Ethics Newsline®

From the New York Times Co.:

In an employment trends report released today, The New York Times Job Market reported that job seekers believe loyalty does not necessarily pay, even in the current difficult economic climate.

About half of job seekers (51 percent) believe that loyalty to a company is helpful to the individual. In contrast, however, 40 percent say it makes no difference and 9 percent believe that loyalty works against an individual. These findings lead the third in a series of reports on employee loyalty by The New York Times Job Market research team.

At the same time, almost all hiring managers (97 percent) and job seekers (87 percent) agree that loyalty makes an employee more productive.

Are there any other benefits in fostering a loyal employee base? Are there any financial consequences for business? Two-thirds of hiring managers (67 percent) answered yes to both questions and explained that it is more expensive to recruit a new employee than it is to retain a current one. Hiring managers estimate that on average it costs $10,350 to replace an employee who has left for another job….