When it comes to your ‘wealth’, in terms both tangible and intangible, how you spend your time could arguably be the most influential element. With Generation Y working three times the hours per year than their predecessors Generation X, they has taken this issue into their own hands by changing jobs much more frequently in ultimate pursuit of greater ‘wealth’.
For many Millennials their first job out of University will last less than three years and then they will go on to change jobs four times by the age of 32.2 This highlights a key change in mind set between the generations, with the older ones having treated their first job as the slot into a 40-year career, and the newer one treating it as a way to open up other opportunities in the job market. For those Millennials who change jobs for the right reasons, this fluid and flexible mind set towards job shifting can be a highly effective tool for success.
There are many reasons why Millennials change jobs.
Firstly, in the saturated entry level job market, many college graduates take the first job they can get. These jobs may not be an ideal fit or lead into their dream career, but they’re seen as a starting point in which to gain skills that can be used to launch into other roles within different organizations. And launch they do, with a pay rise of 15% or more in new roles versus 1% to 3% by someone staying with their current role over time.2 But finances are not the only part of a Millennials wealth that can increase by changing jobs.
Changing jobs broadens your professional horizons.
A new job means a new environment, new colleagues, and new opportunities. Each time you change work environments a wealth of soft skills and general knowledge is added to your repertoire. In addition, there are always at least some new technical skills to pick up, and your professional network is usually greatly expanded. Changing jobs helps to develop more well-rounded individuals with a greater awareness of the business world, meaning they can offer more to their future employers and society as a whole.
Although the transition into new jobs can be exciting the first few times, and certainly has its benefits, Millennials do eventually settle down, thereby following the timeless trend of older people being less restless in their jobs than young people. By having tried a variety of different jobs before this settling down stage, and hopefully making these changes deliberately and thoughtfully, the jobs that Millennials end up with are more likely to be the right fit for them. This after all is the ultimate goal of job hopping; everyone is in pursuit of that job which suits their unique attributes, and sometimes getting there requires making changes along the way.
But too many job changes can be a bad thing.
Financially speaking, it can be better for employers to have employees who will go the distance. This saves recruitment and training costs, which means human resource managers are likely going to look at the employment history section of your CV and make note of how much time you spent with each of your previous employers. Millennials are being asked at the interview for their third job in five years why they made their previous job changes, and you will always need to have a good answer to this question. It is therefore important to plan your moves carefully. Too many job changes and you don’t get the opportunity to really grow within your role or set yourself up for success. Job changes are only beneficial when they are deliberate and calculated. They should lead you towards the job that fits right for you, meaning they should follow your passion.
One highly successful constant job changer is Troy Jackson. He has followed his passions through Harvard Business School and several Fortune 500 companies, commenting that, “Being in a new position and doing something for a year or two is great. But later, the things that are not as appealing about the job start to wear on you. So changing positions or going to a new environment keeps you excited and keeps you wanting to learn.”3
Job hopping can help you find passion and fulfilment in your work.
So if you’re looking for passion and added wealth in your life, as so many Millennials are, it might be time to explore your options. You are going to need to think long and hard about what it is you want out of life, and that may change over time, but getting a mentor or a little bit of advice is always a good starting point. Our website’s ‘wealth’ section is specially tailored to help with job shifts, providing valuable mentorship connections, a careers section, and information on opportunities to work freelance and overseas. Sound like your type of thing? Check it out here.