The corporate or business world has seen three generations: the Industrial Revolution, the Information Revolution, the Digital/Social Revolution.
In the Industrial Revolution people took a job for surviving, they just want necessities of food, cloth, and shelter.
So they went in and they work in a workplace and they didn’t leave the workplace even if the boss is abusive and even if the boss does physical harassment. People would not leave that job (the era when the boss is always right) because opportunities were less that is pretty much the grandparents of today’s workforce.
Then the information revolution came, where all these IT experts emerges. Brands start building and the workforce came to work not for survival because their parents took care of their survival. This workforce went to work for the standard of living, they get good enough salary to pay the house rent, car, and children education loan.
Now in this generation loyalty reduced, and the truth is loyalty never exist in the first place (In the Industrial revolution because there was no option). This information revolution got options that if they got a better quality of the workplace and better pay then they would jump a job.
Now we are in the Social or Digital Revolution. After the recession of 2008 Information Revolution died, today information is available for free, you can learn coding on YouTube, you don’t have to hire a teacher or visit a school.
Information is not hidden anymore there is no longer hidden knowledge, so we have to understand how we are living in a digital revolution where everything is social which mean today’s workforce they don’t care about survival their grandparents took care of that, they don’t care about the standard of living their parents took care of that, even the labor does not care of the standard of living anymore, because even they have a smartphone with free internet packages in their hands, cable television at their houses.
So if the boss or contractor says I’ll cut your pay or I’ll bind you with the contract, they will say thank you very much I’m finding another job.
If you want to retain your employees, you have to give them something else, you have to give them a quality of life not standard of life.
This means the quality of the workplace, quality of job, quality of the environment, quality of role, opportunity, learning, and reward all of that.
Unless your Boss doesn’t have a mechanism for that you always grapple with the retention of employees.
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