Jumpy CVs harming career prospects

Hong Kong workers in the early stage of their careers are job-hopping with increasing frequency, to the detriment of their long-term career prospects. This warning comes from the global boutique recruiter, Ambition, which specialises in the Banking, Finance and Sales & Marketing sectors. The organisation has become increasingly concerned that jobseekers are failing to see the career benefit of building a solid track record in each role they occupy.

Matthew Hill, Managing Director of Ambition, Hong Kong said, “People are staying in jobs for shorter and shorter periods. The bonus culture is fuelling a lack of brand loyalty and a sense that changing jobs is the best way to advance.” To quantify the trend, the company ran a sample survey of the employment history of candidates currently in the first five years of their career and compared this to an equivalent sample of jobseekers who were in their early career stage five years ago.

The figures show a marked decline in the length of time spent in each job between the two groups. Today’s early-stage banking workers stay in each role for a third less time than their counterparts five years ago. For finance and accounting the figure is 17%; for sales & marketing a remarkable 38%. Hill commented, “These figures bear out our concerns. Of course external factors such as SARS in 2003 come into play, but one might expect the generation that started out at the time of the 2008 financial crisis to display greater caution.

Hill added, “Our worry is that moving too frequently prevents people from proving themselves with one employer and moving into the ranks of middle management. The pay rise or bigger bonus that moving can bring is often a short term benefit at longer-term cost to people’s careers. This pattern also means that more senior roles are often filled by expats – something that we know frustrates many local candidates. Our message to Hong Kongers in the early stage of their careers is to hang in there. A robust record of commitment and delivery is a passport to career advancement. A jumpy CV is a threat to success.”