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The days of working for the same company for 40 years are long past. Our parents and grandparents might have showed that kind of loyalty, but it’s unlikely that today’s young workers will work for the same company their entire careers. There are many good reasons for job-hopping, just make sure you keep in mind the financial changes that may occur as a result.

Here are seven reasons to start looking for a new job.

1. Moving on Up

It can be hard to distinguish yourself and get promoted within a big company. If that’s the case, it might be a good idea to leverage your current title and salary to get a more attractive offer with a competitor. Just don’t burn your bridges. Leave on good terms — you never know when your former employer might want you back (or where your former bosses and co-workers will end up).

2. To Vary Your Experience

Think about how much you learned when you started your current job. After a few years, you may find yourself doing the same tasks over and over. If that’s the case, your expertise is good for your employer but not for your career. By switching jobs, you force yourself to learn new skills and become a more valuable employee in the long run.

3. Times Are Tough

You don’t have to be in the accounting department to know when a company’s at risk of going bust. If you’ve noticed things like layoffs, earnings consistently underperforming, etc., it might be time to bail. If you can spot trouble before it’s announced publicly, this will give you a huge head start on your competition in finding a new job.

4. You’re Bored

The ideal jobs are ones where you are challenged on a day-to-day basis but the workload doesn’t seem overwhelming. If your job is just too easy for you, you’re probably not happy at work. Look for a job that will keep you motivated. Challenging yourself at work will ultimately keep you headed in the right direction careerwise and help you stay on top of your goals.

5. There’s No Room for Advancement

If you’re at the top of the ladder early in your career, that could be a good reason to look around for other opportunities. There should be a somewhat linear trend to your career — as you take on more responsibility, you make more money and keep moving up the ladder. If you find yourself stuck at a certain point, your title and salary are likely to suffer accordingly. Lack of career advancement is actually the top reason most employees leave their jobs.

6. Found Something Better

If you’re a successful and strong-minded employee, other companies may seek out your services. Whether you’re head-hunted by a competitor or you apply on your own, being wanted by another company is always a good feeling. An outside offer might even put you in a position of strength with your current employer and allow you to negotiate a higher salary or title if you really want to stay at your current job.

7. Time for a New Career

If you’ve just about had it with your job, consider switching careers. People do it all the time and just because you graduate with a degree in engineering doesn’t mean you have to do that for the rest of your life. Be smart about it though: Don’t just jump right into a career change. Do some research, save up some money and slowly make the transition.

Image: iStock

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