What are the pluses and minuses of employees staying with a single company for extended periods of their careers?
Pluses:
- An ability to create and sustain a strong corporate culture
- The opportunity for employees to develop meaningful relationships with other employees, both inside and outside of work
- Long-term relationships with customers that can go deeper than the company or brand can alone
- An elevated ROI on investments made in employee professional development
- The development of greater institutional knowledge amongst select employees that cannot be easily transferred to others
Minuses:
- A greater resistance to organizational or process change
- A reduced opportunity to bring in new talent with new ideas and experiences
- Getting too comfortable with relationships – internal and external – that can make it challenging to ask more difficult questions of them
When looking for a new company, what should prospective employees inquire about if they are looking to stay with that employer for the long-term?
- How they can be continually motivated and passionate about the work they are challenged with
- Opportunities for personal development and growth
- The ability to be part of a high-performing team and work collaboratively
- A good benefits package that meets their needs
- An environment where their work will be appreciated and valued
- Flexibility in working – remote, hybrid, etc.
How do employers measure levels of employee engagement or “happiness”?
- The use of surveys, both independent and neutral surveys managed by third parties or less formal in-house run “pulse” surveys
- An open environment that encourages staff to have an open dialog with their manager and executives at the company
Has the pandemic changed the way companies think about employee retention?
- Yes and no. Work:life balance is more important, as is work location flexibility – hybrid and remote working. More recently, benefits related to the increases in the cost of living are also factors
How important is the role of the manager, as well as other sources of coaching and mentorship, to staying with a single employer long-term?
- An employee’s manager can play a larger role in an individual’s career path than the broader organization. Many staff will leave a company to follow a well-respected manager
- Whether through a formal mentorship program or an ad hoc one, mentors can often provide staff with a more neutral sounding board to discuss their career challenges and opportunities
- Coaches can also provide such guidance, although typically also provide direction on suitable tools and training for further career development
