Quick quitting is becoming a fast-growing trend, according to LinkedIn’s new Workforce Report. The data from LinkedIn indicates that workers in the United States are leaving their jobs after only being with the company for a short stint of time. Many are quitting in just under a year.
Silicon Valley is well-known for people switching jobs quickly, as the tech hub has the highest employee turnover rate. Workers in this dynamic sector learn as much as possible, forge new relationships, move on to other roles elsewhere and repeat this process multiple times.
As they move around, they earn more money with each job switch, build more extensive networks and learn new skills that empower them to grow faster than their peers who remain at the company for long periods.
LinkedIn’s report shows that Silicon Valley isn’t an isolated phenomenon. People in an array of other industries, such as the arts, recreation, media and administration, are following Silicon Valley’s lead and quitting at a fast pace.
A Big Shift In Job Switching
The pandemic ushered in a change in the way people view their work. No longer will employees allow themselves to be taken for granted. The virus outbreak showed everyone how fragile life can be. One of the lessons learned was to do what’s best for you and find a job that offers meaning, purpose and inner fulfillment, along with good treatment and a compensation package commensurate with your talents and experience. The Great Resignation clearly demonstrated that people were serious about what they expected from employers and were willing to quit if their needs and wants were unmet.
Sometimes Quitting Is The Best Option
There comes a time when you’ve had enough and need to cut your losses. If you’ve thoughtfully analyzed your situation at work and concluded that you’re not paid fairly, are treated rudely by management and haven’t seen a raise or promotion in years, it may be time to move on. Your initial instincts may be reaffirmed when outside talent is offered high-paying jobs at your company instead of giving internal candidates a chance for the coveted roles.
Ask Yourself The Following Before You Quit
- Am I happy?
- Does the company appreciate me?
- Is the pay commensurate with what I’m worth?
- Has my manager outlined a way for me to internally grow my career?
- Are there jobs available in my field?
- How much am I really learning?
- Is there an acceptable work-life balance?
- Why is the company forcing me to come into the office when I could easily work remotely?
- Is the stress affecting my mental and emotional health?
- Do I feel excited and motivated to do my job?
These are just a sampling of the questions to ask yourself. If you feel that you are not deriving any excitement in your job, there isn’t a path forward, layoffs are on the horizon, a hiring freeze is in effect, job offers have been rescinded or the boss and management don’t seem to care about its people, it may be time to cut your losses and move on.
The More You Move, The More You Make
You can greatly increase your compensation by intelligently seeking new opportunities and upsizing your job. For white-collar professionals, it’s reasonable to ask for a 10% to 20% or higher premium to your current pay package to switch roles.
If you do this a number of times, the salary gains are similar to the compound interest you get at a bank. When you are earning a $100k salary, the offer could be in the $120k range. Two years later, you’re ready to move again and asking for a base of around $140k or $150k. On the other side of the spectrum, the person who stays too long at a company will see their pay stagnate. Additionally, they won’t learn as much as those who have jumped around.
You can continue changing jobs, but be careful that it’s not too often. If the tenure at each successive firm becomes less and your résumé starts looking very jumpy, you may want to hold off for a while.
There may come a time when hiring managers and interviewers view you as a perennial “job hopper” and take a pass on your candidacy. They’ll feel that you will just move on in under a year and they will have to start searching for your replacement, spending time and money to train the new person. During difficult economic times, job switching can be dangerous, as you might be the last one hired and the first to be fired if things go from bad to worse.
Source: Forbes
