’d have no opportunity for advancement.
It might not matter at lower levels but after a few years, you’ll reach the upper limit of the wage band and people don’t really pay manager’s salary for a staff. This is where you got stuck.
Job hopping gives you short term salary boost but you don’t know the team, the work or technology. In the longer term, this means you’d have no opportunity for advancement.
It might not matter at lower levels but after a few years, you’ll reach the upper limit of the wage band and people don’t really pay manager’s salary for a staff. This is where you got stuck.
Secondly, new firms mean new learning and you’d have to spend your personal time to catch up, or you’d be underperforming and might get axed. If you have to work 20% more for 20% extra pay, it’s not really a raise.
Finding a new job is fucking bullshit. And I don’t want to talk to a whole bunch of new coworkers. I already know who sucks and doesn’t suck. And who to avoid.
Familiarity makes staying so much more attractive. I live just fine on what I make now.
I ain’t going nowhere.
Great question and lots of good advice provided! I just want to add, a lot of the times people end up staying at one company is they land in a place they really love the company or love their boss (typically the latter) and the pain of change is not worth while.
There is always a magic number of years to stay between not showing too much eagerness to leave and not too long in one spot but also need to consider the job satisfaction side as well.
5 weeks of paid vacation a year, unlimited sick leave accrual and lifetime health insurance after retirement (federal government)
I don’t give a single iota to “passion”. I have an excellent employer and work with an equally excellent team. There isn’t a day where I dread driving in to work, and my compensation is comfortable upper middle class with raises above inflation every year. So I have great peace of mind and the certainty that, at worst, I’ll be no worse off than I am right now.
Could I earn more by job hopping? Yeah, probably. And I’d probably hate a lot of the places I go and people I work with. I’d rather have the peace of mind.
Because in my field you get paid what you get paid and there’s no difference in pay based on experience (only PTO/benefits) within an institution.
Different places pay slightly different but it’s nominal. You’re paid by your degree.
You could also jump around departments within the same company and get some pay bumps along the way.
– Some of those people are happy in a job that they enjoy.
– Some like the fact that having been there for 10+ years means they get about 6 weeks of vacation, maybe more.
– Some are outperforming you and getting bigger raises and promotions than you do when you jump ship every 12-24 months.
– Some stay because they can’t risk switching to a different health insurance provider.
– Some believe in the work they’re doing and would keep coming even if their pay was cut in half.
– Some aren’t sure that anybody else would hire them.
– Some are getting long term incentives to stay and would leave a pile of dough behind if they left.
– Some have kids in school and don’t want to move.
– Some have kids in college who use the company’s tuition benefit.
Because they want to.
After I moved to my second job, I discovered many of my coworkers were professional movers, and they were really doing well. I decided to join in. When the next opportunity came, the advancement and pay were there, but I had fallen in love with my present location. I saw a lot of people move on and up, but I never regretted it . When they left, it made room for me to move up. I retired financially secure and spent 20 years traveling the world.