The high frequency of job mobility among knowledge-intensive employees is detrimental to enterprise development. This study addresses the lack of understanding of the internal mechanisms linking job mobility and job satisfaction. The rapid growth of China's middle class, particularly those in knowledge-intensive labor, has increased the importance of understanding employee mobility. These employees, possessing high human capital and autonomy, are sensitive to job satisfaction and often exhibit high job mobility. Frequent job changes lead to knowledge loss, talent instability, and reduced business performance, particularly in the early stages of careers when exploring opportunities and accumulating work experience is high. While some studies have observed a "Honeymoon Effect"—short-term increased job satisfaction after a job change—the long-term effects remain unclear. This study aims to fill this gap by examining the mediating roles of person-job match and job-related social capital in the relationship between job mobility frequency and long-term job satisfaction. It proposes to empirically analyze the internal mechanism by which frequent mobility of knowledge-based employees affects their satisfaction with new jobs from the perspective of person-job match and social capital. The study will explore how frequent job changes affect person-job match, social networks, and embedded social capital, ultimately influencing job satisfaction.

Existing research indicates that while some level of job mobility can be beneficial for knowledge accumulation and career growth, excessive job mobility can hinder these very outcomes. The "Honeymoon Effect," where initial job satisfaction is high after a change, has been documented in various career stages and mobility types. However, the long-term consequences of frequent job changes are often overlooked. Knowledge-intensive employees prioritize person-job match, focusing on aligning their expertise with job demands. Social networks play a significant role, as job-related social capital—the resources and information embedded in professional networks—can improve person-job match and subsequently job satisfaction. However, frequent job changes can negatively impact social capital accumulation due to time and energy constraints in building and maintaining new relationships. This study's literature review sets the stage for examining the interplay between job mobility frequency, person-job match, job-related social capital, and job satisfaction, bridging the gap in understanding the long-term impacts of frequent job changes.

This study employed a quantitative research design using survey data collected from 1348 employees in information service enterprises across six representative regions in China. Stratified random sampling was used to select employees with 1–3 years of tenure. Data cleaning removed missing and abnormal values, focusing on employees aged 18–33. Job satisfaction was measured using a multidimensional approach, adapting Zhao et al.'s scale (2020) which assesses 15 job aspects, eventually reducing the data to two dimensions: job return and environmental satisfaction. Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA) were used to validate the reduced constructs. Job mobility frequency was calculated by dividing the number of companies worked for by total work experience. Person-job match was assessed by comparing the fit between the current job and the first job, accounting for the individual's major and the level to which the current position matches their qualifications. Job-related social capital was measured using two dimensions, network relationship (relationship strength, assessed by contact frequency via email, phone, and in-person meetings), and network structure (educational heterogeneity and network range). Control variables included gender, age, birthplace, region, consumption level, and prior work experience. Descriptive statistics and correlation analyses were performed to examine relationships among variables. Multiple regression analysis with SPSS 25.0 and Process macro was employed to test the mediating roles of person-job match and job-related social capital. The Sobel test and bootstrapping methods evaluated the significance of indirect effects. A robustness test replaced "frequency of job mobility" with "number of job changes" while controlling for work experience, ensuring the reliability and validity of the model.

The study revealed a significant positive association between job mobility frequency and job satisfaction in the short term, consistent with the "Honeymoon Effect." However, this short-term effect is mediated, in the long term, by a negative indirect relationship between job mobility and job satisfaction through changes in person-job match and job-related social capital. Specifically, higher job mobility frequency was significantly negatively associated with the improvement in person-job match. Job-related social capital, as measured by educational heterogeneity, was also negatively associated with job mobility frequency. Importantly, job-related social capital had a significant positive direct effect on the improvement in person-job match, strengthening the negative indirect effect of job mobility frequency on job satisfaction. The serial multiple mediation analysis indicated that although the mechanism is significant, the effect size was small. A robustness check replacing 'frequency of job mobility' with 'number of job changes' while controlling for work experience, removed the honeymoon effect. However, the negative mediating role of educational heterogeneity on job satisfaction persisted, confirming the robustness of the study's core findings. The mediating effect of person-job match on the relationship between job mobility frequency and return satisfaction explained 43.28% of the total effect.

The findings support the existence of the "Honeymoon Effect" in the short term for knowledge-intensive employees. However, in the long term, the negative indirect impact of frequent job changes on job satisfaction is significant, mediated by both person-job match and job-related social capital. This negative impact arises from the difficulty of securing good person-job matches with limited experience at each job, and the failure to build significant job-related social capital. The positive effect of job-related social capital on person-job match highlights the crucial role of network building in navigating career transitions. These results underscore the importance of considering the long-term implications of job mobility and the need for strategies that balance exploration of new opportunities with the development of strong professional networks and the achievement of a good person-job match. The study’s limitations (discussed in the next section) should be considered during generalizing the findings.

This study provides crucial insights into the complex relationship between job mobility frequency and job satisfaction. The findings highlight the short-term benefits of the "Honeymoon Effect" but emphasize the long-term negative effects mediated by person-job match and job-related social capital. The interplay between these factors emphasizes the importance of strategic career planning that balances exploration with the cultivation of strong professional networks. Future research could explore the generalizability of these findings across different career stages, industries, and cultural contexts, and investigate specific interventions to mitigate the negative long-term effects of excessive job mobility.

The study's focus on knowledge-intensive employees in the early stages of their careers limits the generalizability of findings to other demographic groups and career stages. The cross-sectional nature of the data does not allow for causal inferences. The use of self-reported data may also be subject to biases, although measures were taken to validate the constructs and reduce CMV effects. Future studies could address these limitations by including longitudinal data and employing multiple data collection methods. Additionally, exploring the specific content and structure of job-related social capital could provide more nuanced understanding.