Temporary Staffing: Is Job Hopping the New Norm for Millennials?
Historically, job hopping has had a negative connotation. 20 years ago, the norm was to find an employer and stay with them for 30+ years. However, according to the most recent available data from the Bureau of Labor Statistics, the average worker now stays and each of his or her jobs for an average of 4.4 years. What’s more, is that 91% of Millennials, or those born between 1977-1997, expect to stay in a job for less than three years according to the Future Workplace “Multiple Generations @ Work” survey.
According to estimates reported a TalentCulture blog, 40-50% of all income-producing work will be performed by short-term contractors, freelance workers, and temporary workers. In addition, while the length of a career already averages 48 years, it’s expected to be 50+ years by 2020. Given these estimates, millennials can expect to hold 20 to 25 jobs over the course of their career.
This realization has led many to question if “job hopping” can be a positive thing rather than negative. Ryan Kahn, a career coach and founder of The Hired Group says that because of the frequency of job hopping today, it is actually replacing the concept of climbing the corporate ladder. Career experts have noted some benefits to job hopping, such as:
- Job hoppers have a diverse background in a number of industries and different size companies.
- They have access to more information, professional connections, and resources.
- There is more exposure to different types of businesses and people.
- Job hoppers have the opportunity to show off some of their best attributes, and a chance to find the right fit.
- Job hoppers may be able to ultimately make more money than those who stay within one company that might have a salary cap.
With all this in mind, there are also disadvantages to job hopping. Employers might be hesitant to invest in someone who has had a new job every 2 years, especially if it’s in a different industry or it is a different job title each time. The job may also be less secure and lead to a lack of job satisfaction or fulfillment. Overall though, it seems as though job hopping is in fact the new norm for Millennials, which could arguably be good news for those in the temporary staffing industry.
World Wide Specialty Programs has always had a singular purpose – to design, develop and provide staffing insurance products for the staffing industry. Working with over 2,000 insurance brokers nationwide, we know the staffing industry better than anyone, and can provide great options for your staffing industry insurance needs. Contact us today for more information about our staffing agency insurance solutions. (877) 256-0468.