The idea of millennial job hopping is a complex precedent that is a worldwide phenomenon, most especially in America. Job hopping is like a double-edged sword with positive and negative connotations for employees and employers. Let’s unravel the consequences of millennial job hopping on employees and employers.
Over the years, there has been a series of outcry on the effect of job hopping that has become the theme of millennials. But in hindsight, the majority of people who are white and more opinionated about the idea of job hopping are the baby boomers who are not looking at the bigger picture and the evolving job landscape that is becoming more complex and requires multi-variant skillset. The millennials have cracked this code and have wielded the opportunity to expose themselves to different roles and industries that make them adapt to the ever-changing professional world.
The concept of job hopping is not a net positive for most employers who bear the brunt of recruitment costs due to the high employee turnover, resulting in frequent investment in recruitment processes to fill the position being vacated. According to the United States Bureau of Labor, it doesn’t look entirely convincing on the side of employers due to the shift in the employee retention landscape that has changed from 4.4 years to a measly 2.3 years. Employers decry this scope due to the investment and time being pumped into training the millennials and the resources they’ll have to spend to onboard another talent.
Higher Income Potential
Job hopping has become an enticing and juicy prospect that most millennials who want to negotiate better exits and compensation packages often engage in. It’s statistically backed that most millennials find the following available job options ode juicier and, most times, offer a better pay package than the existing one they left behind. This is constant to those who stay with the same employer for an extended period who might have to slug it out before getting the improved pay package they deserve.
Loss of Institutional Knowledge
Institutional knowledge is not accessible; this is a sizable shoe that can not be quickly filled and arrives at the company’s detriment, which has to onboard another employee who may not have the equilateral skills and experience to thrive in the role. The entire grooming process of a new employee to fit into the company process and internalize the objective may hinder efficiency and the decision-making process.
Networking opportunities are another consequence of job hopping. Each job presents an ample opportunity to meet new people who are well-versed in other areas and create an avenue to build quality relationships that can broaden the scope of their professional pursuits. Millennials have realized that progress stands in the wheel of quality networks that can be leveraged for new opportunities, insights into new ideas, and mentorship.
Bringing Fresh Perspectives
Employees might enjoy the new perspective of a millennia job hopper who has toured different industries and gained sizable experience and knowledge that can be applied to their current employers’ swift running and success. This prospect in this era requires multi-skill workers who are versatile enough to cover different roles effectively with tact and finesse without looking out of sorts. Additionally, it is a general opinion that millennials who are job hoppers are innovative and resourceful, which makes them a suitable addition to the existing workforce.
It’s no new thing that employee departure often leads to unwarranted productivity disruption. Every company works on team dynamics and collaboration to execute specific tasks; any occurrence of employee departure would lead to catastrophic consequences within the organization and, most times, cause a lag in productivity. The reason is that new employees require time to sync with the company processes and daily activities before they are fully integrated.
Lack of Continuous Work Relationships
The impact of job hopping might look juicy in terms of increased income and skill diversification, but the fact is that it’s not all rosy when it comes to building work relationships. A millennial job hopper must start from scratch when joining a new company with an entirely different work process and databases. This is a common theme of job hopping as they might find it challenging to build a lasting relationship with their work colleagues, leading to a massive dent and detrimental to their career progression and advancement.
Inadequate Expertise in a Particular Field
Frequent switching from one job to another often disrupts and limits employee growth in a particular area. This bad precedent stunted employee growth and advancement because they continued to miss out on the chance to double down and become an expert in one field. Additionally, millennials who are frequent job changers often look less committed and not loyal to a cause, which is apparent in their short-termism on the job. This is a red flag that most employers might not welcome because of the fear of their arbitrary existence from the company.
Poor Succession Planning
It’s difficult to string together any coherent succession plan when employers face a gale of uncertainty surrounding their employees. This challenging prospect puts employers at a disadvantage when looking to identify and groom future leaders who will take the mantle of the continuous running of the company.
Burnout and Fatigue
While job hopping is a sweet test of power and might among the millennials, it can lead to inherent burnout and fatigue. Constantly changing jobs is stressful and exhausting. The process is arduous, from job searching and application submission to getting acquainted with a new work environment and building new professional relationships. These tasking prospects can worsen their work-life balance and professional responsibilities.
No employer wants to take a bet on a millennial job hopper who will hop on to the following juicy job proposition in the twinkle of an eye. The potential lack of loyalty and commitment to a job portrays an employee without a solid bond for their current employer and, most importantly, loses touch with the company’s vision and long-term goals. Employers are not oblivion of the risks like peer productivity, high turnover rate, and lack of engagement. These could be to the detriment of the employee who might not have Simone take a bet on them.
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