Posted by Paladin on September 19, 2017
There was a time when it wasn’t uncommon for a professional to hold a job for decades. The idyllic image of the worker retiring with a gold watch, pension and years of company loyalty behind him is one we all know well. It is also, for the most part, tethered to the past.
Today’s work force is much more likely to job-hop, and there’s plenty of research to prove it. For example, the Bureau of Labor Statistics’ recently released a longitudinal survey. It was based on interviews conducted when participants were 14-22 years old and again when they were 49-58. Respondents held an average of 11.9 jobs over the course of their working lives.
Baby boomers aren’t the only demographic that routinely makes major career moves. Data from LinkedIn shows that those who graduated between 2006 and 2010 held about three different jobs during their first five years in the work force.
Job-Hopping is an opportunity…
One the one hand, the job-hopping trend creates an opportunity. If workers are willing to explore their options, companies stand a better chance of recruiting top talent from their competitors. Indeed, a Google Consumer Survey of marketers, advertisers and PR professionals conducted by Paladin earlier this year was revealing. More than 32 percent of creatives are looking for, or are open to, new jobs. When you look at Millennials, the number likely to job hop is even higher at 35 percent.
…and a challenge
At the same time, companies are eager to hang onto the best talent they do have. This is especially true when firms invest large sums in training and onboarding. Yet, when curiosity and novelty are valued above security and loyalty by professionals, shorter tenures should be expected. In response to this reality, organizations should implement solid retention strategies that deliver the benefits creative professionals seek while also meeting the needs of their employees.
Why Pay is Paramount
It should come as no surprise that salary drives most decisions about whether to stay in a job or seek out something new. In addition to presenting opportunities for growth and the possibility of future promotions, companies must ensure that what they’re offering is consistent with a position’s market value and competitive enough to attract desirable candidates.
With this in mind, Paladin’s recently released 2018 Salary Guide includes the current national data and tools needed to calculate the right pay for every type of creative professional. Company size, job demands and the level of required education all play a part. Another factor is location. Due to market variances, a Marketing Communications Director in Dallas won’t earn the same as one in San Francisco. It’s crucial, therefore, that companies assess national data to determine what it will take to keep your workers happy, loyal, and operating at the highest possible level of productivity.
The Value of Culture
How important is your company culture to retaining top talent? Your culture is to your workers what a college campus, clubs, athletics and career services are to prospective students. The nature and cost of the program may ultimately determine whether a student will attend, just as the role and salary you’re offering for your job have the greatest influence on decision-making, but there’s no question that “culture” is huge.
Whether your company culture includes “Bring Your Dog to Work Day,” a fully stocked candy bar or opportunities to volunteer, it’s going to be a major consideration — especially for Millennials. Be sure to highlight your company’s most impressive traits. Emphasize what sets you apart both during the interview process and on an ongoing basis through corporate communications.
Offering a compressive training program and educational opportunities for your marketers, graphic designers, account executives and everyone else on your team shapes them into more capable professionals. The long-term benefits of this aren’t something that employees are likely to overlook.
For example, a 2016 survey conducted by Pew Research Center states that 37 percent of American professionals believe that training in writing and communicating is “extremely important” to their success in the current job market. Provide your employees with tools that will enhance their skill set. Show them their hard work will result in new challenges and vastly improve the odds of a promotion. They’ll value having room to grow and stick around to do it.
With so many jobs available to them, it’s no wonder that creative professionals are prone to job-hopping. Knowing what they want and how to give it to them is the key to navigating the evolving labor market and maximizing your power to compete.
Find more tips and advice on how to retain talented creative professionals in our 2018 Salary Guide.