The One Career Trap No One Talks About: Job Security
In the past, certain professions were seen as untouchable when it came to salary and security. Physicians, nurses, pharmacists, lawyers, social workers, and teachers were seen as being great life-long careers.
However, moving into this new technological era, the career ecosystem looks and feels a heck of a lot different these days. Teachers and social workers are underpaid and overworked. Individuals in the medical industry are feeling higher rates of burnout, undervalued, and dissatisfaction. The career environment is definitely changing and, I hate to admit it, but no profession can guarantee a ticket to ultimate success anymore.
After working with thousands of different professionals ranging from CEOs to clinicians to accountants to architects, I think it is safe to say there is no perfect security blanket in all industries anymore.
So, out of all the career traps that people talk about, the one I never see talked about is JOB SECURITY!
Now more than ever, companies looking at their cash ins and outs and making sure every single penny spent has a significant Return On Investment (ROI). That means that a lot of people are seeing changes in the way their job is structured, including long-term security or a stress-free environment.
In today’s blog, we are going to focus on HOW you can be more intentional and strategic in your career.
BEING STRATEGIC ABOUT YOUR CAREER PATH
Despite certain careers and industries being considered secure in the past, things are changing. Even if these industries aren’t moving toward the gig economy, employees are feeling more pressure.
Consider these stats:
As of 2017, a typical college student ended up with an average of $37,172 in debt.
63% of employees in this study stated stress from their job frequently caused them to engage in unhealthy behaviors from 2015-2017
Physician burnout studies saw that most specialties had a burnout rate of 28-54%!
Burned-out employees are 63% more likely to take a sick day and 2.6 times as likely to be actively seeking a different job
Over the past 35 years, the median tenure of all wage and salary workers ages 25 or older has stayed at approximately five years.
So, according to the data, students are leaving college with hundreds and thousands of dollars in debt after picking a “set” career path at ~18 years old with minimal previous work experience. And then once they get into their career, there is a high risk of burned out, and constantly changing jobs anyway.
Here’s the thing:
Just because someone else told you that a certain job is best does not mean YOU actually want that life!
Use me for an example – I am a third generation pharmacist. While I’ve always appreciated and loved my pharmacy background, I never took time to explore other industries BEFORE I went into graduate school.
While I do not regret my decision to get my doctorate or my masters, I do wish I had someone in my back pocket with the advice below.
WHAT IS JOB SECURITY?
According to the Business Dictionary, job security can be defined as:
“Assurance (or lack of it) that an employee has about the continuity of gainful employment for his or her work life. Job security usually arises from the terms of the contract of employment, collective bargaining agreement, or labor legislation that prevents arbitrary termination, layoffs, and lockouts. It may also be affected by general economic conditions.”
So many people are chasing the concept of traditional job security without considering factors like debt, their personal interests, the demands of the job, and the type of lifestyle that profession allows.
THE GIG ECONOMY TODAY
A lot of the huge changes in job security have come from something called the gig economy.
What is this gig economy? It’s a workforce environment that features short-term engagements, temporary work contracts, independent contractors, and remote work.
Gone are the days where companies are only thinking in terms of salary versus hourly wages. Now, they’re paying by the project.
According to NACo, 24% of Americans reported earnings from some type of “gig” in 2016. Since then, these numbers have only gone up as more people enjoy the flexibility of this type of work.
But how does job security fit into the gig economy? It doesn’t.
More people are willing to trade off some benefits, commute time, set hours, and office culture for remote work. While some people work on a project-by-project basis, many can rely on a solid 20-40 hours of work from their employer.
For people who have single-mindedly pursued a traditional job for more security, the gig economy may open up more options that provide a better lifestyle and great income. And that, folks, is how job security can end up becoming a trap!
HOW TO AVOID THE TRAP OF JOB SECURITY
Here are some of my top tips to help you avoid getting trapped by the appeal of job security.
EXPLORE and take time to learn about other careers: There is no rush to success! Talk to people in other industries. Take new classes. Take time to learn more about what people do and how they got to where they are.
Know that your passions may change over time: Pursuing a career to follow your passion is highly risky, but it could pay off if you’re strategic. Before you completely immerse yourself in a full time passion project, launch a side hustle while you keep your 9-5 to see what aspects you like about this potential new business. If it works for you and you can secure an income from it – that is a huge win!
Career markets change: Colleges are constantly pumping out graduates that are moving into your profession. This is why building the strategies and tools you need to stand out in a busy marketplace is HUGE these days. Seriously, building your personal brand is ESSENTIAL!
Opportunities shift all the time: With the digital era, there are more opportunities than ever to work in an online cloud-based industry. This was a RARE opportunity about 1-2 decades ago.
Follow what you are good at, and not just your mom’s input. Getting advice from your family is never a bad thing. But you ultimately need to make the choice for yourself. Following a family legacy in a specific career is a wonderful thing, but only if you are 100% sure it’s what YOU want.
You’ll be spending over 90,000 hours of your life working, so don’t beat yourself up if you go into a career and want to change after a few years. Don’t feel like you have to do it alone either.
For more insight into how you can level up your career, join my Career By Design membership. You’ll gain expert guidance and a network of professionals that will help you thrive in your career!
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