Millennials have a lot of negative assumptions made about them when it comes to their work ethic. We’re seen as entitled and unwilling to put in the hard work necessary to get things done.
Growing up, we were sold an idea of what a life should look like. It went along the lines of getting into a good college, graduating, getting a job, and then staying in that job for years and years, moving up the corporate ladder.
As we’ve navigated adulthood, a lot of us have learned that that particular path doesn’t always work out. Career paths aren’t always linear.
It’s been said millennials do a lot of job hopping. We’re seen as never being satisfied with our work. Changing jobs every few years.
Are millennials really ditching jobs more often than other generations? Let’s look at what the research tells us.
Job Hopping Isn’t a New Trend
Research sends mixed messages about millennials and job hopping. Some research seem to prove that millennials do job-hop more than other generations. Others show that job hopping isn’t anything new.
According to a 2016 study by LinkedIn, millennials are job hopping more than previous generations. People who graduated between 1986 to 1990 (Gen X) held an average of 1.6 jobs in the five years after college graduation. People who graduated between 2006 to 2010 (millennials) averaged 2.85 jobs in the five years after graduation.
The study shows twenty-something adults of today changing jobs more frequently than the twenty-somethings of years past. However, the study only looked at members of LinkedIn, not a wider pool.
According to the Bureau of Labor Statistics, job hopping isn’t anything new. The research shows Baby Boomers did just as much job hopping in their 20s as millennials do now.
Whether or not millennials are doing it more than others, there are advantages to job hopping that make it a positive activity, at least for the job hopper.
Job Hopping Can Lead to Higher Pay
Working a job, the possibly for a raise usually comes during the annual review cycle. Raises usually don’t amount to much for more in pay for workers, with a 3% merit increase being common.
When you start out with a low salary, as many millennials do, a small bump in pay won’t help much in accelerating your financial goals. Everyone wants to be making enough to meet their various saving goals while still maintaining a good quality of life.
To truly maximize your earning potential, it usually means changing jobs and negotiating for better pay.
Staying at your current company means your raises are tied to what your base salary was when starting. Changing jobs allows you to research the latest salary averages in your industry and negotiate based on that.
A while back I read a story of a personal finance blogger who was able to more than double her salary and her skill set within six years through job hopping.
Millennials are increasing realizing their worth when it comes to their career and skill sets. Powered with this knowledge, we can channel it into increasing our income at both our full-time jobs as well as side hustle opportunities.
A Chance to Improve Skill Set
For a lot of millennials, job hopping is tied to a desire to try out different jobs and learn new skills. Everyone wants to find work they feel stimulated and engaged with. Working within different environments and settings can give millennials a feel for different situations.
Jobs require different responsibilities and skill sets, even when the job title is the same. When you change jobs every few years, you’re forced to learn how to work within different work cultures.
You can’t always get the career advancing opportunities you desire by staying at your current company. Factors such as the size of the company and work culture can be reasons why it won’t be possible to advance as quickly as you desire.
Changing jobs every few years allows you to sharpen your skill set and gives you the best chance at advancing your career.
Relocation Possibility
As the internet and social media has expanded, people are becoming interested in seeing more of the world. They want to venture out of the familiar areas and live in different places.
With things like marriage and home ownership being delayed by many millennials, relocating for a job becomes a lot easier than it is for other generations.
If you work in an industry that is heavily concentrated in a certain city or metropolitan area, relocating can mean getting career advancement you otherwise wouldn’t get by staying where you are.
Is Job Hopping a Bad Thing?
Gone are the days when you would work at one company for years and years, waiting on others to recognize your achievements. The working world has changed and companies no longer are loyal to their employees.
When you break it down, job hopping isn’t a bad trend. It’s a tool millennials have used to maximize their earning potential and get the career advancement they desire.
The reports are mixed on whether millennials job hop more than other generations, but there are clearly advantages to job hopping.
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What do you think about job-hopping? Have you seen this work out well for others? Or even yourself?
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I’m totally agree with this post!
Millennials job-hop because it’s the only way anymore to get a decent raise. That, and there’s a difference between merely “job-hopping” and starting a completely new career. People probably change careers less often then simply getting a new, better-paying job.