This is not an easy question to answer. Our individual circumstances differ. There’s a whole range of reasons why we might consider a career move. So, let’s make this easier to answer. What if changing jobs meant you effectively got promoted without having to wait? By changing jobs, you have given yourself a pay rise and the promotion on your terms.
This is a great example of upward mobility. If you make the right choices with each new company you move to, you can accelerate your career advancement without waiting for an eternity to get a promotion. However, there are issues. If you change company too many times, it could give a bad impression.
Loyalty matters
Companies value loyalty. It’s expensive to hire, so when they do, they want to know if they will get a good return on their investment. If a candidate moves around too frequently from one company to another, then they can give the wrong impression, i.e. the candidate is not that loyal. It might also look like the candidate is unable to finish what they have started and is too impatient to stick around.
However, in many cases this couldn’t be further from the truth. Often, the reason behind a move is because that employee feels unhappy.
Quite regularly, candidates complain to us that their current employer doesn’t see their full potential. The candidate cannot see themselves getting promoted, regardless of how hard they work. A lack of training and investment is the other issue. Many candidates leave for this reason. They just want someone to invest in their career development and are frequently willing to forego a pay rise.
The shortage of talent means that there is a candidate market in many countries. This means it’s much harder to retain talent. Subsequently, good candidates do not necessarily need to stick to conventional wisdom on how long they should stay with their existing company. Although showing loyalty is important, it is also important for companies to actively notice and reward loyal employees.
How can companies retain loyal employees?
One of the best retention strategies a company can apply is to invest in employees, by helping them reskill and upskill. Firstly, it demonstrates their commitment to their employees, and it shows they are willing to invest in their development. Secondly, it allows both the employer and employee to see their career path within the company they work for in a structured way.
Naturally, there is a fear that newly trained employees might leave and join a competitor, wiping out the return on the investment made. However, it’s often the lack of investment that employees receive that leads them to leave in the first place, in search for career development elsewhere.
Training, rewarding and promoting employees can actually help retain them. It helps give employees a sense of purpose. They can see their career potential with the company they work for. Plus, skilled employees also act as a magnet for new talent into the company. A strong employer brand built on the investment that a company makes with their employees, is also a strong draw for new talent.
Bold moves can boost a career
Europe is a candidate driven market. This means that retaining talent is just as important as trying to attract new talent into a company. So, let’s go back to the initial question: is there a risk of changing jobs too frequently?
Yes, there is, but it’s all about context. If you are a very highly skilled individual, then the chances are that companies are more interested in the talent you bring in. There is also a risk that staying with one company too long might be perceived as a negative point.
Making frequent bold moves to your career actually demonstrates a willingness to bring more to your new employer than just your skill set. The energy that you bring in and the dynamism you have is incredibly valuable for a company. It can help nurture innovation and boost productivity within the company through a natural sense of excitement and ambition.
Staying with one company for decades may also narrow your perspective on the industry that you work for and reduce the chances to gain new experiences that could help your future career development.
There is a risk involved when you make a move. Whenever you change jobs, there is a chance you may not be happy in your next role, and it may not work out. However, staying put also has its risks, especially for your career development. This should never be forgotten by both candidates and employers.
LHH has been supporting companies in their search for suitable specialists and managers in permanent positions or for interim projects for around 20 years. Our consultants match you with the talent you need to be successful in the long term and advise you on how to retain them.
If you'd like to find out more, just take a look at our services and if you'd like to speak to an LHH consultant directly, please don't hesitate to contact us. We will be happy to assist you in finding the right professionals for your business.