The definition of company loyalty has certainly changed over the years.
Gone are the days when an employee would stay with one company for thirty years, especially since that’s what employers valued back then.
Even staying with one company for ten years is becoming a thing of the past.
Now it seems like the longer you stay at a job, the less marketable you become.
This change in company loyalty has become very apparent with millennials, who were born between 1981 and 1996, and Gen Zs, who were born between 1997 and 2012.
Millennials and Gen Zs tend to change jobs every couple of years, if they even stay that long.
They appear to have no sense of loyalty to their employer but instead want more flexibility and new challenges, so by switching companies, they supposedly will continue to grow and develop their careers, while finding balance in their lives.
According to Deloitte’s 2022 Gen Z and Millennial Survey, where they collected the opinions of over 23,000 Gen Zs and millennials from 46 countries, many respondents indicated that work/life balance and learning and development are top priorities when choosing new jobs.
They are continuously looking for companies that offer them development opportunities to broaden their skills, and they prefer flexible working hours and hybrid or remote work arrangements.
In order to slow down the constant turnover of employees, leaders need to invest more in the talent they have.
If they feel like their employees are under-performing, they should make sure the company’s perks, incentives, and development opportunities are creating enough enthusiasm before assuming it is all the employees’ doing.
Employers need to make sure it is not just their needs being met, but also those of their employees.
They need to create a path for career growth within the company, which includes investing in the younger generations.
This is not an easy task because each employee has his or her own expectations of what they want, so leaders need to take the time to understand each individual’s unique wants and desires.
If loyalty can be looked at as a commitment to keep employees of all ages productive, involved, and fulfilled, it can continue to be fostered in the workplace.
The result will then benefit both the employer and the employees.
As a leader, have you thought about what changes need to be made in your company that will benefit both you and your employees?