For recession-weary employees, stability now trumps job advancement

March 17, 2010

The “Great Recession” has fundamentally altered the way that U.S. employees view their work and their leaders, says a new study from the professional services company Towers Watson. The recession has dramatically lowered employees’ expectations for their careers and retirement, the study indicates. Job advancement is now less important than a growing desire for workplace security and stability, at the very time that traditional employment safety nets are fraying.

In a profound shift for employees and employers alike, “Not only have people seen many coworkers, friends and family members laid off, but they know they are increasingly on their own for everything from health care to managing their career, to planning for a secure retirement,” said Max Caldwell, a leader with Towers Watson’s Talent & Rewards business.

Eighty percent of survey respondents said they want to settle into a job, with roughly half seeking to work for a single company their entire career and the rest preferring to work for no more than two to three companies. Nearly one-third plan to work to age 70 or beyond. When asked about the most important factors in a work situation, more respondents chose a “secure and stable position” (86 percent) than “substantially higher levels of compensation” (74 percent). The study also found that employees increasingly value trustworthy leaders who project integrity and empathy.   — Greg Beaubien

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