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askST Jobs: Does job loyalty pay off?

2024-03-11 00:00:00.0 海峡时报-新加坡原网页

In this series, manpower reporter Tay Hong Yi offers practical answers to candid questions on navigating workplace challenges and getting ahead in your career. For more tips, sign up for The Straits Times’ HeadSTart newsletter.

Q: In a world of less job loyalty and shorter average tenure, will I get rewarded for staying on?

A: The concept of working for a company for life is “rather outdated” these days, said a spokesperson for jobs portal Jobstreet.

“Previously, two years in any given role was considered a short tenure and a ‘hop’, but now it’s deemed to be a reasonable time to spend in any company – especially for the younger generation who is hungry to gain more experience and who often seek out new opportunities,” the spokesperson said.

According to Jobstreet, it is an “open secret” that those who switch jobs more often can command a higher salary of typically 10 per cent to 25 per cent more than their peers who stayed on.

“However, before deciding if they want to jump ship – especially to another company with higher pay than their current role – candidates must consider their motivation behind their job change, and weigh various factors to ensure it aligns with their long-term goals.”

Factors that come into play when switching jobs include a lack of job stability, changing work environment and impact on existing relationships and networks, the spokesperson said.

Changing jobs too frequently may backfire, and those who do so need to accept that their rising pay and increasing job scope may plateau despite a faster initial climb.

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The Jobstreet spokesperson said: “Excessive job-hopping might be seen as an inability to commit or bring real value to any given team or company. At the same time, constantly switching jobs in a very short timeframe may limit their ability to develop specialised skills and knowledge that could benefit them in terms of long-term career prospects.”

For their part, employers must strive to reward long-term employees who excel through remuneration and other means, said the spokesperson.

“This can be done by ensuring a healthy work culture, fostering open communications, offering flexibility, maintaining a reasonable workload, and including non-monetary benefits like wellness programmes or professional development opportunities.

“These benefits can enhance employees’ overall compensation package and demonstrate the employer’s commitment to their well-being and growth.”

Those who work for the long haul with good employers that provide sufficient opportunities and due recognition stand to be rewarded with promotions or higher-paying opportunities, the spokesperson said.

Nevertheless, candidates must remain agile and open to new opportunities to navigate today’s modern job market, which values adaptability, continuous learning and a diverse range of experiences.

“While loyalty is valued, employers also increasingly value those who demonstrate a track record of success in varied roles and environments.”