8 Hidden Costs of Job Hopping (Infographic)

Money & Relationships office-worker-quitting-dismissed-packing-box_hero

Though some may argue that job hopping is a recent trend, it’s actually been an essential part of career paths for decades. Over the last 35 years, the average tenure of employees has remained at around five years. While younger people tend to change jobs more frequently, this isn’t a new trend among millennials. Baby boomers held an average of 5.5 jobs by 25, which is comparable to the 6.3 jobs held by millennials in the same age bracket.

Changing jobs has always been about gaining additional experience, receiving a pay increase, or simply moving into a job that’s a better fit. It’s fair to assume that this trend will continue for those early in their careers and still figuring out what they really want in a job.

Though switching jobs is normal, it’s important to consider all the implications of job-hopping. There are many hidden costs of changing jobs that people don’t often consider, including what happens to your retirement, who will pay for gaps in insurance coverage, and the expense of a possible move. It’s important to educate yourself on all the expenses that changing jobs could create to avoid emergency expenses and potential debt or financial stress.

Sources: LinkedIn | BLS | TheBalance | Money | TalentWorks | Marketwatch | EBRI

Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *