Loyalty reward? How likely are you to be promoted? We've got some answers

posted by Brian Mudd -

Loyalty reward? How likely are you to be promoted? We've got some answers 

Bottom Line: It's one of the most important decisions we make or don't make during our careers. To leave or not to leave (our current company), that is the question. In part due to the net-net most stagnant ten-year period for US economic growth in our history (2007-2017) - many felt like they had to jump ship to make more money and to be able to move on up in their careers as well. Research has shown that those who've left their current company for another have earned more than they would have by staying. There's reason to believe that with the biggest raises and bonuses being delivered in twelve years, on back of the tax cuts, the tide is shifting. But what about a promotion if you're motivated to grow your career? How long will you typically have to remain steadfast and loyal before it pays off? The latest research from Nielsen showed the following... 

  • For the average full time employed person it takes about 3.6 years to be promoted 

That might seem like a long time to remain patient but in the grand scheme of a career it really isn't. If you think about where you are today and what role you'd ideally like to work in at the peak of your career, you can work backwards to have an idea about how long it might take. That's also exactly what most people are planning on doing. 

  • Only 39% of people working in a career field anticipate leaving their current employer for advancement 

That demonstrates a couple of important points. First, most people who're in a career path are generally happy with their careers currently. Second, they see a path forward with their existing employer. These are both encouraging and should be fostered by employers who're far better off growing existing talent, especially those who want to stay and grow, rather than grooming them for bigger and better things only to have them obtained by competition and leaving them an expensive turnover issue in the process. Here's what career minded folks don't want however... 

  • Only 15% of employees want more coaching from their managers  

That means that for the vast majority of career minded employees they're not looking for even more one-on-one time with the boss. So, making the existing time spent in those one-on-ones count. There's a lot to like here, especially the knowledge that most folks are still hoping to be able to remain with their current employers for the long run. There's been a perception, that's somewhat misleading, that the days of a 30+ year career with the same company isn't possible. In many cases it still is...sometimes it's out of your control but often it's not. During that hypothetical 30-year career you'd have eight promotions on average. That's a lot of room for growth and opportunity for most. After 20+ years working for the same company through a period of extreme volatility and change, I can attest that the opportunities are still there. If they are in this industry, they will be pretty much everywhere else as well. 

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