Long term versus short term employment strategy

• Employee loyalty and retention: Long term employees are more likely to develop a strong sense of loyalty to you as an employer and are less likely to leave for other opportunities

• Lack of fresh perspectives: Long term employees may become set in their ways and resistant to change, which can stifle innovation and growth

• Institutional knowledge: Long term employees have a deep understanding of your company's history, culture and operations, which can be valuable in maintaining consistency and avoiding mistakes

• Difficulty adapting to change: Long term employees may struggle to adapt to new technologies or work processes, which can slow down your company's progress

• Lower recruiting and training costs: By retaining employees for longer periods of time, your company can avoid the costs associated with recruiting and training new hires

• Higher salary costs: Long term employees may earn higher salaries due to seniority, which can increase your company's labour costs

• Flexibility: Short term employees can be hired on a project by project basis, which allows your company to quickly scale up or down depending on your business' needs

• Lack of loyalty and continuity: Short term employees may not feel a strong sense of loyalty to your company and may leave for other opportunities after the project is completed, which can disrupt continuity and cause a loss of institutional knowledge

• Fresh perspectives: Short term employees can bring new ideas and perspectives to your company, which can spur innovation and creativity

• Higher recruiting and training costs: Hiring and training new employees for each project can be time consuming and costly, which can reduce your company's efficiency

• Lower labour costs: Short term employees may be paid lower salaries or hourly wages, which can reduce your company's labour costs

• Difficulty building a strong culture: Short term employees may not have the opportunity to fully integrate into your company culture, which can make it challenging to build a strong, cohesive team

Here are some ways that changes can affect the length of employment:

1. Changes such as company downsizing, restructuring or closures can result in job losses for employees. This can significantly shorten the time of employment for those affected.
2. Changes such as company expansion, mergers or acquisitions can create new job opportunities within the organisation. This can result in longer periods of employment for employees who are able to take on new roles and responsibilities
3. Changes in job responsibilities can affect the length of employment for employees. If an employee's job duties change significantly, they may choose to leave the company if the new role is not a good fit
4. Shifts in industry trends: Changes in industry trends such as the introduction of new technologies or shifts in consumer demand, can affect the job market and the length of employment for workers in certain industries
5. As the workforce ages employees may choose to retire earlier, leading to shorter periods of employment
6. Employee turnover: Changes within a company can affect employee morale and job satisfaction, leading to increased turnover and shorter periods of employment

However, you still have the option to improve your employee retention instead of hiring a new employee.

Employee retention development