Employees take new attitudes toward work

The Great Recession has fundamentally altered the way workers view the employment relationship and left them yearning for stability over mobility, according to a new study by consulting firm Towers Watson.

Specifically, U.S. employees have dramatically lowered their career and retirement expectations for the foreseeable future. On-the-job advancement now takes a back seat to a growing desire for workplace security and stability -- at the very point in time when traditional employment safety nets are eroding.

"For many employers, the recession has put the final nail in the coffin of the traditional 'deal' that once existed between employees and employers," says Max Caldwell, a leader of the Towers Watson Talent & Rewards division. "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. This represents a profound shift for employers and employees alike."

The results also confirm how far the nation has moved from the "free agent" concept hyped as a new approach to work just a decade ago. In the Towers survey, eight out of 10 respondents said they want to settle into a job, with roughly half saying they want to work for a single company their entire career and the rest wanting to work for no more than two to three companies. This move toward workplace "nesting" appears influenced by a perceived dearth of job opportunities, coupled with employees' lower appetite for the risks inherent in changing jobs.

MI Perspective: While the cause and circumstances are painful, the shift is not necessarily a bad labor market trend for Michigan. The job-hopping, "free agent" mentality has been a particular characteristic of Gen X and Gen Y workers ascending in the workplace. If these employees are now more inclined to choose from a growing number of exciting opportunities in cutting-edge business sectors -- and stay put for awhile -- it could lend the state a measure of workforce stability needed for those businesses to take root and thrive.