I’ve been starting to wonder if we are moving back towards a ‘job for life’ mentality. I don’t think we can talk about it in the same way as the baby boomer generation may have experienced (those currently aged in their 60s and born between 1955 and 1964), but there is a noticeable shift happening in the job market.
Economic uncertainty
Job for life mindset: a lack of stability has made people more cautious about job security, leading more workers to batten down the hatches and make the best of their situation. If they feel that position is stable, they may be less inclined to switch jobs for a small pay increase.
Mover mindset: If a company is clearly paying under the market rate, people will still move.
A revolution in benefits
Job for life mindset: extending the comparison with the baby boomer generation, 80s and 90s employers had relatively little to offer in terms of benefits, but what they did have was relatively shiny and new. The UK market for private medical insurance (PMI) expanded rapidly from the mid-1970s to 1990, while company-paid pensions were growing in popularity and company cars had become a real badge of honour.
What we are seeing now is a step on from that: a digital revolution in the way companies can support and protect their employees, while also making their pay packet go further. Cash plans offer a more affordable blue-collar version of PMI covering eye tests, dental and even physio and diagnostic tests. Online GPs can save people time and hassle. Voucher and discount schemes can make workers’ cash stretch further on the high street. Gym membership and wellness schemes can make them feel healthy, recognition schemes make them feel valued, and EAPs are that last line of defence for when they need our help and support. Companies can be increasingly creative with what they offer in order to hold onto workers.
Communication and Personalisation
Job for life mindset: all the while, the communication and personalisation around reward, recognition and benefits that a company can achieve with its employees is also improving dramatically. By making all these things readily available in one smartphone app like HAPI makes things quick and easy to access, while push notifications and personalisation lets companies reach out to workers in a targeted way, boosting engagement. For the first time, we are making it as easy for workers to access and use their benefits as it is for them to make a purchase on Amazon, or watch a movie on Netflix, and that is a massive step forward in retaining people.
Mover mindset: Word travels fast – if a competitor’s benefit offering or tech platform is much more enticing, people may be tempted to move.
Investment in career progression
Job for life mindset: we are seeing more companies investing in their employees. Whereas a ‘career’ used to be seen as a series of earned promotions with bottlenecks and frustrations along the way, a more modern, upskilling-led approach to progression allows a more circuitous route through a series of life experiences within a company before maybe finding their favourite area via a sideways move. This same investment in the individual fosters a sense of loyalty and makes employees less likely to leave, particularly the younger Millennial and Gen Z generations, who tend to prioritise work-life balance and meaningful, purpose-led work. They may not be looking for a ‘job for life,’ but they still value stability and opportunities for growth.
Mover mindset: Technological changes are constantly reshaping job roles, requiring employees to be adaptable and sometimes leading to change. Companies also need to match employee appetite for personal and professional development or they will leave to satisfy it elsewhere.
The world of hybrid
Job for life mindset: working remotely enables people to work globally without physical relocation, which can naturally lead to longer tenures as employees feel less tied to a specific place or office.
Mover mindset: These same people may now explore alternative career paths like freelancing or entrepreneurship.
