It is more useful to contrast the distinct strengths and skills each of these groups represents. On one hand, lifers embody loyalty and rich experience. They have committed substantial time and effort to help their organizations thrive. Job hoppers, however, are often cultivated as a replacement source of fresh thinking at the cutting edge.
Who stays and why
The U.S. Bureau of Labor Statistics reports that the median number of years wage and salary workers stuck with their current employer was 4.1 as of 2022. It is noteworthy that the BLS had found the same rate in 2020 despite COVID-19 upheavals. The BLS also reported that — surprise, surprise — management roles exhibited the longest tenure. It appears that those in the most rewarding positions may be less inclined to jump ship. Drilling down, the BLS further discovered that those with jobs in education, training, libraries, architecture, engineering, and law tended to stay longest in place. Those in food services moved most often.
Recruiting firm Michael Page surveyed 5,000 lifers and hoppers to learn more about what motivates workers to remain for an extended stretch. The survey cited:
- Work friends (40%)
- Flexible work options (39%)
- Good relationships with managers (29%)
- Developing teamwork skills (50%)
- Deep industry knowledge (57%)
- Industry connections (41%)
Lifers, in general, often appreciate the certainty of knowing what to expect down the pike, such as the trajectory of their salaries, benefits, and retirement packages, uninterrupted pay, and the prospect of promotions. They may find it satisfying to bask in the respect of the company and their teams. Meanwhile, as they hone their expertise, it may become easier and less stressful for them to perform familiar job functions smoothly.
Trust and respect from management eventually should lead to increased responsibilities. Lifers might enjoy some cumulative bonuses, too, such as extra vacation days.
Finally, the advantages of long tenure extend beyond the employees' current companies. While already less vulnerable to being fired or furloughed, in the event they do need a new position, they can take some comfort in knowing future employers like to see a long and stable history of work.
Value your veterans
In a two-way street, employers also benefit from the contribution of their old-timers, especially the intellectual capital that is hard to replace. This is the corps that knows the history of the company and how it operates, even behind the scenes. For instance, if mergers or other corporate events disrupt normal patterns, the lifers may be able to help make the transfer of data and the cultural mission more seamless.
They have probably developed a range of important touchpoints and relationships and thereby gained hands-on experience of what customers want. Deploy and leverage that font of knowledge. It may be productive to pair seasoned employees with newer hires for cross-training. The lifers themselves may find it gratifying to share what they have learned over time.
Turnover is a significant cost, including expenses for both hiring and training.
Incentives to stay
You should bend over backward to retain loyal lifers. Consider giving a raise or bonus or other sweeteners like added flexibility or perhaps a sabbatical. Remember that those who are leaving may now get a chance to renegotiate salaries from competitors who might offer more than your annual raise. Try some of the following:
- Organize an all-hands meeting to discuss feelings and solutions. It might be invigorating for everyone.
- Listen to their ideas and allow more freedom for creativity.
- Assure them their jobs are safe.
- Support them with continued training, including meaningful assignments and projects.
- Take them out to lunch, send a thank-you card, and celebrate their company milestones.
It might be tempting to wipe the slate clean, but you may find you miss your seasoned lifers.
For more information on the above article or any human resource management services, please contact Amber Cochran at (334) 321-4729 or by leaving us a message below.
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