The Truth About Loyalty in Today’s Workforce

Hire Yourself Podcast with Pete Gilfillan

Pete Gilfillan delves into the disappearance of loyalty in today’s corporate world, exploring why both companies and employees struggle to maintain trust and commitment. Drawing from real-world examples, Pete sheds light on the shifting dynamics and offers insights into how businesses and individuals can navigate these changes.

In this episode, Pete discusses:

• Economic Instability and Downsizing

Frequent layoffs and cost-cutting measures have eroded employee loyalty, as job security becomes a rare commodity in today’s volatile economy.

• The Gig Economy and Flexible Employment

The rise of contract work and temporary roles provides flexibility for companies but leaves workers with little stability or long-term commitment.

• Shifting Workforce Demographics

Younger employees prioritize work-life balance and personal fulfillment, often leading to shorter tenures and a willingness to switch jobs for better opportunities.

• Poor Management Practices

A lack of leadership development and recognition leaves employees feeling undervalued, further contributing to the erosion of trust and loyalty.

Key Takeaways:

• Adapt to Workforce Needs

Companies must create environments that align with employees' values, emphasizing flexibility, fair compensation, and recognition.

• Foster Transparent Communication

Honest and open communication is essential for building trust and long-term commitment between employers and employees.

• Redefine Loyalty

Both employers and employees need to embrace new forms of mutual support and adaptability to thrive in a rapidly evolving workplace.

"Loyalty isn’t dead—it’s changing. Companies that adapt and prioritize trust will be the ones to thrive." — Pete Gilfillan

CONNECT WITH PETE GILFILLAN:

LinkedIn: https://www.linkedin.com/in/petegilfillan/
Website: https://www.hireyourself.com/

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Transcript

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Welcome to the Hire Yourself Podcast. Are you stuck in the corporate rat race, worrying about layoffs, and longing to take control of your destiny? This is the place for frustrated executives like you who want to escape the grind, live life on your own terms, and build wealth. Whether you're ready to make a full transition into franchise ownership or wanna start building a side business along with your corporate job, Pete guides you every step of the way. He'll talk about how to create career and income security, diversify your assets and income, and live life on your own terms. Your path to controlling your own destiny starts now.
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Welcome back to the Hire Yourself Podcast. Again, my name is Pete Gilfillan, and I am an entrepreneur. I'm a best selling author of the book, hire yourself, and certainly a proud corporate escapee. You know, over the years, my business partner and I, Nat Truett, hosted 100 podcasts. And Nat has decided that he's been growing his other business, his, in home care business, and it has gone so big that he's gonna have to focus 100% of his time and energy out of that. So good for Nat. So you are stuck with me, and I am excited to be your host of Hire Yourself. And I look forward to this idea or my mission or my passion for you is to be a champion for executives that are being pushed out of the corporate world when they're ready, right? Taking away their careers, their incomes. I wanna teach people about franchising that will allow them to take control of their destiny, to live life on their terms, or even build wealth. And I also want to kinda be there to help people, just learn about being better people or better, just better overall, as a human. So that's my passion. That is my vision going forward. And I thought today what we would talk about is this idea. And I was just on a business mastery class with Darren Hardy, which if you haven't done that, that he's absolutely amazing. You should follow Darren Hardy. He's got some great, training, education, and some of it is free as Darren Daily. So I encourage you to do that. But one of the things we were talking about in today's world, it is really tough, to get employees. And we more specifically talked about this lack of loyalty. And really when we speak about loyalty, it's not about just corporations not having loyalty to employees, but employees not having loyalty to their employers. And this is a big deal. And I give you a couple examples. I was working with a candidate, he had just been laid off. He had been with a company for like, it was like 26 years. And he gets an email that basically says that he is being let go. He gives 26 years of his life and he gets an email that says they're done with them. Terrible, rotten, awful, pushing him out into, obviously, retirement or messing with his career and his income for a stand point. But on the flip side is during the Darren Hardy event, his BMC Business Mastery class, he talked a lot about that it's hard to find good employees. And in fact, there isn't any loyalty there because 40% of people that, take a new job don't show up or some crazy number like that. That blows me away. So I thought we'd spend some time today talking about what the heck happened to loyalty in in the corporate world, whether it's employees or or employers. So I think number 1 is is that there has been economic instability and downsizing. Right? I mean, we saw this in 2,008, but we're seeing more and more layoffs now, in the last year or so. And bottom line is is that companies are are resorting to layoffs to reduce their size from that standpoint. And employees on the flip side is they're feeling insecure. Like, they they may not have a job, and that certainly impacts loyalty. You know, there was a good article, the effects of economic downturn on employee loyalty. It was in the Harvard Business Review. It was a great article and it talks a little bit about this this loyalty kind of disappearing, from that standpoint. And then there is a kind of an a shift in employment, employment model. You're seeing more corporations there with this gig economy. They're looking at kind of that flexible work style off from that standpoint. So they can do contract workers. They can do, any kind of consulting, stuff like that. And that absolutely helps to reduce their costs. Well, these roles often, you know, are temporary from that standpoint or they're a set period period of time. So it does not give the, employee or the person doing the consulting or contract work any kind of stability. So I could see why there's no loyalty there from the standpoint. And there's, you know, from a standpoint of, the next one is is that there is, technology advancements out there and implementing augmentation from the terms of the company standpoint. And this can eliminate jobs. And from the standpoint of this, just makes it very, very simple, from a standpoint. So bottom line is that that makes a difference. And then there's certainly outsourcing, from that standpoint. They're sending stuff jobs overseas, and that creates less loyalty, from a standpoint of employees seeing that a lot of these jobs are being outsourced sent to other places. So that's a good one. And then there's changing workforce demographics. Companies often fall adapt to, you know, these younger employees who prioritize work life balance better. Right? And from an employee standpoint, these, you know, these workers, they're willing to change jobs to get that balance, that lifestyle that they're looking for. And and I can attest to this, is I've got, young, kids that are graduating from college and life, you know, life balance is a big thing. It's so much different than when I started in the corporate world over 30 years ago. So and then certainly one of the things that leads to dissatisfaction or lack of loyalty is the changing of the, compensation or inadequate inadequate compensation and benefits. And companies, one of the ways in which they can reduce costs in addition to cutting employees is reducing benefits. So that's a way in which they can, you know, maybe charge you more for your health insurance or different things like that. So less and less benefits, and and employees feel like they're undercompensated. They're almost being taken advantage of. They're not getting a Square deal in regards to their competition or compensation. Excuse me. And then there's just another reason for the lack of loyalty out in the corporate world is poor management practices. Right? Companies are neglecting to build leaders, leaders that can help move or grow these employees. And employees often feel like they're under recognized, undervalued in today's world, because of this poor management. And then there's just an overall, erosion of trust. Right? Companies may fail to communicate transparently to their employees and leading to distrust and stuff like that. And employees perceive the lack of transparency as less likely for the company to commit to them. So another, example would be the lack of loyalty is, again, this whole life work balance challenges. Right? Companies demand more time, more workload. They're downsizing. Right? So one employee now is doing the job of 2 people, and employees don't like this. Right? It is extra work. It is, you know, to the point where they just they won't put up with doing all that extra work because they, again, feel like they're being taken advantage. And there's maybe a overall cultural, misalignment, right, where companies may have a culture that does not resonate with their their employees, right, causing disconnect and disengagement. And employees are less likely to feel loyalty organizations that whose values don't align with their own. Right? They want to be part of a mission. So bottom line is is that we've seen a significant shift that there is no more loyalty in the workforce, whether it is business owners or corporations. And on the other side of it is employees, these people that we need to help grow our businesses. And so I hope that companies get smarter and provide more value to their employees that allow them to be more comfortable, more trusting so that we can get back to having a trusting relationship where there's loyalty on both sides. And that's it for hire yourself podcast. Have an awesome day.
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Thanks for joining us on the Hire Yourself Podcast. Pete's here to help you break free from the corporate rat race, take control of your destiny, and finally live life on your own terms, whether that's jumping into franchise ownership full time or starting it as a side hustle. If this episode resonated with you, don't forget to subscribe, share it with a fellow frustrated executive, and leave a review to let us know your thoughts. Ready to start building your bridge to freedom? Visit hire yourself.com for resources, insights, and a clear path forward. Until next time, take charge, build your future, and live life on your own terms.