Does company loyalty exist anymore? 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 (men and women born between 1982 and the early 2000’s). Millennials 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 new challenges and recognition, so by switching companies, they supposedly will continue to grow and develop their careers.
According to Deloitte’s 2016 Millennial Survey, where they collected the opinions of nearly 8,000 millennials from 29 countries, many millennials felt “underutilized” and “undeveloped as leaders”, which was why they stated they are constantly on the move. They are continuously looking for companies that offer them development opportunities to broaden their skills, and they want more ownership over their projects.
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?
Other “L” words to ponder – lead, listen, and leverage.