Written by Ben Carter
In romantic relationships there are many types of stories. Usually they fall into one of a few basic categories. There is “Love at First Sight”; the couple that saw one another looking across the Starbucks barista and became fast friends over mocha lattes. Then there is the “Fine for Now”, a relationship where either or both parties feel their significant other is “fine for now”, but ultimately plans to move on. Then there is the famed “Hit It and Quit It”. This is an exercise of our desire to satisfy our most primal, sexual needs. Hit It and Quit It allows you to get what you need and quickly move on without taking a second look back.
Forbes.com contributor Cameron Keng recently wrote a story with an incredible headline. It reads, “Employees Who Stay in Companies Longer Than Two Years Get Paid 50% Less”. Did you just pass your two-year work anniversary? Well… It’s time to look for a new job.
The piece covers the details of why this is the case. Between the rate of inflation of the U.S. dollar and a company’s inability to promote and give raises at a rate that’s any higher than 4.5 percent, the piece basically outlines why moving on after your two-year mark is better for your lifetime income prospects than staying long-term.
Basically, “ho-yallty” is better than loyalty. (If you’re not laughing, think about it for a moment… It’ll come to you).
This Forbes piece is sort of backward from what we naturally think. Loyalty is often rewarded in much of what we do. Our credit cards are attached to points and cash back systems where we earn cash or gifts for using credit over cash. My fiance and I recently registered (for free) to earn Marriott Hotel reward points. Suddenly, any time I need a hotel, I’m wondering if there’s a Marriott property in the area with dreams of free hotel stays in my future. Even in our relationships and friendships, loyalty is valued and rewarded with stronger, more enduring connections with people we love.
It would be natural for us to assume that our work life would follow all these other areas. Where loyalty is given, rewards should be handed out. Unfortunately, in the 21st Century this is not the case. The parents of the millennial generation were given the work doctrine of loyalty. Most people I know or have met old enough to have given birth to me, generally stayed in one of several places for employment.
They were probably loyal because their parents were even more loyal. I recently took a trip to California to visit my grandparents. During the trip they shared some interesting insight about how they’ve maintained their standard of living over the years. Long story short, both worked for the State (and a county) of California long enough to earn a retirement package. My 80-something year old grandparents are still “earning” income to this day. My grandmother has been retired for 30 years, (longer than she actually worked). My grandfather has been retired for about 20 years. In their day, loyalty definitely paid.
Unfortunately for Millennials, these kind of guaranteed benefits packages are a thing of the past. No one is paying an 80-year-old on a monthly basis for work they did 30 years ago. It’s not good business sense and probably was never a good idea to begin with. But with the changing landscape of what it takes to retire and continue to save for your future goals, our views on loyalty to a company must also change.
The moral of the story is very simple. When it comes to your job, take these steps… (1) Get new job, (2) Hit and quit job, (3) Find a new one who will pay you more… Repeat steps one through three.
What do you prefer? Loyalty or “ho-yalty” when it comes to employment?