If you are in a firm beyond two years, you may be making a huge mistake.
Let’s break it down:
1] Why two years?
2] Why is it a mistake?
Any new hiring is an investment from both sides.
Firm’s Side
The firm spends sufficient bandwidth in crafting the job description, understanding the role, conveying it to internal or external hiring teams, running the search and interview process, making an offer, completing joining formalities and inducting the person into the system.
It is a costly process from a firm's perspective - bandwidth and investment made.
An untimely attrition means business and investment loss. Typically, in 24 months period, the ROI is met.
Candidate’s Side
The candidate is in the market for primarily two reasons – they are not satisfied in their current job or they have hit a point where they don’t see much growth. Either way, they have to spend a lot of effort to get their next job in the market.
Learning on the job is a crucial factor.
It takes roughly 24 months to learn a new skill, get execution experience and also to build a good network.
So net-net, two years is a good timeline to stay in a firm from both sides.
Why is it a mistake to stay in the firm beyond two years?
The dynamics of the relationship change after two years.
The firm knows they have already got the ROI on hiring. They may be OK if the candidate leaves.
The employee also has a stable work experience in their CV. They have also had sufficient learning and leaving is not an issue.
The right question to ask is, beyond two years:
1] Why should a firm like to retain an employee?
2] Why should an employee stay?
The answer lies in "Value Perception" and "Value Creation".
Value Perception
If the firm feels that the employee has much more to offer, they have a positive value perception about them and would like them to stay longer. Some factors that influence this perception include:
1] Certain Skills & Knowledge
2] Potential to deliver complex work
3] Possible Leadership Pipeline
4] Key dependencies
5] Positive client relationships
Value Creation
If the candidate feels that by staying in the firm, they can create substantial value for the firm and themselves, they will stick around longer. Some factors that influence this perception include:
1] Expected Growth and Compensation
2] Stable and trustful Network
3] Visibility of future projects
4] Possibility of future leadership role
5] Being part of the Power System
Remember, it is a huge mistake to stay beyond two years if there is no Value Perception or No Value Creation.
1] Expected Growth and Compensation
2] Stable and trustful Network
3] Visibility of future projects
4] Possibility of future leadership role
5] Being part of the Power System
Remember, it is a huge mistake to stay beyond two years if there is no Value Perception or No Value Creation.
About Transform Ahead®️
As a Career and Leadership Coaching Institution, we support people to reach their full potential. If you wish to know more about our offerings, please visit transformahead.com and book your free Initial Connect Call.
For additional information and inspiration, visit transformahead.com or follow us on LinkedIn, Instagram, YouTube, Twitter and Facebook.
transformahead #coaching #careers
