Is the idea of a 'job for life' now enjoying a renaissance?

Date Published: 31/05/2023 16:55

Could the trend for workers to change jobs frequently be evolving – and what are the potential repercussions for employers? Here, Future Life Wealth Management’s director Keeley Woodcock appraises the facts…

FOR many years, it was assumed that people would get a job and stay with that company for the rest of their working lives.

However, attitudes have shifted significantly in recent years, with many workers now hopping from one job to the next every few months or years.

This approach to work has allowed many people to broaden their experience, social and professional networks, and develop more skills than they would have otherwise.

But, in an ideal world, would you stay with the same company for a longer period of time?

Are you leaving simply to make a change, or do you require something that your current employer does not provide?

According to a Michael Page study, 35% of 18 - 34 year olds would stay with their current company longer if they were given opportunities to develop new skills.

Why do people want to stay at the same firm?

Lifers were asked why they wanted to stay at a company for an extended period of time as part of the survey.

Four in ten said they were content to stay because they’d made friends at work, and a similar proportion said they valued the flexible work options they’d been given.

Surprisingly, nearly one third said they were happy to stay loyal because they had good relationships with their managers.

There was also a widespread belief that sticking with one employer can be beneficial to one’s professional development.

Half said staying with a company helped them develop their teamwork skills, and three in five said it helped them gain deeper industry knowledge.

Similarly, more than two fifths said the lifer approach helped them build strong industry connections.

Of course, there is no one-size fits all solution, and each person must do what is best for their life, circumstances and career.

However, it appears that the notion of no longer having a job for life is premature.

People will stay loyal if they are given opportunities to expand their knowledge and skills, build professional networks and have enough flexibility to enjoy a good work life balance and businesses may see far lower staff churn.

Employers who give their employees a reason to stay will be rewarded with loyalty, hard work and enthusiasm.

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