A great myth of our time: People are not interested in building a career with one organization. Gone are the days of commitment and loyalty between an organization and an individual.
The reality is quite different. For organizations, the high cost of turnover has led to a keen focus on employee retention and engagement. What constitutes high cost? Some sources put that estimate at 30%-50% of the annual salary of entry-level employees, 150% of middle-level employees, and up to 400% for specialized, high-level employees. Add in the nonquantifiable, but equally critical, loss of industry and client knowledge and experience—and the motivation is there to keep valued employees.
At the individual level, research from the U.S. Bureau of Labor Statistics actually depicts a trend of people staying longer with a company than they did 25 years ago. In 1983, the average tenure was around 3.5 years. Fifteen years later, in 1998, people stayed on the job an average of 3.6 years before quitting. In 2012, it’s now at 4.6 years.
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