Having worked for 18 years in the same organization, one would like to believe that he’s become wiser and what do you do with wisdom……. “Share it”
So here it goes..
“Perils of Loyalty”
Loyalty pays they say, however in case of employment it pays more to shift your loyalties every now and then. While some amount of loyalty is necessary to build a trust-worthy career, getting stuck to a forced one will eventually lead to a mediocre professional life both financially and otherwise(of course there are exceptions). There are 3 major areas where long service can have an adverse effect:
Lesser Compensation( Do the maths) :
It’s no secret, you just haven’t done the maths. Consider this..
“An employee A who stays in an organization for 18 years and earns a CAGR of 10% will have a CTC 40% lesser than the employee B who changes his job every 3rd year with mere 20% jump and similar CAGR for rest of the years.”
The other fact remains that it is difficult to find an organization which will continue to give 10% CAGR for 18 years than to work in 6 different organizations and ensure 10% every year(in addition to 20% raise on job shift)
Hence the actual difference could be even higher. I know by experience it is as high as 60%
Employability (Believe it or not) :
One would like to believe that 18-20 years of loyalty towards an organization would appear as a strength in the resume however it is the other way around. It actually reduces the chances of your resume getting shortlisted for the simple reasons such as:
- You will be seen as somebody lacking diverse experiences compared to others who have worked in various industries.
- You may be underpaid/overaged(as explained above) compared to others hence not a fit.
- You may be viewed as somebody averse to accepting challenges and lacking ambitions
- Most importantly you may be viewed as a complacent person(rightly so in most of the cases) not willing to change.
Whatever may be the reason the fact remains that in majority cases employability is inversely proportional to the number of years one spent in an organization. No wonder attritions are extremely low amongst vintage resources.
Complacency (Why rock the boat?) :
Newton’s first law of motion(Law of inertia) – “An object at rest stays at rest until….” applies perfectly here. If one rests for too long, no force will be strong enough to break the inertia. The inertia gets reinforced with the thoughts such as:
- I have made a reputation for myself here, what if I do not get the same respect in the new organization?
- 20-30% jump is not good enough to compensate for what I have built here.
- Known devil is better than unknown devil.
This complacency will eventually lead to the “frog in the heating pan” situation. Either pan will get hot enough to kill the frog or the frog will keep dancing in the pan whole of its life.
There are exceptions and the fact about an exception is “it is an exceptions”and can not be planned in general. Hence the advice for planning a successful professional career would be to :
- Make a wise decision every 3-4 years(If not earlier), choose different industries and functions and surely do not stay for more than 5 years unless there is an extremely good reason(I don’t know what could that be other than the family commitments).
- Make every experience count. Earn some good references in all the organizations you work with. Every manager carries 2 lists I.e.
1.) List A – People I’ll definitely rehire/Go extra mile to refer.
2.) List B – People I’ll neither rehire nor refer.
Make sure you’re part of list A and surely not B (Contrary to the popular belief, It is not difficult)
- Keep updating yourself to the new technologies and skills.
In the end seek some good advise, be open for feedbacks and hold on to critics(Learn to differentiate between criticism and blaming).
All the best for a successful career..
These are writer’s personal views learnt from his own failures.
P.S. There are some benefits also like, in case of unforeseen events such as separation you may receive good severance package(Taxable though).
#longservice #jobseparation #jobloyalty #careeradvice