September 4, 2023 Employers Resources / English 5 Reasons Why Job Hopping Trend Will Continue Posted by Anisa Aznan Job hopping is a common practice. But it’s happening increasingly because the job market has been tight for the last few years. In 2022, more than 22% of workers aged 20 and up worked at their jobs for less than a year. According to a report by the Employee Benefit Research Institute, that’s the most people with short tenure since 2006. Even worries about the economy aren’t stopping some people from switching jobs. A study from LinkedIn says that more than half of U.S. workers are considering leaving their jobs this year. The data also showed that more Gen Z and millennial workers than workers from any other group plan to quit their jobs. Because they don’t want to settle down, Gen Z and millennials do job hopping more often than older generations. These people want to set their own rules for work. Even though pay is important, they also want freedom, a good balance between work and life, and a place to work for a reason. Job-hopping will likely continue for a while until employees’ wants are met. Here are 5 of them: 1. Salary expectations are rising as a result of inflation. When wages don’t keep up with inflation, anxious employees often look for jobs that pay more. And it is working. A new study from the Federal Reserve Bank of Atlanta says that 49% of people who change jobs in 2022 will make more money than inflation. Only 42% of the people who stayed with their jobs got raises that were higher than inflation. With inflation at its highest level in 40 years and the cost of living going through the roof, it’s unsurprising that more people are job hopping. 2. People’s opinions are changing. No longer can you join a stable company, stay there for 30 or 40 years, and get a good pension when you retire. Workers don’t expect or want to work for the same company for their careers. People change jobs a lot more, especially since the pandemic. Because of this, having a lot of jobs is less of a bad thing. Recruiters know that younger workers are more likely to take initiative. So, when they see a candidate who do job hopping a lot, they ask why instead of judging them based on how long they worked at each job. ALSO READ: 3 Return to Office Mistakes Companies Make 3. Companies care less about their workers. Back then, if you worked hard and did your job well, you were praised, moved up, and taken care of. Now, that is not the case anymore. Companies don’t try to be like Torani, which has been around for 100 years and has never had to lay off anyone. Since January 2023, 949 tech companies have let go of more than 200,000 workers, which is the most of any industry. Even Tyson Foods, which makes a lot of meat, eliminated about 15% of senior leadership jobs and 10% of corporate roles. With more big layoffs and more people working from home, it’s no surprise that people are switching jobs more often. 4. Priorities are different now. People’s values and goals changed a lot because of the pandemic. Workers want to do work that has value and makes them feel truly happy. They also want their company to see them as real people, not just workers. Gartner’s study shows that although 82% of employees say it’s important for their company to see them as people, only 45% think their company does. Workers also want to be able to choose when, where, and how they work. In answer, employers are putting in place “back-to-work” rules. So, workers who aren’t happy with their jobs are switching jobs to meet their wants. 5. Employees want to move up in their jobs. A McKinsey study from 2022 found that the most common reason people quit their jobs was that they couldn’t move up in their careers. Also, in an MIT Sloan Management survey, 67% of individual contributors said they wanted to move up in their careers, but 49% said that not getting good help had hurt their careers. To keep workers, employers must make opportunities and paths clear and available. If companies keep ignoring their current employees, they risk turning them against the company and making them feel like they need to look outside of it for ways to grow. Don’t get it wrong. People don’t always like switching jobs. Most people would rather work for a company where they are pushed and feel important, at least for a while. Most of the time, people change jobs because they think they have to. Employers need to work harder to give their workers a reason to stay. If they don’t, companies will keep losing their best workers to a competitor who meets their wants better. Post your job opportunities on Jobstore.com today to attract talented professionals to your organization! Anisa is a writer who focuses on career and lifestyle topics in an effort to motivate both job searchers and employers towards greater fulfillment in their professional lives. Reach me at anisa@jobstore.com.
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