The hidden costs of job hopping you never thought about
How many jobs have you held? If you’re like the average professional, you’ll have around 12 jobs over your lifetime. Whether you’re just starting your career, or you’re an experienced professional, there’s a decent chance you won’t stay in your current position indefinitely. There are many reasons why a career change might be a good option. You may have identified areas you’d like to grow professionally that your current position can’t fulfill. Or you may not be happy with what you’re currently being paid, and another company is willing to pay more to have you join. Or perhaps you’d simply like to make a total career change. Either way, changing jobs is often a necessary part of progressing in your career.
Given all the advantages of making a strategic job change, are there ever any downsides? Certainly. You may have heard how changing jobs too frequently can look bad on a resume, but there are several other considerations you may not have heard of, that are important to take into account before you make a job change, even for a long-term position.
For instance, many employees may not realise that a portion of their retirement savings with their company could be tied up due to their vesting policy. This could mean losing thousands of dollars in employer-sponsored contributions if you leave a position before your retirement is fully vested. In other circumstances, you may lose any vacation days you haven’t spent, going uncompensated for the time. Since only half of all states require companies to pay employees for unused PTO, you should know your company’s policy before you quit.
Don’t let these and other hidden pitfalls hold you back from making the job change that’s necessary for you. Knowing what to expect and what to research beforehand helps you make more informed decisions. Check out this infographic by Turbo for more unexpected ways that changing jobs could cost you.
Can you think of any other hidden costs of job hopping? Let us know in the comments below.