Job hopping is often frowned upon. But it is a proven way to increase your income over time.
But what exactly is job hopping? You might be wondering now if you should change your job every year, just to keep pushing your income.
Well, the answer is as you might guess, no. No, changing jobs every year might not be a good idea.
Of course, there’s a limit to what you can earn at a certain level of skills and experience. Also, changing jobs this often is really frowned upon by recruiters and hiring managers.
If do you plan to be job hopping very often, be sure to prepare for the dreaded question “why do you change jobs so often?” It’s a valid question to ask.
Potential Income Increases
You might be getting raises every year, or maybe only when you ask. However, as much trouble a company went through to recruit you, now that you’re in they might not be willing to increase your pay that much.
The company knows leaving a job is a big step to take, so you won’t negotiate to the fullest.
Only if you are really willing to walk away, you have leverage if your company wants to keep you. But beware, threatening to leave could make them walk you out the door (depending on your country’s law), or cal your bluff. Be prepared!
Why I Left my Job
About a year ago I was recruited by my current employer. It was very hard for me leaving my old company. I really liked working there, and the colleagues and management were nice people.
The problem wasn’t the company. The problem was my ambitions. I wanted to grow into another type of role, and that wasn’t really possible. So naturally when I was spotted by a company offering me that exact role, I was very happy to talk to them!
My Salary Increased as a Result
It wasn’t my intention to leave the company for a higher salary. I could have gotten that raise by pressuring my manager, threatening to leave.
Heck, I even got an offer from my old company that was higher than the salary at my new employer, if I’d stay. But nope, that opportunity was gone and I wasn’t interested in staying in my current role for an increased income only.
At the new company there was quite some room to negotiate. They recruited me, I had a steady job. Also I work in an in-demand industry and have some specific skills that are worth real money. So when I asked for more than their offer they accepted pretty quickly.
It made my savings rate jump which is good because I can invest more money.
Job Hopping Pays
I know that I could leave right now for slightly more money. However, I’m not interested in doing that. For now I like my job too much, plus I don’t want to hop after less than a year.
But… if a year from now the pay increase is not coming and the economy is still good, I might consider looking for something else.
In the end, increasing your salary is what really accelerates your path to FI. In the meantime, make sure to do a job you really like.
What is your experience with job hopping for more money? I would appreciate you sharing your story below in the comments.