At an investment fund I worked with, one of my bosses (Victor Menezes) did something remarkable — after graduating from MIT’s MBA program, he never changed jobs.
He worked at the same firm (Citi) all his life, becoming the global CEO of Citibank, and retiring as a Senior Vice Chairman of Citigroup.
So should one stay at the same firm for long periods? Or should we keep hopping jobs for better salaries and growth?
The answer is nuanced and here is my take on it.
Job-hopping is tempting because it often allows you to get a meaningful salary hike. And sometimes, if your current company won’t give you the right opportunities, salary hikes, etc., changing jobs can be a good thing.
But focusing exclusively solely on ‘salary hike’ may cost you some really big opportunities — so be careful.
Early on in your career, be like a new batsman who hits only singles until settling down. Then, he starts hitting sixes.
So if staying longer helps you invest in your growth, and build skills and relationships — don’t underrate it.
When we graduate, we often only think of money. But soon, other things start to matter, e.g., your boss and people around you, quality of work, growth opportunities, organizational politics, and recognition for good work.
If you find a company where your boss is good, politics is limited, and work is meaningful, think really, really hard before quitting. And on top of that, if the growth opportunities are good, it would likely be foolish to quit even for a 100% salary hike.
The last and probably the most important — if you want to rise to the very top, almost always, the top prize goes to long-timers. To get into the C-suite, you have to build coalitions, be seen and respected by the right people, and get the right opportunities to prove your mettle (e.g., P&L responsibilities).
Whether it is Indra Nooyi, Satya Nadella, or Sundar Pichai, most CEOs are long-termers. If Nadella had been switching jobs every 3-5 years, he would never have made it to any comparable role. In fact, an average Fortune 500 CEO spends about 15 years in the company before becoming the CEO.
And I have also seen the converse — some very competent executives in ICICI and erstwhile ILFS never reached the peak because they did not stick around.
In summary, there is no universal right answer. Sometimes, even I have struggled to find the right cultural fit.
But if you want to rise to the top, spending a long time at the right firm seems to be the best path.
– Rajan