Which one will give you a Higher Salary and Better Career Growth?
In the ever-changing narrative of the modern job market, professionals stand at a crossroads, pondering whether to carve a legacy in their current Organization or to embrace the exhilarating journey of exploring new opportunities every few years.
Which one are you better off in? Your Existing Organization or Job Hopping? Which one will give you better pay and Career Growth?
After reading this article, you will have more clarity about which is better. But in the end, it is a personal choice.
Let's take a deep dive into the fascinating world of job stability versus job hopping, shedding light on each path's financial and Career development prospects.
The Path of Long-Term Employment
Let's split this into two parts—the Financial Growth side and then the Growth Trajectory. I will answer both these questions through data, article examples, and from experience to what I have seen in my 25 years of experience in Human Resources.
When I started my Career, I was told to remain faithful to one Organization until retirement. I guess that was something that people did back in the day. However, as the years passed by, I realized two things. Number one, I was not growing as fast as I wanted; secondly, I was not earning as much as I should have.
The wish for growth is, in its own place, a subject of opinion. But being in HR, I had market salary surveys and could see what others in the market earned compared to me, and I was not happy with my yearly increments as they never aligned my salary to that of the market.
Then came the question of whether I should jump ship and move to another Organization. Back then, it was a red flag to HR if someone job-hopped between Organizations in less than three years. It was mainly frowned upon in the Corporate Sector.
However, in the Development and NGO sectors, where most people are on one-year contracts, people moved on to other Agencies / NGOs, no questions asked, mainly because of non-renewal of contracts due to lack of funding or change in Organization Structure.
But even in the Corporate Sector, those employees/friends I saw jump ship usually did with an excellent Salary Increase and, in most cases, with a higher position. At the same time, their counterparts lagged in both Salary Increases and Career Growth, even though, in their mind, staying in their existing Organization meant Stability and Growth.
But is this the case? Or have we been living in a fool's paradise? Let's dwell deeper to see if this is the case.
Financial Growth and Career Growth
In the grand scheme of things, long-term employment has always been projected as one of stability and gradual growth. Those who pledge their allegiance to a single company for several years often find themselves on a rewarding journey, sometimes receiving hefty bonuses, stock options, and other financial perks.
Regarding career progression, long-term employment cultivates exceptional expertise in one's field. It's a golden ticket to a gradual ascent up the corporate ladder, where roles of increasing influence await. Yes, at the same time, these individuals build formidable networks within the Organization, paving the way for future opportunities and collaborations. Their deep-rooted knowledge of the company's ethos translates into efficiency and effectiveness, a stark contrast to the newcomers who might find themselves navigating a considerable learning curve.
But is this the ground reality?
Financial Upswings and Career Evolutions
The modern job-hopping trend has recently brought new insights into the Job market. Those employees who jump every 2 to 3 years are said to ride a financial roller coaster with the potential for extreme highs.
This has been highlighted in several articles and studies. This BBC Worklife article is one of them (https://www.bbc.com/worklife/article/20220720-the-case-for-job-hopping), which shows how job hoppers tend to experience a meteoric rise in their wages compared to their long-term counterparts who depending from country to country get an annual pay hike of about 4 - 8% which is nothing in comparison to what Job Hoppers get.
This strategy, although risky, has a bit of Entrepreneurial Spirit embedded in it and promises a potentially lucrative career path, with opportunities to negotiate substantial salary increments at every job the employee takes.
But it doesn't stop there; career progression in job hopping is nothing short of thrilling.
In this 2023 article on Ivy Exec (https://ivyexec.com/career-advice/2023/does-job-hopping-really-earn-you-a-higher-salary), job hoppers who are constantly on the move, climb the career ladder at a faster pace than employees within Organizations. I have seen this with several of my clients as well.
This dynamic approach offers rich experiences and moulds individuals into versatile assets in the job market at a much faster rate.
Moreover, this strategy allows professionals to dip their toes in various industries and roles, crafting a well-rounded career profile that is a testament to their adaptability and prowess.
It's a journey of growth, self-discovery, and many job offers that promise fresh challenges and experiences.
In the grand scheme of things, the choice between nurturing a legacy in a single organization and embracing the vibrant journey of job hopping is a tale of two paths, each with its own set of glittering rewards.
Whether you're drawn to the stability and deep-rooted growth of long-term employment or the dynamic and potentially lucrative path of job hopping, the choice is personal.
At the end of the day, it boils down to aligning your career path with your aspirations and the unique opportunities that knock on your door. By weighing the pros and cons of each avenue with a discerning eye, you can embark on a journey that promises financial growth and a fulfilling and legendary career. After all, why settle for a job when you can craft a legacy?