Is this what a 30-year career could look like?
The Job for Life is so last century. Or is it?
Is retaining a good worker for three decades still possible? Or even desirable?
It could be both…
It’s 2023. Stop thinking in a line.
Two or three decades ago the straight-line career was normal. A graduate joining a firm could work their way up from newbie to supervisor to manager to director over two or three decades. Along the way there might be blips… like maternity leave or a short break for caring responsibilities, but other than this, career trajectory through a company looked fairly linear.
On a graph this might look like a long, gentle incline – somewhat lacking in dynamics.
This is not the case today, a career timeline involving several different employers is likely to zig and zag much more energetically, representing the shifting gears and sporadic skillset growth of an employee who is building experience and know-how, forming networks and exploring opportunities. Their experiences may be more varied, from different sectors, and they may have had time out for life experiences.
In fact, this isn’t a career timeline at all. It’s a career tapestry. Rich, textured, full of color.
Suppose you could offer all of that in one company? From newbie to director? You’d need to stop the linear thinking. Here are 5 ways to do it:
1. The long game
If it’s clear an employee is a keeper, ask what their plans are, not just for the next five years but for the next 20 or 30. If they’re willing to share their ambitions you can create a career mobility strategy that builds on achieving those ambitions. It may not be practical to plan exhaustively beyond the next 5 years but indicating a wider horizon from the start can only help employees see a long-term future… with the same employer.
2. Every day’s a school day
Regular training modules to keep employees developing and engaged should be a given. However, a good assessment process will ensure you’re aware of burgeoning talents that your company could nurture, for roles which may be three or four years down the line. Sponsoring classes outside of work time is a way to signal trust and investment in an employee – with the promise of advancement built in.
3. The work-work balance
Reality check. An employee may like their job, but that doesn’t mean they don’t dream of something else… like running their own microbrewery, rewilding a river or making quilts. The chances of earning a stable living from passion projects are slim, though. Could your firm accommodate a second working life alongside a steady career? True, it may eat into available hours – but could give back exponentially in appreciation, motivation, and productivity.
This isn’t just conjecture. From June to December 2022, employers across the world (including Ireland, US, Australia and New Zealand) ran the 100-80-100 pilot, allowing staff to take a day off their working week – and yet keep the same pay. 100% of pay for 80% of time, but 100% of commitment during that time. In March 2023 the World Economic Forum reported that the resultant gains in employee health, wellbeing, and productivity convinced 92% of employers to continue the pilot. What’s more, 30% of them have committed to the 4-day week permanently.
Some of those involved in this project will have spent their extra day on a passion project. According to recent research nearly half (48%) of Australians surveyed either have or are planning to start a side hustle to supplement their income as they feel the impact of the rising cost of living. While they can be seen as a distraction from fulltime work performance – multiple studies have show that side hustles have helped make employees lives more interesting and fulfilling. Supporting your worker’s passion projects could chalk up years of loyalty.
4. Set them free… for a bit
Everyone takes stock once in a while. Before a treasured colleague quits to find themselves in a Tibetan retreat, suggest a sabbatical. Six months away from work is not insurmountable – as maternity leave demonstrates. Employees may return with much more to offer. Smart employers know this. A World At Work survey in 2021 reported a rise in companies offering paid sabbaticals – from 8% to 10% over six years – in a bid to reduce burnout. Unpaid time off rose from 18% to 29% in the same period.
And if a change really is as good as a rest, employers with offices abroad could consider a secondment to a new location. Maybe even an employee exchange.
5. Let them go… in stages
Retirement dates have never been more moveable. Allowing workers to ease down gradually on their work commitments as they hit their early 60s means you’re likely to hang on to their expertise for many more years.
A survey by CNBC in 2022 showed 68% of U.S. retirees were interested in getting back to work – and that flexibility was more appealing than salary. So, approach it pre-emptively, before your cherished veteran gets their farewell party: offer flexible and part-time terms into the years ahead. Even freelance consultancy. This could win you another decade of their valuable insights.