Why Job-Hopping Isn't Such a Good Idea
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What is the main topic discussed in this episode?
With your money briefing, I'm J.R. Whelan at the Wall Street Journal in New York.
What is the current labor-market backdrop and why might job-hopping be tempting?
Low unemployment and rising wages have tilted the labor market balance of power to workers, and many have jumped from job to job seeking more attractive salaries. But that's not always a good idea with respect to your career. We'll explain why in a moment. First, these money and market stories you should know. Housing starts rose a substantial 18.6% in January from the prior month, to a seasonally adjusted annual rate of 1.23 million. And the Commerce Department says that residential building permits that can signal how much construction is in the pipeline rose a more modest 1.4% from December to an annual pace of 1.34 million. The home building sector has struggled with higher interest rates and a tight labor market for construction workers in recent years.
From January 2018, housing starts registered a 7.8% decline. In Wall Street Journal, intelligent investor columnist Jason Zweig writes that as states and the Securities and Exchange Commission draw up rules to require stockbrokers to act in their clients' best interest, individual investors should be mindful of the idea that their best interest starts with themselves.
Why does Natalia Peart argue that frequent job changes can harm your career trajectory?
He writes, to keep your money safe, you must rely not on regulators, but on your own care and due diligence. Look into fees and risks before you give the slightest thought to performance. Ask plenty of questions and never trust anyone who promises to make you rich quick or to increase your return without raising risk. See Jason's full column on WSJ.com or at the WSJ app. He ends the column, by the way, with a quote from investment analyst Benjamin Graham, who once wrote, there are no sure and easy paths to riches on Wall Street or anywhere else.
What does 'shifting versus drifting' mean and how should you apply it to job moves?
With unemployment at 50-year lows, it is certainly a job-seekers market, and those wanting to change jobs are enjoying the balance of power as well. But is hopping from job to job in an employee's best interest? And what should freelancers keep in mind in this job market? Natalia Peart is a psychologist and performance consultant at Fortune 1000 Companies and joins us to discuss. So Natalia, this labor market can empower workers, but you suggest people think before jumping jobs.
JR, that is absolutely right. I think that on the one hand, it is nothing but good news that we are in such a labor market that's advantageous to employees. But on the other hand, we want to tread deliberately. So in other words, our goal isn't at the end of our career to say how many jobs have we racked up.
How can freelancing be used strategically to explore career changes without burning bridges?
Our goal has to be that at the end of all of that, did we get where we wanted to? We've got to keep our bigger vision in mind and use this job market to our advantage.
You often mention shifting versus drifting. What exactly is that?
So the difference between shifting and drifting is, first of all, it starts with this key difference. No matter what job market we're in, whether it's a good one, whether it's one that is not playing to our favor, we have always got to see ourselves as the boss of our own career. Here's what I mean by that. We have got to play to our advantage, always maintain control of our life, and not just think about what's my next job because it's a good market.
What practical career playbook should workers in their 20s and 30s create for downturns?
You should be thinking to yourself, what is my bigger strategy that in good and bad, I'm going to use to get to my bigger vision of success. Once you're thinking that way, what you're now doing is figuring out what steps can I take? In other words, how am I going to shift to get where I'm trying to go as opposed to drifting based upon, oh, I saw a new job tomorrow. And, you know, let me go ahead and apply for that. Or, hey, that's an interesting opportunity.
Which skills and negotiation strategies should you emphasize to protect your market value?
They're paying, you know, two dollars more. I should go there. That is drifting. So what really I want to walk you through is how do we take this job market, use it to our advantage and shift, not drift.
This labor market has created opportunities up and down the scale for people looking for work and people looking to change jobs, whatever the case might be.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:05–0:09
2
What is the current labor-market backdrop and why might job-hopping be tempting?
0:09–1:18
3
Why does Natalia Peart argue that frequent job changes can harm your career trajectory?
1:18–1:57
4
What does 'shifting versus drifting' mean and how should you apply it to job moves?
1:57–2:54
5
How can freelancing be used strategically to explore career changes without burning bridges?
2:54–3:48
6
What practical career playbook should workers in their 20s and 30s create for downturns?
3:48–4:23
7
Which skills and negotiation strategies should you emphasize to protect your market value?
4:23–5:09
8
How should employees balance taking advantage of today's market with preparing for future cycles?
5:09–9:05
Speakers
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