“…job hopping is the NEW BLACK…I think
employers see a downside if candidates stay at a company for longer than 10
years. They ask the obvious: Why? Weren’t they ambitious enough to look for
other opportunities? Did they just settle in and get comfortable without
pushing themselves?
So beware, candidates, if you are at your job longer than 10
years. You may have thought it was a sign of loyalty, but it may be perceived
as a career liability.”
Consider the advantages of a long
term partnership with the company you join
Say what?? With all due respect,
Jeanne, I 100% disagree. But Jeanne’s opinion carries statistical strength:
Data from the U.S. Bureau of Labor Statistics, released Sept. 18,
says that as of January 2012, the median time that wage and salary workers had
been with their current employers was just 4.6 years. This is a terrible trend.
• Your job is too hard. Being
averse to any real challenge is not a quality many employers will respect or
admire. If you’re job is too hard, do what you need to do to get up to speed.
Ask for more training or take a class to brush up on your skills. Don’t demote
yourself or bow out.
• You’re bored. While boredom
(and lack of a challenge) can be absolutely toxic to your professional
development, it is not an excuse to move on. At least not until you’ve explored
other options within your company. There’s probably a lot more you could be
doing if you just asked.
• You can’t get along with
people. It’s one thing if the corporate culture just isn’t the right fit,
but if you’re moving from job to job because you’ve fallen out with your
co-workers or your boss, it might be time to do some soul searching. Think
about it: the only common denominator in the equation is you. So instead of
moving on every time you have a tiff, think about what you might have done to
provoke it.
• You’re jumping for money alone.
Jumping from job to job for the sole purpose of monetary gain is a big mistake.
If increasing your salary is your only incentive for job-hopping, you’ll end up
unsatisfied in the long term.
I maintain that the commonly-held
idea the only way to “get ahead” is to hop jobs is entirely false.
As a case in point, the company I
helped save from closure in 2004 and now lead (Fishbowl)
has grown from 6 to 100 employees in the past 8 years, and our turnover is
negligible (under 2%). I am here for life. As I receive calls from Venture
Capitalists I tell them “our exit strategy is death, so we may not fit your
model.” Our full leadership team and the vast majority of our employees
consider themselves “lifers” as well.
Yes, as a business owner I have a
lot of incentive to keep our talented people around. But as an employee, I believe
you can progress much better, both financially and in skills, by staying in one
place instead of jumping around. The whole idea and philosophy of the
“perfect job” could be blinding you from the even bigger opportunity to magnify
the position you already have.
So with apologies to Jeanne and to
everyone who’s supported the premise she offers, I present a new list – The
Top 10 Good Reasons to Stay at a Company for 10 or More Years. Here goes:
1. Seniority – If you stay at
one company for the long haul, you’ll be more likely to rise in seniority,
rather than having to scratch and fight to establish a stronger role at each
new company as you go.
2. Leadership
Opportunities – With seniority comes the chance to lead others and mentor
newcomers through the transition to their new jobs. Your success increases your
abilities—builds a loyal following in your team members—and makes you a leader
who is naturally upheld by your team, rather than working to defend the authority
you’ve been given in a new firm by decree.
3. Stability – If you’re
constantly worrying about where you’ll be in the next year, it’s difficult to
make long-term plans. A little stability in your career and workplace can help
you cope more effectively with the stresses that are sure to occur within the
rest of your life.
4. Homeownership and retirement
funds –Job hoppers pay a high price in home equity and retirement accounts.
Every job change that requires a move will also enact a high transaction cost
to change homes, which is never ideal outside of chosen opportunities to move
to a more suitable home. Stability is also appealing to banks, who often look
more favorably on prospective borrowers who’ve held consistent jobs for a
minimum of two years, and preferably more. Vesting in 401K and stock option
programs is generally badly affected by hops. So while employees think they may
be gaining an advantage by jumping to a new company to get a sign-on bonus or
raise, in the long term, employees who maximize vesting schedules and maintain
their retirement accounts will likely excel.
5. Increased Benefits – Many
companies increase employees’ paid time off if they stay at a job for a certain
number of years. As I noted in 4, you also increase your accounts and your
vesting of benefits such as 401K and stock options by staying put and remaining
stable. You can spend more time with your family and can achieve lifestyle
goals with the extra time off and the extra stock and retirement savings
long-term employment affords.
6. Self-Improvement – If you
allow other people to get to know you over a long course of time, you’ll grow
to trust their advice, and they’ll be able to point out the blind spots you may
have otherwise never addressed. Furthermore, you’ll recognize and resolve your
own weaknesses far more effectively if you stay put and address what bothers
you rather than jumping ship and blaming your discontent on your former
co-workers and boss.
7. Dependability – If you are
able to stay at one place for 10 years, it shows that you are able to do a lot
of things right. People will respect and trust you for the dependability you
show.
8. Flexibility – Most people
who stay at a company for a decade or more progress through multiple
increasingly challenging roles while they’re there. They typically try their
hands at a variety of roles to help determine what they’re most passionate
about. The difference between moving within a company and moving between
companies is that you retain your status and benefits, but you’re also free to
experiment and try some new things.
9. Perseverance – It’s easy
to quit over perceived unfairness or serious challenges. But it shows much
stronger character to persevere, to find and enact solutions to problems,
repair damage, and take an active role in turning a situation around. (However,
if you work in a genuinely toxic corporate environment, you should absolutely
take your leave, as quickly as possible, and move on.)
10. A Say in the Company’s Future
– You can have a positive influence on your company’s direction over the years,
and can do so from a position of experience and knowledge, if you’re willing to
stick with the company through good times and bad.
This is true for our
company, and is especially true for the opportunity we’re beginning right
now. Our team had a very direct role in achieving a full buy-back from the former investor. We’re in the
process this week of granting stock options to nearly half of our employees,
and many more will receive shares within the coming six months. Now the
employees and management own the company. Stock option ownership is based
on behaviors that align with our 7 Non Negotiables, which you’ve heard me
mention before.
Likewise, our employees are earning
the right to participate in the company’s future growth and to help direct the
company’s current and future product and technology goals. Our compensation
plans have every person in the company, at every level, working in a base plus
commission arrangement. That arrangment is vital to them and has also been
vital to our success, I believe, in achieving consistent year over year growth
of approximately 60% since 2007. It causes everyone in the company to be
thinking in ways that create revenue, and it requires that we all remain
frugal. In essence, the employees are able to engage as entrepreneurs at
every level of the company, without the risks or the drawbacks of founding a
startup firm on their own.
Have I convinced you? Yes, changing
jobs may be “the new black” for the majority of U.S. workers, but we would do
well to learn from our European and international counterparts on this front.
Today, I challenge you to consider the possibilities of participating in the
long-term growth of a great company, and to also consider the advantage of a
long-term partnership within the company you help to create.
Perhaps it’s time to turn your
career and company into a devoted and prosperous marriage, instead of a series
of dates.
