“A Job for life” no longer exists

At the start of my career, I was working for BP Amoco Oil & Gas company based in West London. The Oil exploration sector has always been volatile as you would expect. If a company as large as BP failed in a single strike on a particular field, it meant widespread redundancies. We all “held our breath ” to see if the “grim reaper” had come for us! However, this was during the 1980s and most of the Senior Managers were exempt from the dreaded chop! There were many of them that had been working at the company for at least 15-20 years. I thought “Blimey 20 years working here” !! It was spending your whole career with just one company. Company loyalty was the norm as long as the company looked after you. Employees would be able to live comfortably in retirement on the income they had accumulated in their final salary pension schemes during their careers.

Those were the old days. We live and work in difffent times now. The notion of a job for life is little more than a myth in many areas of the labour market. Employers keep their staff if they feel they need to and dispense with them if they feel they don’t, or if economic circumstances change. However, a recurring theme of recent years since we went through the global financial crisis of 2008, has been the changing economic circumstances. Today, CEO’s are judged on short term results at the cost of long term investment. Hence to many companies experiencing these volitile business environment have to focus on short term cost cutting measures which translates to firing people!!

Hence, in today’s business world, employers and employees need to strike a meaningful and mutally deal or cooperation. Employees are now more likely to work for a number of employers. I went into self employment back in 2008, teaching and consulting for at least six different Educational Insititions!! It gave me a great deal of flexibility but also committment. Semester contract were signed (6 months duration) which suited both parties.

The concept of job hopping is shaking off its negative connotations of old and is now seen as an economic necessity. One of the best ways to achieve pay progression in your career is to move from one job to another, and that’s important to the individual and it’s also really important on a macro level because it’s the best way for companies reallocating productive capacity. Hence companies become more productive through the staff they take on who are a better fit for the organisation. Consequently, job mobility helps to drive profitability and hence keeing Shareholders satisfied. Business leaders know only too well the importance of creating alliances that engage, motivate and inspire employees, whatever their role and level of commitment to the business.

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2 thoughts on ““A Job for life” no longer exists

    1. Yes Mohsin the term they use now is ” you scratch my back and I will scratch yours” ! As someone holding a senior banking position you must have seen a lot of changes in the Banking sector over the past decade.

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