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History of Compensation: Employee Tenure - The New Normal

Blog Post created by cdooley Advocate on Sep 4, 2016

Compensation Data Facts - What's What in Compensation

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DID YOU KNOW?

 

History of compensation... In the days of the industrial revolution, jobs were held by most workers for a lifetime. Up until the early 1960s it was not unusual for people entering the job market to remain with one employer for the entire duration of their working life. Long-term service to a single employer is a rare occurrence in today's job market and a trend that has steadily declined in the past 20 years.

 

BLS statistics from 1978 to 2008 show that individuals aged 18 to 44 held an average number of 11.7 jobs in their lifetime. Millennials - born between 1982 and 1994 - are the first generation to have had access to the internet during their formative years. These workers will have 4 job changes by the age of 32, almost double the previous generation. Not only will they switch jobs more often, but they will also switch to entirely different industries.

 

Millennials represent the largest percentage of the gig economy and 34% of the overall U.S. workforce, outnumbering both Gen Xers and Baby Boomers.

Outcomes