More than 2 in 5 Millennials and Gen Z-ers say they’ want to quit their job.
In a recent study by Deloitte, 43 percent of our industry’s youths said they plan to quit their current job within two years.
The 7th annual study that focuses on the thoughts and opinions of twenty-something marketers revealed that they think their employers prioritize the bottom line above their workers, society as a whole, and the environment.
If the perceived lack of social responsibility of their corporate overlords is what’s making Gens Y and Z disloyal, what are we to do?
That brings us to today’s topic: Millennials, Generation Z, and Loyalty
If I've come to know one thing about young folks, they can be job hoppers. Let me say something to all the millennial and gen z job hoppers out there… good for you.
If you’re not feeling the love for your company these days, chances are, it’s not just you...
Economically, wages in the United States have been flat for 40 years and according to the Bureau of Labor Statistics, real average hourly earnings for all employees--basically our piece of the nation's pie--has actually gone down by a fraction of a percent in the last year:
After a record-breaking 10-year Bull stock market and some of you with as many years of experience under your belts now, Millennials have seen and contributed to a strong and prosperous economy.
And now, They just want a little piece of the pie.
Er… sorry. They want to chase and stack papers.
Or. They want to let their money cake up in the bank.
Now, ultimately this show isn’t about politics--it’s call marketing is broken… we already knew politics were broken.
But part of this generational power struggle absolutely comes down to politics and good old economics.
Consider this: Staying employed at the same company for more than two years on average means you’ll earn more than 50% less over the course of your lifetime.
What's that, you say? The average raise in America is 3% per year while the average salary increase you can expect by a job change is 10-20%.
You get modest raises each year and then every so often you take big steps up.
If you stay at the same company, you may still get those bumps, but it’s far more likely that you don’t. Remember… 3% is average.
But Millennials and Gen Zers, especially in the field of marketing, hit the workforce at a time where there’s a lot of potential earnings growth that can occur over a short period of time.
Companies know this and they also know that you don’t. Until now.
Let’s take a look at the actual numbers because they do bear out.
Topic elaboration: Many marketing positions have an entry level salary of about $40k per year. From there, The Creative Group’s 2018 Creative & Marketing Salary Guide estimates that an account manager with five years’ experience can command up to $74,500; a web analytics professional can fetch around $80k, and it’s not uncommon for search engine marketing professionals with five or more year’s experience to be members of the six figure club.
But if you happened to start off at one of the many companies who give the standard 3% raise, you’ll still be making less than $50k on your five-year anniversary.
But enjoy the plaque, I guess.?
The financial costs to being loyal to your employer can add up quick, so even if you love what you do, you should realize that your earnings may be dictated by HR and Finance policies instead of the value you bring to your company.
So how do you navigate your career then if you’re perceived as disloyal and the companies you work for don’t necessarily deserve your loyalty in the first place?
Start by understanding that highly creative, technical, and ambitious marketers like yourself are going to be in extremely short demand for what Deloitte calls Industry 4.0.
According to them, only a quarter of executives are highly confident they have the right workforce and skill sets needed but for some reason, talent and HR remain low priorities.
You’re in the driver’s seat and you may not know it. And with this power, you can do one of three things:
One: Do nothing and make 50% less in your lifetime. Money isn’t everything & that’s OK
Two: Work at one of the few companies that give 10-20% raises every year or two and do what it takes to stay market competitive. Ask your manager to help you set goals to get to the next level and pressure them to go to bat for you when you’ve met those objectives. Be honest and open and see what happens. Great managers find a way.
Or Three: Take on as many challenges and opportunities as you can in your current role to prepare you for that next job at your dream company. When you’ve objectively reached the next level and your company turns you down for that raise, start looking for new positions at other companies that would only give you a 10-20% boost from where you’re at now.
So there you have it. If you’re an ambitious marketer that wants to know which of these three options are best for you, or if you have sage advice for those looking to succeed in this dog-eat-marketer world, we’d love to hear from you.
Leave a comment here or find us on Twitter with the hashtag #marketingisbroken to speak your mind.
And that’s how you can fix marketing this week. We'll see you next time.