At some stage in your working career, you’ve probably heard some variation of the following from a baby boomer, including your parents: “Millennials are too entitled at the workplace”, “They don’t have the drive to work hard”, “They’re not committed to their jobs”, “New media isn’t a real occupation, son”. (Okay, maybe the last one is just me, but you get the drift)
Well, now you can tell your parents to metaphorically suck it (at least, after you’ve asked nicely to use their dryer). Because, as it turns out, our laissez-faire attitude to the workplace isn’t just common, it may even be better for us in the long run, financially.
Based on data from the US Bureau of Labor Statistics, quitting and changing jobs every two years could help you command a salary up to 50% higher than if you stayed at the same job for your entire working career. Which sounds both counter-intuitive and absolutely ludicrous, but it’s true.
The tears stop once you realise how much more you’ll earn.
The reason behind this is the funny way that pay rises are calculated versus new salaries. When you go for a pay rise, you are often asking for a fraction of your current salary as an increase. Which means that most pay rises are often at or just above the consumer price index of the day.
Meanwhile, if you change jobs, you are getting offered a whole new pay package with a whole new salary. Add to that a lot more freedom to negotiate, and the most common pay rise from job hopping can be between 10-to-20% of what you were earning previously.
To put it simply, asking your boss nicely for a raise may not be as financially viable as just walking out the door after two years to the next big thing.
The P in P Diddy stands for “Pay rise”
And the kicker? This isn’t even new information. According to the Pew Research Center, Gen X has been job hopping as much as millennials, for way longer. If anything, the fear of a dwindling job market swallowing us whole has translated into millennials having longer tenures at their current employment.
Which means that along with ‘Friends’, Nirvana, and cool 80s movies, Gen X can add “better at jobbing” to the list of accomplishments they have over millennials. Ugh, fine.
If you’re thinking of jumping ship for something new, have a squizz at our Jobs section.
Source: Forbes / Pew Research Center.
Photo: Wolf Of Wall Street.