Think the concept of staying in the same job for life is a thing of the past?
Turns out there is a greater chance than ever before that you will stay in a job long-term if you make it past your first year, according to a CIBC report released June 18.
For Canadians who complete one year on the job, there is a 60% chance that they will stay with that employer long-term.
This is up from a low of 43% in 1993.
“Not too long ago, people were talking about the labour market as a bloodsport,” Benjamin Tal, CIBC deputy chief economist and report co-author, told Business in Vancouver.
“People thought it’s going to be a fairly tough environment, there is not going to be any loyalty between employees and employers, you will have 10 jobs, jobs-for-life are over –that was the new economy.”
In fact, the opposite holds true, Tal said, and the reason can be summed up in one word: fear.
“Employers don’t want to lose qualified people because there are not many of them, and they will do whatever it takes to keep them,” he said, explaining that on the other side of the equation are many employees that feel their skill sets are replaceable, and they don’t want to “rock the boat” by trying to change jobs.
This is having negative repercussions for those looking for work.
The report states that with fewer seats being vacated, those who have been unemployed long-term have fewer opportunities for finding work.
“Couple that with a skills mismatch and an aging population shrinking the workforce, and landing a job becomes harder today than it was previously,” the report says.
