As Featured on CUInsight.com
Let’s talk about turnover. One of the most expensive events for a company is the loss of a key employee. High-performing, well-trained employees help an organization function at optimal levels. Losing employees can cost in time, resources, culture, and institutional knowledge. However, turnover is inevitable and becomes even more so as new and younger generations enter the workforce. The career advice given to Millennials is often that it is a disadvantage to stay in one company too long – their skills will become stagnant. Millennials have a concern that future employers will see them as unambitious or not well developed if they stay at an employer more than two or three years. It is logical advice – many industries are rapid to change to keep up with regulation and technology. Switching companies can provide an opportunity to learn new skills and advance personal knowledge. What is missing from this advice is the fact that deep expertise can also come with staying in one place. To really understand an industry, a person needs to stay long enough to see the range of consequences of company decisions.