Posted on 06/01/2024 10:29:23 AM PDT by Cronos
Steven Piluso, 52, has worked for many years as a marketing operations and strategy consultant.
He says the initial social contract that created loyalty to jobs was broken by the employers, not employees.
To fix the problem, companies should focus on giving Gen Z and millennials benefits that matter to them.
After college graduation at age 22, I got my first job at an advertising agency. At the orientation, sitting with mostly entry- or low-level employees, an HR rep went over a lot of confusing information — stuff about common stock, benefits, and a pension plan.
I thought to myself, "Well, I'm going to work here forever and I'll just figure it out later and retire at 65, maybe before that!"
After all, this was what I'd been told by my grandfather right before I left for college. He'd retired after working at the same bank branch for 45 years, working his way from sweeping the floors to branch president ... About three years into my tenure at that job, a memo informed us that the company was discontinuing its pension program; we could either be paid out or migrate the balance into a 401(k), the new retirement provision for employees.
....As I've gotten older, I'm sometimes jealous of friends who took jobs in public education or government. They haven't lived lavishly over the years, but with 30 years' experience can retire at full salary in perpetuity and sleep comfortably without the plague of questions like Will my 401(k) be enough to retire at 60? 70? Will the government move retirement from 65 to 70 and I'll have to work for nearly 20 more years?
(Excerpt) Read more at businessinsider.com ...
How did you get your revenge?
Did anyone call to beg you to come back?
I worked over 40 yrs at my hospital...of course it was covid so they will use it as an excuse but when I retired there was nothing except a simple pot luck on my floor....no handshake, no clock, no plaque , no nothing....I would have thought a nice thankyou for your service card would have been nice..
no loyalty...remember that if you're just starting out.....the company doesn't really care...
Whether sincere or not you would think that a company would have a simple friendly appearing quick routine for retirees, with some token gift and recognition, that sort of ceremony would be useful as a company bonding moment for the employees watching it.
I work for a Fortune 500 that actually still has a pension. Plus a good 401k.
I’m under no illusion that they hold any loyalty to me. But I’m in a mid level but very high profile position which helps.
I’m about 3 years from retirement and looking forward to it. If they dump me tomorrow I think I’ll be ok.
Two people being unable or unwilling to do my job was revenge enough, for me to snicker at management from a distance. I knew that one of the young ladies (who thought that I was greatly overpaid, for 24 years experience) thought that the position was simply as receptionist, and I had no intention of setting her straight.
Much of the job actually was more like accounting and inventory control. I was responsible for keeping track of government property and information, controlling all security aspects of the building and computer systems and counseling employees and contractors about handling government information.
I could go on, but I get a headache just thinking about how many other things were involved in that job.
It’s like that in a lot of fields
The loyalty of companies ended when the lawyers and bean counters took over US corporations in the 1970’s and 1980’s from the marketing/sales and production/R&D executives. Financial people and lawyers do not make thing or sell things and therefore do not driver innovation or customer satisfaction which is critical to the success of a business.
The 1980’s brought a wave of financial manipulation by Wall Street investment banks and hostile takeovers by corporate raiders. Takeovers resulted in massive downsizing of acquired companies and asset stripping that destroy jobs and once great businesses. The 1990’s brought “free trade” and the outsourcing of US manufacturing to other nations resulting in the destruction of the blue collar middle class.
Corporate loyalty died on the vine of financial greed driven by Wall Street banks, financial corporate executives, and the politicians who enabled them. They fundamentally changed the capitalist system in the USA. Loyalty died with the millions of jobs erased by the raiders and the globalists.
The loyalty of companies ended when the lawyers and bean counters took over US corporations in the 1970’s and 1980’s from the marketing/sales and production/R&D executives.
^^^^^^^^
This!
I don’t know about teachers but Fed Gov’t employees do not retire at full salary.
Under the old civil service system at 30 years age 55 you got about 55% of the average of your highest 3 year’s salary. Under the newer system (implemented about 1984?? it’s less, but there is a program similar to a 401k with salary matching up to 5%.
The last company I worked at had a manager who drove everyone away either by firing or making petty criticisms in the last 5 years or so. I was the last of the original people in that dept after 18 years. I think he did this because he enjoyed it but also because he made bonus money by hiring new people at lower wages. He left the company because of new management which forced out the 4 managers above him. He was going to be next : )
I bet he is doing the same at the new place.
I had been investing in single stocks and was doing well and eventually retired because of the money made. I never did a 401k but I should have.
401 Calculator
https://www.calculator.net/401k-calculator.html
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.