Industry Hopping | Why are employees doing it and its impact

For generations, the idea of choosing a single career path and sticking with it until retirement was considered the ultimate success story, the epitome of stability and commitment!

But those days are long gone!?

Enter industry hopping - a trend that is rapidly reshaping the workforce, with 48% of those who quit their jobs recently moving into entirely new sectors!

It’s important to note that this dramatic career shift is not only challenging for the working professionals making the shift but also presents a whole new terrain for employers to navigate.

What is industry hopping??

Industry hopping refers to a trend where individuals change career paths, switch sectors, or explore new industries over the course of their professional lives.

Reasons for this major shift include dissatisfaction, burnout , or a lack of interest in their current profession, among others.?

It’s a total 180-degree career flip that allows people to pursue roles better aligned with their values, goals, interests, and talents.

The trend of industry hopping: What's driving working professionals to make the switch?

As an employer, it’s important to truly grasp why employees are jumping ship and swimming towards entirely new industries, often putting a lot on the line.

It’s all cause and effect really, and much of this can be traced back to the COVID-19 pandemic, a period of peak uncertainty that made many professionals rethink what they really want professionally.?

The outcome? The ‘Great Resignation’ (an economic phenomenon that saw huge numbers of working professionals quit their jobs), where 4.5 million individuals in the U.S. alone quit their jobs!

And what followed was the ‘Great Reshuffle’, with many individuals moving into new jobs and industries that were more congruent with their core values and that they thought would be more fulfilling.

Here’s a look at some key reasons for this great shift to other industries:

1) The quest for meaningful work

Professionals are now looking for jobs that leave them satisfied at the end of the day, i.e., roles that offer a greater sense of purpose or are reflective of their values as opposed to repetitive unfulfilling work.

2) Better compensation

Many are seeking higher salaries, perks and benefits that better reflect their skills and experience.

3) Escape from toxic workplaces

Extremely stressful and competitive environments and a lack of work-life balance are pushing employees to find healthier workplaces with a positive work culture.

4) Increased demand for flexibility

Employees now prefer jobs that promote a healthy work-life balance, that offer them hybrid or remote work options and better working hours.

5) Lack of job security and strained loyalty

The huge wave of layoffs during the pandemic significantly strained the trust between employees and employers, causing many individuals to seek opportunities that offer job security.

6) Increase in opportunities following the Great Resignation

The high number of vacancies following the ‘Great Resignation’ where employers were desperate to fill vacancies,? made it easier for professionals to switch industries.

7) Better utilize skills and talents

Professionals now want to fully utilize their skills and talents in roles that allow them to grow and thrive.?

This generational reset has truly helped redefine what a job means to individuals and has helped weed out the stigma and mental block associated with switching careers over the course of one’s professional journey.

What can you do to avoid pushing employees into industry hopping?

It all really boils down to doing the barest of the bare minimum to ensure your workplace is supportive of your employees’ aspirations. Here’s what you can do:

1) Promote a healthy work-life balance

Encourage employees to take time off occasionally, establish policies that set clear boundaries around work hours, and promote flexibility by offering remote/hybrid work options and less taxing work timings.

2) Support mental health and employee well-being

Ensure a positive, inclusive, and collaborative workplace where employees feel comfortable discussing matters of mental health and have access to essential resources such as counseling and wellness programs.

3) Provide opportunities for growth and development

Invest in learning and development programs, offering regular training, upskilling, and career development opportunities to engage employees and ensure that they’re continuously improving.

4) Align roles with employees' strengths and passions

Check in with employees to ensure that their roles align with their talents, strengths, and interests, and give them opportunities to explore different responsibilities within the company.

5) Improve compensation and benefits

Make sure your compensation packages - salaries, benefits, and perks - are competitive and meet employees' needs, and reflect their efforts and the value they bring to your organization.

6) Provide a clear picture of career pathways

Provide employees with a clear idea of their career progression at your organization and regularly discuss their career aspirations to ensure they feel supported and see a promising future with your company.

Industry hoppers: A gold mine of diverse talent or a risky bet?

When considering industry hoppers for a role, employers often wonder:?

Are these candidates a gold mine of fresh perspectives from different industries, or are they a risky bet due to the lack of relevant industry experience??

Here are our two cents-?

Industry hoppers bring with them diverse skills and new ideas, and what truly matters is whether they possess transferable skills (skills that can be applied across roles and industries) as technical skills can be picked up with the right training.

The challenge for industry hoppers lies in overcoming steep learning curves and having their qualifications and experience recognized.

Plus, many are offered entry-level roles despite holding higher positions in their previous careers.?

While this caution is understandable, you should realize that you may be overlooking candidates who could potentially bring valuable leadership qualities to the table and fresh ideas that could drive organizational success.

Ultimately, the potential of industry hoppers, like any new hire, depends on how well they are supported.?

The trend of industry hopping seems to be becoming a new reality, and employers, it’s time to get on board despite any reservations you may have.

It’s crucial to seriously consider the potential that industry hoppers bring and how you can tap into that potential while evaluating candidates and when assigning responsibilities to employees.?

The ball is in your court, employers!

Thank you for reading!

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