Many employees within the United States will change positions and career paths over the course of their lives. In fact, many will do so on a regular basis. When employees are motivated to seek new positions and career opportunities, these will usually depend on multiple factors, such as career advancement or more appropriate venues for their skill sets.
When individuals do locate or otherwise attain a position that utilizes their skills and fulfills their professional goals, there is usually an increased chance that they will remain in that position. Furthermore, they may develop increased skills that result in their being promoted from within that company.
McKinsey conducted a study that found over half, or 55%, of “exceptional” CEOs are hired internally. After serving with a company for a number of years, these individuals have a strong grasp on a company and/or organization’s mission, workplace culture, and other important factors.
Hospital CEOs, for example, are the highest ranking position in a hospital. In order to qualify for this position, they are required t have a minimum of 8 to 10 years of experience in the following areas:
- Administrative positions
- Healthcare positions
- Management positions
The Bureau of Labor Statistics reported, however, that many employees do not reach their fifth anniversary. The average amount of time that an employee tends to remain in a specific position is 4.6 years. It’s also interesting to note that the average tenure for CEOs has decreased over the past decades. During the 1990s, for example, the average period of time that they remained with a specific company was roughly 10 years. Currently, however, this time period is down to 5.5 years.
It’s interesting to note that the expected retirement age for Baby Boomers has recently increased. Roughly half, or 49%, of the currently-employed members of this generation don’t expect to retire until they are at least 66. This includes 1 out of every 10 Baby Boomers that don’t think they will ever retire.
When employees do serve a long tenure and/or significantly contribute to the workplace, it’s important to recognize this. Many companies have employee recognition programs, and 87% of these will celebrate an employee’s years of service.
It can often be challenging to find work retirement gifts or corporate milestone gifts for to acknowledge support staff, executives, and CEOs. Since it’s important to choose unique gifts, this process will usually be more successful when it’s a team effort. When long-term colleagues work together to create or purchase unique gifts for retirement, they can be much more meaningful and significant.
Work retirement gifts can show appreciation and recognize the long-term service of dedicated employees. In addition to work retirement gifts, business anniversary gifts are also an excellent way to celebrate a company’s longevity and contributions.