Commentary: Gone are the days when workers can rely on a single job for their entire career

SINGAPORE: In recent times, there has been a significant rise in retrenchments, reflecting the challenging economic landscape that many industries and businesses are facing.

In Singapore, retrenchments continued to increase in the first quarter to 3,820 - up from 2,990 in the fourth quarter of 2022 - driven by the electronics manufacturing, information and communications and financial services sectors.

Major tech companies have continued cutting people this year; with more than 200,000 tech employees laid off globally over the past seven months, according to Layoffs.fyi.

Retrenchments aren’t confined to the tech sector. With the impending closure of the Singapore Turf Club (STC), about 770 workers - those employed by STC and those employed by horse trainers at the club - will be affected.

THE WORRY IS REAL

In an era of economic volatility and rapid technological advancements, the concept of job security has become increasingly elusive. 

Gone are the days when individuals could rely on a single job for their entire career, assured of stability and financial well-being. Today, workers find themselves grappling with the myth of job security, an illusion shattered by layoffs, downsizing, and the ever-evolving nature of work.

In a recent study by Employment Hero, 49 per cent of Singaporean workers said they were insecure or unsure about security in their current roles, making them the most anxious group of employees in Asia Pacific. 

Another recent survey by Randstad showed similar sentiments, with 48 per cent of respondents in Singapore saying that they were worried about losing their jobs. The survey also showed that 71 per cent of respondents felt their financial position was preventing them from retiring as early as they want. 

Some might attribute it to a Singaporean’s typical kiasu syndrome, but as a career practitioner, I can tell you that the worry is real, especially among local executives in their 40s and beyond. 

The spate of tech retrenchments hasn’t alleviated the climate of fear either, not just in terms of losing jobs, but also in terms of facing a wider field of potential competitors flooding the job market for the already limited roles available. 

This leads executives to try their utmost to hang on to their jobs. 

Some will work extra hard through dinners and weekends just to show their worth. Others might resort to office politics to stay ahead of their colleagues or brown-nose their bosses to preserve their jobs. Some might also resort to cutting their own salaries.

A survey of 1,000 US executives by Resume Builder in January found that 66 per cent of respondents had taken a salary cut in the past six months, with 94 per cent saying it was to prevent or reduce layoffs.

All options put a mental and emotional strain on workers and those around them. 

FOCUS ON CAREER SECURITY, NOT JOB SECURITY 

However, instead of worrying about job security, how about striving for career security? 

Job security is all about making sure your job will still be there until the day you retire. In today’s volatile world of cheap labour and artificial intelligence, being anxious about this is futile - no job is guaranteed. 

On the other hand, by making sure that your skills are relevant and honed, and your knowledge current and deep, any company would love to have you on their team. This is something that everyone can work towards. 

Being so good at what you do, that you are constantly in demand by the market is what we define as having career security. You will no longer need to worry about whether your company has a job for you - if you have career security, you will always have options at your disposal, both internally and externally.

It's been said that a bird sitting on a tree is never afraid of the branch breaking because her trust is not on the branch, but on her own wings. Likewise, workers should build their confidence like the bird’s.

How can they strive for this? 

FEAR LESS, LIVE MORE

First, by being fearless. Employees who have been in the same company for many years can develop a form of dependency. They get complacent in their comfort zones and sometimes believe there are no external options available. 

Like pet canaries, they see their company not as a cage that keeps them in, but as a fence that keeps bad things out. Some are reluctant to fly out the door if it were wide open while others may even have forgotten how to fly.  

To break out of this mindset, try this thought experiment: “What would you do if your company retrenched you tomorrow?”

Would you be worried about where your next meal will be coming from, or would you fearlessly pick up the phone, make a few calls to your competitors and start discussing work opportunities?

Second, focus on capabilities. A lot has been said about skills upgrading in recent years. However, pure skills alone will not get you far.

For example, being a data analyst is great, but there are thousands of other data analysts who are probably faster, cheaper, and more experienced than you are. You can’t beat them on skill alone.

But being capable of leveraging data analytics to optimise regional supply planning and operations within the fast-growing green energy management industry? That type of value-creation can be easily quantified by the amount of money you can save for the company. That’s hard to beat, even in a tight job market.

Don’t just blindly acquire skills alone. Use your current set of experiences and knowledge and layer on whatever new skill you’ve learnt so you can provide context and relevance to your future employers. 

When you can do that, companies will immediately see the value you can bring, and will want you on their team.

Third, build a reputation. There is a lot of talk about how a personal brand can help one’s career, but workers should focus on building their professional reputation instead. 

Instead of spending time chasing likes on social media platforms, make yourself known in the markets that you want to work in. Build your narrative around your capabilities mentioned earlier, then amplify it through your industry, professional network, or even via LinkedIn with a relevant post or two. 

Being known for your capabilities by the companies or bosses you want to work for will give you a “primary market” to explore when you do leave your company - be it by choice or not. 

Adrian Choo is the CEO and founder of Career Agility International, a career strategy consultancy.