A Podcast About Leadership: Rethinking the New Deal at Work with Dr. Peter Cappelli
August 29, 2025
Fifty years ago, it wasn’t uncommon for someone to spend their entire career at a single company, with a clear career path and the resources and training programs to give them the skills they needed to advance along that path.
Today, that world has largely disappeared. Organizations hire to meet their needs, employees move on quickly, and the bonds of loyalty have frayed in both directions.
Few people understand this transformation better than Dr. Peter Cappelli — bestselling author, George W. Taylor Professor of Management at the Wharton School, Director of its Center for Human Resources, and one of the most influential voices in human resources.
In our latest episode of A Podcast About Leadership, Dr. Cappelli joined hosts Dr. Jonathan Kirschner and Dr. Joy Nissen to unpack how we got here, where we’re going, and why it matters now. Watch the full episode below, or keep reading for key takeaways.
The Employer-Employee Contract Has Changed
Earlier this year, AT&T CEO John Stankey made headlines with a letter to employees stating that workplace loyalty is no longer a given. That perspective reflects the broader shift Dr. Cappelli has spent much of his career studying. For decades, companies invested in their people through training and career development. In return, employees often stayed with one organization for most of their careers.
Beginning in the 1980s, however, new competitive realities led many organizations to reduce those long-term investments. Succession planning programs were scaled back, development budgets tightened, and layoffs became more common, even in jobs once considered secure.
The result has been a gradual rebalancing of expectations. Employees are less likely to see one company as their permanent professional home, and employers more often focus on meeting immediate talent needs rather than cultivating careers over decades.
What the Numbers Tell Us
Recent data illustrates the scale of this change. According to Gallup, 51% of U.S. employees are currently looking for or watching for new jobs. At the same time, employees continue to value growth: a survey found that 94% would stay longer at a company that invests in their career development.
This creates a tension that many HR leaders recognize. While organizations increasingly operate with a short-term focus, employees remain eager for support and development that allows them to grow and build lasting careers.
Implications for the Future of Work
For CHROs and senior talent leaders, this dynamic has important implications. Agility and efficiency may dominate today’s business strategies, but long-term success depends on more than meeting immediate needs. Reinvesting in people — through coaching, training, and intentional career design — remains one of the most powerful levers for engagement, retention, and performance.
Cappelli reminds us that the way employers manage talent shapes far more than business outcomes. It influences culture, trust, and the resilience of the organization itself. In a future of work defined by rapid change, those human elements may be the difference between companies that adapt and thrive and those that struggle.
Listen to the Conversation
To hear the full conversation, watch the latest episode of A Podcast About Leadership, and subscribe to our YouTube channel for more insights at the intersection of talent management and the future of work.
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