There are pros and cons to sticking with the same employer for decades
Pat Sajak is leaving his role as host of the game show “Wheel of Fortune” next year, more than 40 years after he started — a career feat not many people can say they’ve achieved.
Changing jobs can harm a worker’s future retirement security. At some companies, employees must complete a waiting period before they’re allowed to enroll in the workplace retirement plan — leaving the job too early could mean never having access to the plan, and thus never taking advantage of investment choices and high contribution rates.
Of course, there are benefits to switching jobs, such as career advancements and wage gains. Six in 10 workers who switched jobs said they saw a real wage increase between April 2021 and March 2022, compared with 47% of those who stayed with the same employer, according to Pew Research Center data. Moving companies allows job seekers to negotiate their pay, receive signing bonuses or find other benefits, said Marissa Morrison, vice president of people at ZipRecruiter.
Employees who stick with the same employer could reap other benefits, such as vesting in 401 plans, stock options and pensions, Morrison said. They are also more likely to find predictability and stability, and can build a knowledge base of the company.
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