So the old way of doing things anyone who moves companies every two to three years was seen as unstable and not a good prospect.
But as employers have come to learn this generation is ambitious and will happily take the skills they have learned to move on to greener pastures. If a 20-something wants a real raise they must shop over to a competitor for work.
Pros- it's the quickest way to get a pay
bump when making a lateral move. Finally
wages for new hires and on the rise while many companies still have caps on annual raises that don't reflect the market. These companies often assume that landing the candidate means the competition is over and they could not be more wrong. They simply just made that applicant more marketable.
Cons- always the new guy proving yourself, loss of vacation days depending on how well you negotiate and sometimes being the company man and staying the course does lead to promotion. You'll have to change healthcare plans and even though your day to day job that you exceed in doesnot change the dynamics of the companies are different. Just when you figure out the game it's time to hop again.
Still studies show you lose in the six figuresovera decade by being that loyal company man and waiting for the big pay day.
Great benefits and 401k matching isn't enough to keep the younger generation in their seats. They do have new and valuable insight and most will leave no matter the pay if they don't see a future or feel the voice of the company.
Many companies aren't embracing the incoming generations influence. Thus many hop on pay looking for a company they can embrace.
Most want to get involved and have a chance to have an idea be heard if it benefits everyone. But in a market where wages are rising you can't retain those employees by instituting a 5% raise cap no matter their potential. They will leave if they are ambitious.
Im a fan of low hire pay with accelerated pay based on performance.
I think too many employers lose good employees by uniformly applying raises.
Staying longterm gives you social capital and maybe job security. Moving companies means risk if you aren't smart about it.
But as I see it I have a very low retention tool for the employees I want to keep and build into other roles if HR says he gets capped at a percentage no matter what.
Loyal employees will work for less than they know they could making jumping ship but not when it is desperately less. You lose good people that way.
Another assistant bites the dust.