Is job security a thing of the past?
Historically, job security was synonymous with lifelong employment at a single company. It offered a sense of stability and financial security, often accompanied by benefits like pensions and healthcare. However, the dynamics of the job market have shifted drastically.
There is absolutely no assurance of a stable job with a single employer. The days of working for a single company from graduation to retirement have become rare. Downsizing, mergers, and economic downturns have highlighted the fragility of traditional job security.
Even well-established companies have had to lay off employees during challenging times.
Embracing career security
In contrast to job security which tends to put the power in the hands of somebody else, career security places the emphasis on things you can actually work on and have some control over. Things like your adaptability, skills, and resilience in the face of change. It recognizes that the modern job market is characterized by rapid advancements in technology, industry shifts, and the gig economy.
If it wasn't a matter of IF you will lose your job, but when, what would you do? How would you prepare yourself? What steps would you take?
Prioritizing career security requires investing in the equivalent of an insurance policy for your career. It requires committing to things like continuous learning and skill development. It's about staying ahead of industry trends and expanding your knowledge base. It requires building a diversified skill set and professional network and maybe even having multiple income streams. Embracing change and remaining adaptable is also key. The ability to pivot, whether in your current role or by pursuing new opportunities, is a hallmark of career security.
Pursue relevant certifications, courses, or degrees to stay competitive in your field. Do this strategically by keeping a close eye on industry trends and emerging technologies to anticipate changes in your field.There are many options other than traditional colleges and universities, too. Think tangible skills that are in demand in the labour market. Think cross-training by developing secondary skills or exploring adjacent industries to increase your employability.
This might not be for everyone but I’ve always been a fan of side businesses and freelance work as a way to diversify income streams, gain new skills, and test out new career pathways.
Speaking of income, it's good idea to assess your financial situation--even if the idea makes you want to barf. Actually, especially if it does. It's never too late to priortize an emergency fund if you can and to work on managing debt.
Regularly update your resume and LinkedIn profile to reflect your latest accomplishments and skills and depending on your career goals. In addition, building a strong personal brand through thought leadership and consistent online engagement can serve you well.
Plan for Transitions
Have a career plan that includes contingencies for unexpected changes, such as job loss or industry shifts--a "Plan B", if you will.
Start by identifying potential career alternatives or transitional roles you can pivot into if needed. This is something I've always personally done. I know what my next steps would be if my private practice and other income streams disappeared tomorrow.
You can take this as far as you want to. I've actually created comprehensive documents, Emergency Procedures manuals of sorts with clients that outline the steps they'd take in case of job loss or career shifts, including financial actions and job search strategies. Included in this is a section where we identified emotional and mental health resources to turn to during unexpected changes as well. We think of everything.
The concept of traditional job security has evolved into something more fluid. Career security, with its emphasis on adaptability, continuous learning, and diversification, has become the new benchmark for professionals. While job security may offer short-term stability, career security equips you with the tools and mindset needed to thrive in an ever-changing professional landscape. Ultimately, prioritizing your career security is an investment in your future employability and overall well-being.
I know something brought you here and maybe it was a search for what to do next about your career. There are a few ways I can help:
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Cheering you on!
Christine
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