Job Hops - an everlasting debate
Survey says the average duration a person stays in a job has been drastically decreasing since 1990, coz that's when Globalization opened job doors from the Global market. It says the average period is 4.6 years now. But that is just a cumulative number. The numbers vary between industries. For certain industries it is not even years, it is months.
Why this transition? Why are people leaving in such a short span?
One of the common practice in Recruiting is to check the stability of the candidate on a job. This practice is almost at the phase of getting ruled out.
Here are some of the common notions on why people switch jobs frequently,
This is a talent driven market, the demands are more than the available talents. So the talents are frequently moving to high paying lucrative jobs.
If you stay in the company longer, you only get an appraisal of 10 to 15% or may be even less. If you make a move from your job, your rates just fly between 30% to 70% or even more.
But that's not all, there is more to it and here they are,
Purpose: It is one of the main elements that motivates and drives a person. If employees see their company's purpose aligned to that of their's, they stay.
Appreciation: People move when they feel their work is not appreciated, no matter the money you pay them. You don't appreciate your team for the job they do, they might find a place that does.
Learning: People expect a place to work which cares about the growth of their employees. Especially on their learnings. When they don't see one, they move.
Transparency: You make all the false promises to onboard an employee. When they come to understand that the reality is not what was promised to them during the interview, they are taken aback. They move.
Leadership: Nobody likes a boss who sit on the shoulders and micromanage. Nobody likes a boss who doesn't empathize. Nobody likes a boss who doesn't own responsibility, but blame his team for the defeat. When they get one such boss, either they stay unhappy or they leave.
Time: It is important for everyone. Just because your employees signed up for the job, it doesn't mean that they owe their life to the company. You don't respect their time for personal life, they might say 'ciao' once and for all.
Now comes Money. People's financial needs change over time. When they feel their needs are not met in their current job, they are left with no option but to look for a better paying job and they move.
And all of the above don't require ages to identify. It can happen in a short span and people can leave in a short span too.
Generations change and each generation has different ways of measuring their job. You don't adapt to it, you can't retain your talents.
What do you think are the reasons people change their jobs frequently? What should the companies do to overcome this challenge?