It’s no secret that “job security” is the thing of yesteryear. The idea of having a job that is “cradle-to-grave” is an idea that only very old people can embrace… the current worker, whether they are 17 or 67, knows there is no such thing as trusting the employer to keep you around, provide you pensions and health insurance, and all of those other sweet perks our grandparents and great’s got to enjoy.
Today it’s a dog-eat-dog, fend for your self, swim with the sharks world. And if you think there is job security, even by that super-hot company, or the super-cool CEO, or the never-going-to-die industry, well, I’m sorry. You are wrong.
But I’d like to think there is something else to work towards, and I call that “income security.” I’ll define “income security” as my ability to continue producing income. A big part of income security has to do with my ability to produce income (ie, if I have a job, and lose it, how quickly could I get re-employed?). Another big part of income security has to do with creating multiple streams of income.
I found this cool definition of “job security” from Business Dictionary:
Assurance (or lack of it) an employee has about the continuity of gainful employment for his or her worklife. 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.
Maybe income security would be defined as:
Assurance a professional has about the continuity of personal income. Income security arises from the professional’s ability to create multiple streams of income, as well as their capability to produce new streams of income quickly.
What does this mean to you??
Let this sink in a bit… tomorrow I’ll share the opinions I got when I asked about this phrase on LinkedIn, and the many different positions people took (as well as their alternative phrases, instead of “income security.”).