Is Job Hopping The Way To Go For Career Progression?

It is estimated that most people will have 12 jobs during their lives, spending an average of a little over 4 years in each job. 

John Marx, Director of Halliday Marx says “Professionals are now challenging the traditional ideas of loyalty and career progression, by changing company more frequently. Whilst the financial rewards on offer might be greater, if you are one of these professionals, it is important to understand the potential pitfalls of job hopping when navigating your career.”

What is job hopping?

Job hoppers are individuals who frequently change jobs across a short period of time. This new trend is a stark contrast to the traditional ‘job for life’ where professionals would have long tenures at a single employer or even spending their entire career in one place.

Why do people job-hop?

There are any number of reasons why people move jobs, but most commonly they fall into five categories.

Increase in salary 

Inevitably the biggest reason people job hop is for an increase in salary. Compared to those who stay in the same role for a long-time this increase can be as much as 20% if not higher depending on the sectors and demand for skills. These higher salaries are incentives for people to consider other opportunities. 

Professional development 

Monetary gain is not the only reason why professionals seek to change jobs. Career-development-minded professionals can seek to change jobs because a new role or company offers better career development opportunities or the chance to add to your skill set. All of which could help you get to a more senior position quicker. 

Company Restructuring

Sometimes job hopping is not just down to the decision of the candidate, the decisions that companies make can push employees into a short tenure and more roles on their CV. This is regularly seen when companies relocate the finance team to another part of the UK, another country or go down the dreaded outsourcing route. In some circumstances, the candidate may have no choice but to search for a new role if their employer makes redundancies or ceases trading.

Work-life balance 

Where the attitude to job hopping has changed, so to has the demand from some job-seekers for a better work-life balance. These individuals are aiming for roles with flexible hours, remote work options, or reduced stress levels and move roles until they find somewhere they are comfortable.

Company Culture and Fit 

In a similar vein of thought to those who are looking for a better work-life balance, some job hoppers may look for a workplace that align better with their values, work styles, or cultural preferences, seeking a better fit with their personal or professional aspirations.

Drawbacks You Should Consider

A CV filled with roles occupied for short periods will certainly raise eyebrows with hiring managers and can be a risk to your career, especially when loyalty is an increasingly important trait if you work in the financial sector.

Employers often make significant contributions to staff recruitment and development and remunerate generously – which means they are happy to invest in you, but they will actively seek commitment from potential employees to deem it a worthwhile exchange. 

It is important that you present how your career transitions are positive for your potential employer. For frequent job hoppers, employers can view multiple changes in the short term as opportunistic, but also that the employee is rigid and would be difficult to integrate into the existing working culture and team. Highlighting how each job change has contributed to your professional growth and how each company has helped you to develop your skills and experience so that you can bring additional value to the prospective role is crucial to overcoming these objections.

“Finance professionals should, of course, seek to take advantage of the many benefits that changing jobs can bring. However, proceed with caution – companies will begin to overlook CVs that are filled with too many short-term roles and the offers will start to dry up!” says John Marx, Director of Halliday Marx

Importantly you should move the focus from the length of each role and instead show your commitment to finding a long-term opportunity where you can dedicate yourself, contribute and grow professionally.

At Halliday Marx we understand the temptations and drawbacks of job hopping and the challenges that finding the right role can have. If you would like any more advice on applying for your next role please contact us on 020 7096 8200 or email us at [email protected]

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