In February, top level recruitment site Six Figures published its 2010 Executive Career Monitor Report. The report was compiled from a survey in late 2009 (in conjunction with talent site Destination Talent) of 1,332 Australian high income earners, with the findings being released at a breakfast meeting in Melbourne on 2nd March.
The comprehensive study uncovered both unexpected and anticipated results from this top-tier employment demographic.
Not surprisingly, on the topic of remuneration, 87 percent of those interviewed believed that pay should be increased on a yearly basis.
However, when it came to employer loyalty, while 55 percent claimed that they were satisfied in their jobs, a hefty 77 percent would leave for a better opportunity. This contrasts with the 24 percent that were dissatisfied with their employers.
Career progression over employer commitment was again emphasised when it came to the duration of tenure. On average, Australian executives have worked for eight different employers since joining the workforce, with 72 percent having worked for their current employer for less than five years.
Among other findings, 90 percent believed it more important to promote their own personal brand over that of their employer and 6percent were confident that they could find another job within the next three months.
The full report can viewed at executivemonitor.com.au
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March 11th, 2010 at 5:00 pm
[...] Research: high income earners happy but lack employer loyalty … [...]
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March 11th, 2010 at 6:10 pm
[...] Research: high income earners happy but lack employer loyalty … [...]
Anonymous
August 24th, 2010 at 7:42 pm
Employee loyalty for high income earners: good newsBusiness and the public sector are into a phase of creative disassembly where reinvention and adjustments are constant. Hundreds of thousands of jobs are being shed by United Technologies, GE, Chevron, Sam’s Club, Wells Fargo Bank, HP, Starbucks etc. and the state, counties and cities. Even solid world class institutions like the University of California Berkeley under the leadership of Chancellor Birgeneau & Provost Breslauer are firing staff, faculty and part-time lecturers through “Operational Excellence”. Yet many employees, professionals and faculty cling to old assumptions about one of the most critical relationship of all: the implied, unwritten contract between employer and employee.
Until recently, loyalty was the cornerstone of that relationship. Employers promised job security and a steady progress up the hierarchy in return for employees fitting in, performing in prescribed ways and sticking around. Longevity was a sign of employer-employee relations; turnover was a sign of dysfunction. None of these assumptions apply today. Organizations can no longer guarantee employment and lifetime careers, even if they want to.
Organizations that paralyzed themselves with an attachment to “success brings success’ rather than “success brings failure’ are now forced to break the implied contract with employees – a contract nurtured by management that the future can be controlled.
Jettisoned employees are finding that the hard won knowledge, skills and capabilities earned while being loyal are no longer valuable in the employment market place.
What kind of a contract can employers and employees make with each other? The central idea is both simple and powerful: the job or position is a shared situation. Employers and employees face market and financial conditions together, and the longevity of the partnership depends on how well the for-profit or not-for-profit continues to meet the needs of customers and constituencies. Neither employer nor employee has a future obligation to the other. Organizations train people. Employees develop the kind of security they really need – skills, knowledge and capabilities that enhance future employability.
The partnership can be dissolved without either party considering the other a traitor
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