Employee’s Focus on Job Stability Rather Than Growth

Workers, worldwide, have turned risk averse, thanks to the recession. More and more employees are showing an inclination towards job security rather than career growth according to a biennial survey by Towers Watson Co.

Even compensation comes as second in the list of preferences for most employed people now. The preference for staying in the same job with the same employer seems to be latest trend as the recession and the resultant layoffs have created an atmosphere of complete uncertainty and insecurity. This trend, however, is in direct contrast with the global employment trend where there is a marked leaning towards flexi staff, contract employment and outsourcing.

Max Caldwell, speaking on behalf of Towers Watson, said that stability and long term employment are being increasingly preferred by employees but getting harder to find. Studies show, that of the global working population, one third prefer to stay employed with the same employer for life. Another third may want to change jobs twice or thrice at most.

Analysts believe that growing anxiety about post retirement and health care expenses is bringing about this change in attitude as more and more employers shift these costs onto workers. In fact, about half of the US’s working population is uncertain about retirement plans while 30% have plans to work even when they are 70.

A massive 81% workers are not job hunting even though 51% feel that their career growth chances are poor. A majority of workers expect employment opportunities to shrink further. Manpower Incsaid’s quarterly survey showed that employers in US are less likely to hire come second quarter of the year.

In developing economies, employees appear more resilient to such pressures, as revealed by their willingness to change jobs frequently as compared to their peers in Germany and the United States. This is because in developed countries the recovery has not been followed by an improvement in employment opportunities. This has allowed a pessimistic mind set to gain ground.

Although demand has increased, employers are still treading carefully where large scale recruitment plans are concerned. Wage growth is also likely to be more subdued than in the previous cases of post recession years. Employers will be aiming at increasing productivity levels or upgrading employee skills. Employees will also need to tone down their expectations in line with the reality.

Whatever the future may hold, the recession has certainly affected the generation’s risk appetite and brought about a big change in the employment market.

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