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Published 23 October 2012 05:57, Updated 24 October 2012 07:20
Are you caught in a revolving door? Staying in a job for extended periods can bring greater success and respect at work and benefits on the home front too.
When we looked at the newest data from the US Bureau of Labor Statistics, released in mid-September, what we found was quite alarming.
As of January 2012, the median time that wage and salary workers in the US had been with their current employers was just 4.6 years. Other recent data points are equally disturbing: The staffing company Randstad says that 40 per cent of employees are planning to look for a new job within the next six months. Another survey notes that 69 per cent of employees are already at least passively shopping for new job opportunities via social media today.
Clearly, statistics show the majority of employees at every level are unhappy enough in their current positions to be actively or at least passively considering new jobs.
As business owners, we have big incentives to do all we can to keep our talented people around. But beyond our own motives, we think it’s often good for employees to stick around, too. Here are the 10 reasons why we think executives and employees need to think carefully before making a jump:
This is true for our company, and it’s especially true for the opportunity we’re beginning right now. Our team had a very direct role in buying ownership of our company back from a former investor in May of 2010. We’re in the process right now of granting stock options to nearly half of our employees, and many more will receive shares within the coming six months. Now the employees and management own the company. Stock option ownership is based on behaviors that align with our 7 Non Negotiable principles, which you’ve heard us mention before.
In essence, we’re creating opportunity for our employees to engage as entrepreneurs at every level of the company, without the risks or the drawbacks of founding a start-up firm on their own.
We’re working hard to give our employees good reason to stay with our company for the very long term, if not for life. We hope and believe we’re far from alone. But regardless, given the many solid reasons for staying the course in a single company, shouldn’t you take a second look at staying put in your own current job?
David K. Williams and Mary Michelle Scott are CEO and President, respectively, the paired leadership team of Fishbowl, provider of Fishbowl Inventory Software, and one of Utah’s and America’s fastest growing companies. Fishbowl is based in Orem, Utah.
Harvard Business Review
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