There have been startling statistics released on the future job habits of millennials. 91% of millennials expect to stay in a job for less than three years and on average will have between 15 and 20 different jobs throughout their careers. So if you’re settling into your graduate job, you might be surprised how quickly you’ll be packing up your things – job-hopping is more prevalent now than ever.
Job-hopping sounds as if it has come about because of a struggling economy but in fact it’s more a byproduct of young employees wanting more out of their careers. This ideal of the ‘dream job‘, while questionably beneficial for everyone else, is motivating young people to be Maximisers; to never settle.
But what about loyalty and initiatives to reward dedicated employees? That might become a thing of the past. Job-hoppers are seemingly paid more for their inability to settle down at one company.
A Quartz article suggest that the largest salary increase occurs “after two years at a company. Move on after that point, and you’re likely to garner higher wages from the next place you start working at”. The study being referred to in that article says that this result maintains for the first five years of staying but after that point you may feel too settled to make a move, most do anyway.
Younger workers, i.e. millennials, tend to see an average of 11% increase from each job-hop. However, that is all relative to a lower pay-scale. As you make more money the percentage bump will, in turn, decrease. Sorry millennials on the upper-end of the twenties!
So how is this helpful to you? What does this data prove? Well, if anything, it is concentrated motivation to negotiate the heck out of your starting salary if you can. Do some preemptive calculations and try to settle on a salary that will keep you above water for at least two years, don’t wait for a promotion or raise, if the outlook isn’t certain – job-hopping is your best bet.