Loyalty is defined as, “the state or quality of faithfulness to commitments or obligations.” Why should millennials care about loyalty? According to the Deloitte Millennial Survey 2016, 44% of millennials surveyed stated they would like to leave their current company within the next 2 years.
So, what builds loyalty to a company and a connection so strong that a person commits to staying until retirement? The top two reasons for a person staying in a position are job satisfaction and work environment. Other factors come into play such as compensation, and alignment of personal and organizational values, but how a person feels about the job itself and the environment they work in, are the keys to employee retention.
Who decides the success of these two factors? Primarily, it’s the leadership. Leadership can make or break a company. Not an earth-shattering statement, most people believe this to be true, but what is mind-boggling is how little we invest in “growing” great leaders. For millennials about to be placed into leadership positions or those aspiring to a management position one day, this week’s Daily Doses are for you!
· Got style? We’re not talking about fashion. Anyone in or considering a management position should evaluate your personal leadership style. One way is to take an inventory test based on your personal attributes. Next, reflect on your values and list the positive traits of leaders who have influenced you professionally. Think about the leader you want to be. The best leaders inspire, coach and lead others to greatness like the CEO of Starbucks, Howard Schulz. Shulz’s mission is to establish a company that treats people respectfully and with dignity. He sees his position as one of “service” and displays this with his daily inspirational emails to all employees and by creating programs that “give back,” such as the “Starbucks College Achievement Plan.” Leaders like Shulz, have a clear vision for the company and set the course to get there. They believe in the value of others and understand that everyone who comes to the table has something to offer, regardless of the position they hold. Leaders who see their employees as people who matter and provide opportunity for choice, voice and the sharing of innovative ideas, accomplish great things and grow in ways even they never considered. Not only do they celebrate in the accomplishments of individuals but see all failures as their own and use them as opportunities for change and growth.
Given your current situation, the time may just be “right as rain,” for buying your first house. Interest rates currently can be found between 3.3% and 5.0%, depending on the state you live in, the type of loan you qualify for and the amount of down payment you are able to apply. If you have been spending upwards of $1500 a month on rent that you will never see again, this may sound like the perfect investment to make. Before you call a realtor or download that Redfin app on your phone, there are a few key items to consider. Buying a home could just be the biggest decision you have made this far and needs to be carefully investigated before diving in.
This week’s daily doses will be focused on the things you may never have considered when making this big move!
- How much can you actually afford? A mortgage app quotes you to qualify for a $300,000 home, but does it mean you should? Lenders want to qualify you for the highest amount possible, but being “house poor” is one factor that can lead to anxiety, relationship issues and bad credit if anything unexpected such as losing your job, should occur. First, weigh all of your options and determine your total monthly income. List all living expenses, include the amount that you will be putting into your savings account each month. Discuss the pros and cons of renting vs. owning your own home. Also…
- Can you afford to make a mortgage, pay an HOA and cover all the maintenance costs of a home?
- How much do you currently have saved? Do you have funds available for a down payment without wiping out your current savings?
- Do you have an emergency fund for any unexpected costs?
- Will buying a home derail your financial timeline?
- Can you afford all the costs for turning on and off utilities, moving and any new purchases such as furniture or appliances?
- What purchases are you willing to “give up” to afford this luxury?
Today’s D. Dose is the last of the series on Life’s Highway. These two points are the last, but definitely THE MOST IMPORTANT!
- Contemplate your health. How healthy do you want to be at 35, 45, 55, 60? It’s more than just setting goals for weight. Will you be running marathons, golfing 18 holes, swimming 5 miles a day, setting weightlifting records? Success in life depends 100% on “QUALITY of LIFE.”
- Get in alignment: When choosing a partner for life, talk about your timelines? This is huge! Make sure you are with a person who is in alignment with your life, goals, dreams and who wants to be on this same path. Fighting about money can be a losing battle and best relationships are established by discussing where you both want your lives to go and supporting each other to reach incredible goals!
It is never too early to start envisioning your life’s journey!
Today’s Daily Dose is twofold…
- Map out your career goals. Do you plan on being CEO of the company by age 40? Do you want to have your own business by 45 or several businesses by 50? Very few people intend to be doing the same job for the rest of their lives, so right now ask yourself….”What would I do if I could work anywhere or do anything and how will I get there?
- Set a financial course: Think about money and set goals for how much you want to be worth when you reach those “landmark” years. How much do you want to have in “liquid cash,” investments, real estate, assets? What additional sources of income can you add to your portfolio? How will you ensure that no matter what speedbump comes your way, you are always financially solid?
This is the way highly successful people plan out their lives, by looking all the way down the road and not just to the end of the street!