Does Switching Jobs Hurt Your Career?

“Stay at a company for at least two years.” I can’t even count the number of times I’ve been on the receiving end of this advice and heard the same advice passed on to others. Everyone from your colleagues to your family have an opinion on this topic, and as someone who has worked in recruitment for several years and receives detailed resume feedback on the regular from hiring teams, I can tell you that the answer to the question is complicated.

On one hand, there are clear benefits of job hopping. On the other hand, it can impact your reputation and the perception of you as an employee and a candidate.

THE GOOD

Career Advancement

When you job hop (change jobs every 1-2 years), you have the potential to go further faster, especially early in your career when you’re trying to build up a portfolio of skills, knowledge and experience to take on more responsibility. You’re not waiting for that ‘next job’ to come up in your current company and quickly taking on more senior titles.

Job Satisfaction

Switching jobs can help you to find the right company for you. One where you can see yourself staying for the longer term where you have a great team and growth opportunities. If you’re absolutely miserable in a job where there is no resolution, staying in it for years is going to be pretty painful.

Compensation

Changing jobs can be a very lucrative way to increase your salary. Studies have shown that employees who stick around in their current job and company can expect a 3% average annual raise, whereas changing your job/company will get you a 10-20% increase in your salary.

THE BAD

Perception

You may be dismissed by hiring managers. While many employers have become more accepting of shorter periods of employment, I would be lying if I hadn’t supported teams who dismissed resumes of candidates who changed companies every 1-3 years. Hiring managers may not want to invest their time and resources into someone they believe will only stay for a year or two. 

Have Reasoning

If you are a job hopper, it’s likely you’ll be asked about your frequent moves, even if they’re legitimate (maybe you relocated, were a contract worker, or your job was eliminated). Be prepared to explain the reasoning behind each of your moves and tell your story.

It’s Taxing

When you only spend a year or two at each organization, you’re constantly settling in and having to re-prove yourself which can be taxing and stressful.

All in all, changings jobs every few years has clear benefits and where it makes sense and you’re able to explain your reasoning, it can be the right move. But it can be taxing on you to do it frequently while also leaving some hiring managers with the perception that you’re not looking for something long term, even if you are.

If the goal of your next move is to find a place that you stay for the long term, make sure you do your research on the job, the company and the culture to learn as much as you can up front and increase your likelihood of staying. Ask questions and try to get a sense of what it would be like to really work at that company and what advancement and development looks like so that you can make an informed decision on an offer.

My Short and Long Term Financial Goals

Over the last few months I’ve been thinking about what the short and long term goals of my money are. I’m now in a savings routine, I have an accessible emergency fund should anything go wrong, and by the end of the year I’ll have about $45,000 across my portfolios.

With that said I’m not saving for the sake of saving and so I’ve set a few financial goals for myself that I think are feasible. My calculations are also conservative based on me staying at my current income for the next 10 years.

Short Term Goal #1: Investment Property

I’m planning on purchasing an investment property with my SO in 2021 and this is what most of my current savings is going to be put towards next year. I feel better about putting some of my money into an asset that will appreciate over the coming years and hopefully become an income source for us.

Short Term Goal #2: Value Based Spending

There are things in this world that I just think are worth the spend and for me that is travel. Travel brings me a lot of joy and I wouldn’t delay those experiences for an earlier ‘retirement’. At least a portion of my trips are usually covered through my credit card points (I’ve been using the same card for years) and it has at times paid for full vacations. This year alone I’ve racked up almost $1000 in points that I can’t wait to use once it’s safe to travel again!

Long Term Goal #1: Pay off the Mortgage

A shared goal of my SO and I (after we purchase an investment property) is to pay off our mortgage. It’s our single largest expense and we’ve each committed to aim for 20-25k in lump sum payments per year; that additional 40-50k will let us pay off the mortgage much faster (about 7 years), while still allowing me to put money away for my next goal.

Long Term Goal #2: FIRE by 40

I’m a huge admirer of the FIRE movement and I don’t really understand all the criticism. I love what I do! I don’t know that I’ll have the desire to fully retire for a long time – I have to be working or adding value somewhere. But wouldn’t you want to have choice? The choice to work or not work, or to only take on the work that you’re incredibly passionate about because you can? I also really believe that if you are doing work because you love it and not because you’re tied to the paycheque, you show up more authentically. You might be more bold, more innovative and less afraid to do your work truthfully. That to me is my FIRE goal. To get to a place financially where I take work only because I want to and not because I have to, and where that money is just a bonus.

What are your financial goals?

10 Great Questions to Ask in an Interview

When you interview with a company, it’s important to remember that an interview is a two-way street. Yes, it’s a chance for the employer to evaluate you but it’s just as important for you to validate if the position and the company are the right fit for you. The question period at the end of the interview is the perfect time to ask any questions that you might have about the position and the company.

The question period is also an opportunity to demonstrate your interest in the role by asking thoughtful questions and showing that you’ve done your research, so always make sure you’re prepared!

There are lots of great questions out there but here are 10 to get you started.

1) How would you describe the company culture?

2) How do you measure success in this role? OR What has past success looked like in this role?

3) What are the biggest challenges someone in this position would face?

4) What other teams or departments does this position work with?

5) Do you have any employee resource groups? (a great question if you’re seeking a company that promotes diversity and inclusion)

6) I read an article about the company doing X, can you tell me more about this? (read current articles about what the company is doing to show you’ve done your research and learn more)

7) What do you like about working for the company?

8) How do you help your team grow professionally?

9) Is there anything that concerns you about my background being a fit for this role that I can address?

10) What are the next steps in the interview process?