Until the 1990’s, it was standard to begin your career in an entry level position and work your way up for 30+ years, until you were ready to retire from the same company. If an employee was dedicated, trustworthy, and reliable, they were rewarded with job security and inside promotions. Hearing of a successful person switching careers was incredibly unusual.
However, recent statistics show that ‘job hopping’ has become the new norm. In fact, most employees are ready for a new opportunity after an average of only 4.5 years.
What happened?
Widespread mergers and layoffs created a critical shift in retention, which caused limited job security. This difficult economic time created the belief that hard work does not always guarantee continued employment. Employee loyalty was disrupted by negative experiences: managers suddenly changing schedules and work arrangements, and fear that one could get let go at any point. Many people learned to keep their career options open and their loyalty tempered.
This new paradigm has created retention challenges in many companies. It is difficult for managers to create and environment of trust and loyalty in uncertain times – especially if the managers, themselves, are skeptical.
However, it is not impossible to rekindle a sense of loyalty. It’s true that the world of work has changed, and team members may choose to move on to new opportunities after several years, but managers and organizations need to meet their employees in the moment. Instead of focusing on the end, focus on the time they are in the position. Make the most of this time by helping them enjoy their work and be successful. People tend to leave managers, not jobs. Keeping managers accountable is critical to team members excelling in their position.
A manager is responsible for encouraging employees to develop a passion for their work and have a sense of ownership for their contribution to the organization. It is also essential to create a positive and collaborative work environment, and provide team members with regular feedback in order to promote goal setting that may lead to upward mobility within the company. The top talent looks for this culture, and, if they find it, they’re likely to stay with their organization longer than the average 4.5 years.
In the end, loyalty is a two-way street. If the organization is committed to helping team members develop a passion for their work and provide an atmosphere of collaboration, employees are more likely to feel comfortable in their position and their work. Focus on this cultural shift to dramatically increase employee retention.
Employee retention: It’s time to recognize that recruiting isn’t a short term fix. At Experience Factor, we focus on matching candidates with a work opportunity that will be loved and will last– That’s why 88% of people we’ve placed in the past five years are still with the same companies.