Here’s How Switching Jobs Can Really Cost You
Are things starting to feel stale at the office? If you’re feeling unfulfilled in your work and daydreaming about different companies, you’re not alone. According to Gallup, 51 percent of currently employed Americans are considering a new job. But before you send in your two weeks’ — or even call a recruiter — you should weigh the downsides of leaving that desk. They may surprise you.
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That same Gallup study notes that job-hopping does indeed have its merits: employees can sharpen their skills, be exposed to new opportunities, and expand their network. Then, there’s the fact that job hopping is sometimes the best way to get a higher salary.
With all those upsides, there has to be a downside, right? Otherwise, millennials would be the job-hoppers they’re rumored to be, instead of staying at their jobs longer than previous generations.
It’s true: switching jobs is not without cost. Before you contemplate a change, consider:
You Can Lose Out on Time Off
As the investment site The Motley Fool is quick to point out, there’s the practical loss of vacation time. Paid time off, sick leave, and even unlimited unpaid vacation can be serious benefits — especially in lieu of a higher salary. So make sure when you’re talking to new potential employers you’re aware of their benefits, not just the change in salary or role.
It Hurts Your Interview Answers
You might not like hearing this, but after you’ve hopped around enough times, employers start to get a little suspicious of your loyalties. Ryan Kahn, founder of The Hired Group, tells Forbes, “When jumping from job to job you are showing future employers that there is a high likelihood that you will do the same to them.”
The fact of the matter is, employers look at how long you’ve stayed at each of your past jobs. If you’re asking them to invest in you, you better have a good answer for how you’re planning to invest in them.
You’ll Be of Less Value to Your New Employer
Speaking of loyalty — when you can prove it, it goes a long way. And that’s exactly why you may have cause to stick with your current employer a little bit longer. If you don’t believe me, just ask Chobani CEO Hamdi Ulukaya, who is handsomely rewarding his full-time employees. This week, he announced that he plans to distribute 10 percent of the ownership stake of the company to employees — which will gain value in the event that the yogurt maker goes public.
The catch? The longer an employee’s been there, the higher their portion of the stake.
Tell Us What You Think
Is job hopping a worthwhile practice? Share your thoughts, stories, and strong opinions in the comments below, or join the conversation on Twitter!