10 reasons why investing in your employees will work for your company
As a CEO, I’m very aware of the focus on employee retention and keeping key employees for a good number of years...
But, with where the future of work is going this is becoming more and more unrealistic. In fact, I remember in my dad’s generation, you would usually work at the same workplace for your whole career! However, these days a long tenure is roughly +-5 years.
The median number of years that wage and salary workers have worked for their current employer is currently 4.6 years, according to an Economic News Release from the Bureau of Labor Statistics. This longevity varies by age and occupation:
Reid Hoffman argues that no one works for one company for their entire lifetime anymore, and that managers shouldn’t pretend that people do.
Instead, employees & employers should agree upon short increments of work to accomplish together — much like a military tour of duty.
I’m not saying chop and change employees like your underpants.
I’m suggesting, make the most of the time you have with employees. Create a culture and environment where they don’t want to leave.
But when (not if) they do leave, make sure they are proud to include your company in their bio. Create memories that people will always talk about when they reminisce about the good times they had working with you & your company.
Top of my mind, here is a list of companies that have created formerly employees: Uber, GitHub, Google, Airbnb, HubSpot, Apple, Amazon, Buffer, Dropbox, Tesla Motors, Facebook, Instagram, Stripe, Spotify, Twitter, Netflix, Slack, Lyft, Basecamp, Zappos.