Variety may be the spice of life, but longevity has always been a key ingredient in the recipe for career success. However, time changes everything, and with new dynamics of our transitory economy, yesterday’s career taboo is transforming into today’s career trend.
The economic evolution
When long-term employment was how one climbed the corporate ladder, frequent job changes tended to bring a career’s value down. But when free trade agreements, technological advances and the development of a global economy changed the world, the workforce began changing with it. What started as mass layoffs in the early 1990’s, corporate restructuring has evolved the workforce - making career changes a more common occurrence.
The Department of Labor Statistics shows that the average person now makes four to six career changes, and twelve to fifteen job changes, in his or her work life. While this would once cause an employer to question one’s stability, it can now indicate signs of flexibility that are valued in today’s job market.
Surveying over one hundred and forty companies, The Bank of Canada identified that the 1990’s established a need for more highly skilled workers, and with the growing investment in technology, they actually required employees who are adaptable and able to change career paths or roles more frequently.
Knowledge is the current measure of career value and rather than losing seniority, a new job can be a good opportunity to gain career skills.
Shifting into high gear
A trend that is increasingly benefiting careers, job-turnover can also increase labour costs for companies. Decreased loyalty has forced employers to compete for the best workers, and in addition to offering higher salaries, the acquisition, and training of new employees has become increasingly expensive.
The conflicting demands for loyal employees with diverse job skills are why recruiters now draw the line between career changing and job-hopping. In a recent article published by the University of California, Anne Rhee examines the difference between the divide. Anthony Lee, a Principal in Altos Ventures explains in the article, that a healthy career path will indicate fluidity in the job market, while a history of unnecessary and frequent job changing can be warning to employers to change their mind.
In some cases, job hoppers may still prove to be a worthwhile investment, but when the next best offer comes along, it is often their gain and the company’s loss.
Susan Meisinger, (Executive Vice President at SHRM) explains the benefits of a longer-term commitment to an organization. According to Meisinger, spending enough time at an organization to make a significant contribution will allow for both professional and personal growth. Another, and more startling, statistic that might change a job hopper’s concept of loyalty, is how the tables could turn them in retirement. According to the Employee Benefit Research Institute, people with five job changes in the last fifteen years are twice as likely to have less than a thousand dollars in retirement savings.
Balance is the key...
While chronic job-hopping can be a costly condition, the fear of changing careers can also take its toll. Career consultancy, Penna Sanders & Sidney found that two thirds of UK workers want to leave their current job yet believe they cannot with money being the primary reason. Confined by financial security, a short-term risk of losing a steady income can be enough reason to disregard potential opportunities for career growth. For those concerned with family responsibility, location or future job uncertainty, a job-hop may seem like a giant step.
But whether the choice is forced by employers, caused by circumstances, or inspired by a better job offer, a career change can always be a change for the better if it is approached and embraced with a balanced combination of: Self Knowledge, Career Goal Assessment, Research on Career Potential, Balanced Reasoning, Financial Planning, and Preparation.
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