Ryan Baum
Many professionals care more about impact than status. When they don’t see it in their organizations, they leave. Here’s how leaders can rethink their overall strategy and evolve to fit this new paradigm. Otherwise, they’ll risk losing employees as well as customers.
Most blame the pandemic for America’s waning commitment to work. In reality, it was just an accelerant.
People began leaving their jobs in greater numbers more than a decade ago. The average monthly quit rate increased by a tenth of a percentage point each year from 2009 to 2019, a trend that snapped back into place after the pandemic interruption.
The reasons behind the trend have remained consistent over time. People are feeling burned out and exhausted. The old ways of motivating them no longer work. They want more from work than personal achievement. They want to be part of changing the world for the better.
Companies in banking and beyond are feeling the results. It’s gotten harder to attract the talent needed to grow a business, keep digital transformation on track, or add that next marketing team member. Simply increasing pay won’t solve the problem: Just ask the beleaguered hospitality industry in need of front-line staff or all the wealth management firms looking for the next generation of advisors. No, this requires the C-suite to broaden its thinking.
When mindsets shift, workforce trends change
Look back over the last century and you’ll find that massive shifts in employee mindset occur every few decades. In the old days, most white-collar work was focused on climbing the corporate ladder and eventually getting a pension.
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That changed in the 1970s, with the rise of the achievement generation. Seniority was no longer the deciding factor. The strength and ingenuity of one’s ideas carried the day. Companies began prizing success and personal accomplishment over long-term loyalty. For employees, the job was a way to scoreboard their achievements.
Then around 2010, it changed again. People were exhausted after 40 years of aggressive ladder climbing.
Read the full article on The Financial Brand.
