Recent data from the CIPD has shown a boosted “job for life” phenomenon among today’s workers though the recession is not the main driving force for this philosophy.
Between 1998 and 2012, the quantity of employees leaving their job at any one time decreased by about 40%. This phenomenon presents businesses and HR professionals with the challenges associated with establishing innovative cultures.
However, in its recent report, “Has job turnover slowed down,” the CIPD found that the trend promotes the long-term preservation of skills and employee knowledge.
From October to December 2012, the Office for National Statistics indicated that almost 3% of personnel left their jobs. For the same period in 1998, that number was closer to 5%. The drop is significant and the recovering economy isn’t the primary cause of this shift.
According to CIPD chief economist Mark Beatson, the renewed interest in a job for life comes with an ageing population that contains less young people established in working environments. The CIPD report’s data shows that more mature workers, usually in their 50s, are less likely to change jobs. Younger employees tend to have higher turnover.
The average period that people spend at their job has been increasing significantly, especially in the last five years. Because of this, the workforce may see historically low turnover rates for the next several years.
More employees choosing to stay put will present challenges for HR recruitment specialists, though as the labour market grows, turnover will inevitably increase.
This is a trend that seems to have crept up on us. We have been told for a long time to expect the end of the ‘job for life’ and more frequent changes of employers and careers but the data appears to have been moving in the opposite