Workers are no longer as committed as they once were to the companies that employ them. While people in our grandparents’ generation would often work for a company for decades, or even their entire lives, nowadays people tend to change their workplaces every two or three years. In this essay, I will explain why this is the case, and suggest two ways that companies can retain their staff for longer.
The main reason people change their jobs more rapidly these days is because they can afford to do so. Because most societies have become wealthier, workers are no longer tethered to a particular company or position financially. If a worker wants to leave because of a lack of interest in the work or an unfulfilled ambition, even if it is risky, they are at greater liberty to do so. Put simply, stronger economies allow workers to be more selective with their job choices and less dedicated to particular companies.
While companies typically offer greater and greater financial incentives to retain employees, they should instead provide greater meaning and purpose, two key psychological drivers. Even if they are paid less, workers who find their work fulfilling and purposeful are more likely to stay in their jobs than those who find their work dull and aimless. Companies need to shift their thinking and focus on finding meaningful and purposeful tasks for their workers rather than just offering them higher salaries.
In this essay, I argued that the shift in company loyalty is largely due to increases in societal and personal wealth. Only when management realise that money is no longer a significant driver of retention, and meaning and purpose are the longer they will be able to keep their staff on board.