Yahoo Finance Expert reveals the perfect time to quit your job
Job-hopping has become the accelerator pedal for climbing the ladder, but you should still proceed with caution.
Staying in your job with the same company for 20 years is not something that is applauded like it used to be, and the ‘great resignation’ saw job-hopping hit hyper-speed.
But how often should you switch jobs, and when is the right time to make the move?
In Australia, the average stay in a job is three years and four months, according to 2020 data from the Department of Education.
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However, this varies significantly across age groups. For those under 25 years of age, it’s one year and eight months. For those over 45, it’s six years and eight months.
How to successfully job hop: Give it at least a year
“A good network is important. A strong resume is essential,” Resume.io chief marketing officer Rolf Bax said.
“You can never overstate the importance of recommendations and referrals, but your resume is what will get you into the interview room and, most likely, into that next great job.”
While job-hopping might be much more acceptable these days, there are some rules you should abide by.
For example, job-hopping within a month would raise a lot of questions, and taking criticisms of your former workplace into a new job interview would likely not to serve you well, Bax said.
“If you do decide to leave your job within six months, don’t repeat it. Employers and headhunters will be on alert,” Bax said.
“If you do have a short-term history, try to stay put for at least one year or have some compelling – and positive – reasons ready to share in job interviews.”
How can job-hopping benefit you?
Most hoppers want more money. Moving to a job offering a higher salary, better benefits and even equity can be far easier than asking for any or all of these in your current job.
The second benefit is career advancement, which Bax said was lacking within companies at present.
The third is to gain more flexible working conditions. Some companies are fine with remote working, others are not. Some will make allowances for things like babies, medical and/or mental health needs and further study. Others are less generous.
The fourth is to find a company with a culture that helps you to thrive. But Bax warned this was the trickiest one to assess before you signed on the dotted line.
“Do your homework before you accept any job offer. Ask questions, even if they’re difficult,”
Bax said.
“Be realistic about your skills and abilities. Your ego can’t help but be seduced by being offered a huge jump up the ladder. But can you do the job? Will your working life become a nightmare with you feeling overwhelmed or unable to cope?
“Lastly, never lose sight of what you really want. More money in a job that demands 15-hour work days? A job or an organisation the same as the ones you’ve been leaving?”
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