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1
Posted on 10/26/17 at 3:30 pm to fareplay
I'm 60 years old and been with the same company for 26 years. It wouldn't be a good idea for me to move now unless I'm fired or I retire and look for a part-time "retirement" job.
NB4
NB4
Posted on 10/26/17 at 4:36 pm to fareplay
I will tell you this.. I learned this early. When it comes to loyalty and your job. Be loyal to no one but yourself because a company will be as loyal as they can as long as they need you.
Posted on 10/26/17 at 4:42 pm to tketaco
Companies don't offer pensions anymore, and always seem to pay a new hire greater than the same position who had been at the company 10+ years..... It makes no sense now to stick around at a company
Posted on 10/26/17 at 4:44 pm to Jack Daniel
quote:
The 10-20 yr tenured employees should be the most valuable.
you dont know what you are talking about. 
Posted on 10/26/17 at 4:48 pm to athenslife101
quote:
Where I work, you pretty much have to leave and come back to make a significant promotion though
I've seen that happen here as well. Especially in IT or Sales. I was in a leadership training course a few years ago, and someone actually asked an HR employee that was teaching that day about this. She said that it would make sense to hire someone back who had gone elsewhere, since they were familiar with our company, but also are able to bring in an outside perspective from being gone 2-3 years. She didn't know that people would literally leave to work across the street for 6-9 months, the whole time looking for job openings similar to their old role, and come back to make 20% more. It definitely came as a shock to her. Doesn't give me a lot of confidence in our HR dept. Just reminds me of phone and cable companies. Do anything to get you in the door, but nothing to keep you there.
Posted on 10/26/17 at 5:58 pm to fareplay
NO doubt - there is NO Company Loyalty any longer
Posted on 10/26/17 at 6:03 pm to fareplay
They are absolutely gone. I saw the writing on the wall in my previous industry (solar) and I left a year after making 6 figures. I decided to go back to school.
All my friends called me crazy, and said I was an idiot for walking away. Most of them are unemployed now or working some bullshite car/insurance sales job. Most have also bounced around from solar company to solar company as each went under. The days of working for the same company are long gone.
Don’t get hung up on loyalty either because if your employer needed to make cuts for budgetary reasons, they’d fire you tomorrow and not feel an ounce of regret.
All my friends called me crazy, and said I was an idiot for walking away. Most of them are unemployed now or working some bullshite car/insurance sales job. Most have also bounced around from solar company to solar company as each went under. The days of working for the same company are long gone.
Don’t get hung up on loyalty either because if your employer needed to make cuts for budgetary reasons, they’d fire you tomorrow and not feel an ounce of regret.
This post was edited on 10/26/17 at 6:09 pm
Posted on 10/26/17 at 6:29 pm to PrimeTime Money
quote:
That’s what happens when companies don’t give pensions like they used to.
Fifteen years with my current employer.
One of the reasons I stay is because we have a "real" pension plan.
However, they got rid of it for new employees back in 2004 so anyone who started after September 2004 simply gets a 401K match. People who started before September 2004 are on the old pension plan -- we can participate in the 401K but we don't get a match.
The difference is HUGE. On a lump sum basis, I accrued a little under $30K last year. By the time I'm 63 (I'm 49 now), it will grow to $75K/year (we have a website that does all the calculations for us based on all of our individual data).
The most I would have gotten under the 401K match last year was about $7K.
Hence, I'm staying put for the time being.
This post was edited on 10/26/17 at 6:35 pm
Posted on 10/26/17 at 7:34 pm to fareplay
I work for a top 15 company on the Fortune 500 list. The team in my region consist of less than 20 people. In the last year, they have forced out the most experienced people we have. They forced a guy with 42 years to retire, next week we lose 2 more with 37 and 27 years with the company to forced retirement. 3 months ago we lost 2 that both had 20+ years.
Loyalty is non existent when they feel like it's time to clean up some money on the books.
We've lost over 150 years of combined experience. Of the 3 replacements hired, only 1 had 5 years experience and the other 2 have none. My work load has increased exponentially.
Loyalty is non existent when they feel like it's time to clean up some money on the books.
We've lost over 150 years of combined experience. Of the 3 replacements hired, only 1 had 5 years experience and the other 2 have none. My work load has increased exponentially.
Posted on 10/26/17 at 7:36 pm to fareplay
Been in the same place 22 years. Electrical Engineer.
Posted on 10/26/17 at 7:45 pm to fareplay
I’ve been with the same company for almost 17 years. I plan to retire from there in 14 years. They’ve been good to me and my family.
Posted on 10/26/17 at 9:10 pm to fareplay
I think a lot of people move around. The defined contribution plans make moving easier. The quickest way for valuable employees to get a sizable raise today is to at least be prepared to leave with another offer.
The valuable employees will be aggressively encouraged to stay.
The valuable employees will be aggressively encouraged to stay.
Posted on 10/26/17 at 9:13 pm to GreatLakesTiger24
quote:
Loyalty is for suckers
This is the only answer. In today's "what have you done for me lately" environment, the company will not be loyal to you when push comes to shove.
My FIL is a chemist and has been with his company since graduating, so 40 years. He knows he's being paid towards the lower end of the spectrum, but he sees it as loyalty to not move for money. Even if he's only been shorted 20K on avg/year, that's 800k - not counting ROI if that would have been invested.
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