The Myth of Job Security: A Cautionary Tale for the Complacent

Victoria Canham • 25 September 2024 • 3 min read

"Job security is a myth. The only true security is the ability to adapt and thrive in a changing world." - Unknown

Create Your Own Security

Once upon a time people had a career path that was mapped out for them and they would go to work, do the job or varying senior levels thereof for 40 years and then retire, from the same firm, after 40 years. Just imagine that. This does not exist anymore.

For many years as a contractor in Financial Services, I would hear permanent members of staff saying that they could never work as a contractor because they preferred the job security that came from permanent roles. As the annual “organisational restructure” came around however, it was always the permanent staff who were “restructured” out of the organisation, while the contractors remained on site working on projects, some of which had lengthy delivery schedules.

Sometimes, those permanent staff members were even replaced by contractors. Now this is not to say that contracting is superior to permanent employment, each has its benefits that suit people’s needs differently and the fact is the IR35 rules here in the UK certainly changed contracting for the foreseeable future, which ironically goes to show that there is no such thing as job security in any form anymore. And this is not just a result of the global pandemic.

What has caused the lack of job security?

There is a combination of forces in play:

*️⃣ A growing population of working age (at both ends of the age spectrum) people creating greater competition for the available roles.

*️⃣ Better access to qualified candidates available globally, employed either through outsourcing, remote working or on work visas.

*️⃣ Automation and AI are changing the nature of work and eliminating certain jobs whether we like to admit it or not.

*️⃣ Changing societal priorities and preferences (e.g. a move away from fossil fuels);

*️⃣ Mergers and acquisitions that may mean the new ‘parent company’ already has someone with your skills in the equivalent role.

*️⃣ Cost cutting to stay afloat due to an economic downturn.

*️⃣ The relocation of headquarters, as we saw during Brexit (I’m talking about you James Dyson).

And various other causal factors that mean companies are able to, or have to, reduce their headcount costs removing any notion of security from a large number of roles across the spectrum. The biggest lesson about job security is that there is no security in something about which someone else gets to make the decisions.

What can you do to future-proof and secure your career?

Become self-reliant

Don’t rely on your employer to keep your skills and qualifications up to date. Keep yourself informed of new technologies in the field and acquire the skills you need to progress in the industry you are in, or want to be in. As a former Learning and Development Lead in corporate, I can assure you the L&D budget is the first thing out the window when a company needs to cut costs, so that training you’d love to go on just becomes less and less likely to end up on the corporate books.

Treat your career as a project

Create a timeline for your career including milestone and goals that you wish to achieve, refer to it often and keep a record of your achievements along the way, you will need these for you résumé/ CV. You should update your CV at least once per quarter.

Develop your personal brand

Make sure you are known for the thing you are great at and build your network on social media platforms, such as LinkedIn, providing insights about your ‘thing’. People will come to remember you as the “Project Management Guru” (or whatever) and likely think of you when they need someone when they are recruiting project managers etc. Start building your personal brand and adding value now, so that network is ready when you need it

Conclusion

The death of job security can be a gift, if you take the opportunity to prepare for it. Ironically, being prepared for having to look for a new role can actually secure your place in your current company for longer, because you are continuing to grow and develop new skills, which ultimately become valuable to your organisation.

But knowing that longevity no longer exists, you get to create your own future and have the potential to work on something you love instead and build your own “thing”, a friend of mine left corporate last year to setup her own business, guess who is the happiest I have ever seen her?

I am here to help

Do you need help with future-proofing your career? Come have a call, I can help you with bespoke, targeted coaching.

Return to Blogs

Fast Asleep: How to get a really good night's rest by Dr Michael Mosley

A good night's sleep is essential for a healthy brain and body. So why do so many of us struggle to sleep well? In Fast Asleep, Dr Michael Mosley explains what happens when we sleep, what triggers common sleep problems and why standard advice rarely works.

Prone to insomnia, he has taken part in numerous sleep experiments and tested every remedy going. The result is a radical, four-week programme, based on the latest science, designed to help you re-establish a healthy sleep pattern in record time.

With plenty of surprising recommendations - including tips for teenagers, people working night shifts and those prone to jet lag - plus recipes which will boost your deep sleep by improving your gut microbiome, Fast Asleep provides the tools you need to sleep better, reduce stress and feel happier.

We’re not just about overcoming obstacles, we’re about transforming lives.

Victoria Canham - Your Performance Partner

Victoria is an ICF-accredited certified professional coach, who offers personalised performance coaching. With a background in change management and countless hours of professional coaching training and experience, I made the big switch to full-time coaching in 2020. I know what it is like to suddenly have the rug pulled out from under you while you're busy making other plans, as a result, I now help people like you to bounce back from adversity and major setbacks to emerge stronger and better than ever before. Our clients have transformed from feeling overwhelmed by life's challenges to confident, goal-driven individuals who navigate life's obstacles with ease. They've achieved their personal and professional objectives and embodied peak performance in all aspects of life. You too can experience this transformation. This is your moment. Your chance to take control, to choose growth over stagnation, achievement over inaction. This is your opportunity to prove to yourself that you're not defined by your challenges—you're defined by how you rise above them. Are you ready to transform your life and achieve peak performance?