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“Job Security” Is Gone. Let Me Introduce “Income Security.”

November 5th, 2008

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.”).

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31 Responses to ““Job Security” Is Gone. Let Me Introduce “Income Security.””

  1. reinkefj says:

    it means:

    “Success for future generation is:

    (1) ruthless financial discipline — no bad debt;

    (2) a life long interest in learning — education — a degree — they can’t take it away from you;

    (3) a white collar job in order to save big bux;

    (4) a blue collar skill for hard times — never saw a poor plumber;

    (5) one or more internet based businesses — your store is always open;

    (6) a free time hobby that generates income; and

    (7) a large will-maintained network of people who can “help” you.

    Seven Paths to Income Security.

    imho,
    fjohn

  2. Brie says:

    You’ve nailed it! I’ve seen this in my own career and in the careers of my friends. Depending on the situation, I believe it means:

    - the ability to balance multiple streams of income so that if one job sinks, the others remain afloat and help to ferry the person to the next job.
    - the necessity to supplement your main income with additional income streams due to touch economic times.
    - the ability to turn your interests and hobbies into income generating opportunities.
    - the idea that your pursuit of one career does not end your pursuit of other careers.
    - the concept that you are always open to opportunity and possibility (however idealistic that may seem), and that even if you are not seeking something new, if it comes a knockin’, you’ll answer the door.

  3. This reminds me of the ideas that Robert Kiyosaki describes in his book “Rich dad poor dad”.
    But as i remember it, he takes the idea one step futher:
    He thinks that you have “income security” (he calls it in some oher terms) when you have income WITHOUT getting paid for your time.
    You need to get paid for
    royalties,rental income,dividends,interests…
    I think he calls it “passive income”

  4. It means developing the confidence to use the freedom of self-employment to adjust on a dime and seize new opportunities as they arise. As well as always being alert to the possibility of new opportunities.

  5. [...] 6, 2008 by Steve Woodruff “Income Security” – an interesting thought from Jason Alba (he of Jibber Jobber fame). What do you [...]

  6. [...] Yesterday I talked about the idea of Income Security.  A few weeks ago I brainstormed where this came from on LinkedIn Answers, and asked for input.  I got over 57 responses, and it was awesome learning from others.  Here is what others had to say (read their entire responses here): [...]

  7. [...] Career management blog JibberJobber suggests we focus on “income security” rather than job security. [...]

  8. [...] the passion of learning while others (me) do it to get the sheepskin, which supposedly helps with job security.  If you have been thinking of going back to school, for whatever reason, now just might be the [...]

  9. [...] I talk a lot about income security and multiple streams of income.  And I want you to know what I’m doing, so perhaps it can [...]

  10. [...] I feel like I’m writing A LOT about multiple revenue streams lately.  I will continue to share my personal revenue streams each Friday until I’m done.  Again, the purpose of writing about this is not to brag, or intimidate, or convince you to buy my cool stuff, rather to inspire you to think about what YOU could do to diversify your income.  Remember where I came from… laid off, hopeless and practically helpless. My goal is to help people, including myself, achieve income security. [...]

  11. [...] Not that any of those are reasons I got laid off, but over the last almost-three-years I’ve heard all kinds of reasons why people get let go.  Rockstars and rainmakers alike, there is just no such thing as job security.  That’s why I like the idea of creating income security. [...]

  12. [...] each of the ten revenue streams that I finally put down on paper.  I’m big on diversifying personal income, whether you are an entrepreneur or an employee.  I hope that sharing thoughts on my revenue [...]

  13. [...] I’m amazed at the percentage of people who are really, really new to this stuff.  A lot of people have known about tools, and even the tactics and strategies, for managing their own career, being CEO of Me, Inc., and proactively creating their own “job security” (which I’ll refer to as “income security“). [...]

  14. [...] CEO of Me, Inc., and proactively creating their own “job security” (which I’ll refer to as “income security“). But “knowing about” and “implementing” are two different things.  Like when I “knew [...]

  15. Great Piece Jason!

    I think there is some debate in the career versus income security debate, if coming at this from the job seekers or recruiters/HR professionals view point. But the answer you provide – which is to me a recruiters/employment view of the teachings of Robert Kiyosaki – is that your security in life is maintained and improved by being able to generate cash, and from multiple streams

  16. [...] isn’t for everyone, especially the people who are looking for job security in big companies like GE, Ford, [...]

  17. [...] stock when that time happens. This isn’t for everyone, especially the people who are looking for job security in big companies like GE, Ford, Enron…. But it’s a great way to look for local companies you [...]

  18. [...] life, but there are other ways to make money than from an employer.  Ever hear of the phrase “income security?” I agree the economy sucks for job seekers (duh), but maybe the problem is less the economy and [...]

  19. [...] I used to work for the Federal Government.  When I decided to leave my clerical position and go to private industry as a web developer, I had a number of people come and warn me that I was leaving the most secure thing I could ever have.  (read my thoughts about job security here) [...]

  20. [...] and warn me that I was leaving the most secure thing I could ever have.  (read my thoughts about job security here) How could private industry compete with the steady paycheck and the acceptable benefits that [...]

  21. [...] I said that I went to school to position myself for my career (well, I was looking for (cough cough) job security).  NOT for learning. I definitely got learning-loving-people who beat me up for that, but I [...]

  22. [...] seems very foggy for many people right now. The reality is that job security, or rather,  Income Security is based on your ability to manage your [...]

  23. [...] you are a careerpreneur you know that your ability to provide income, or income security, comes from the strategy and tactics you employ in your career [...]

  24. [...] are the CEO of Me, Inc. If you are a careerpreneur you know that your ability to provide income, or income security, comes from the strategy and tactics you employ in your career management. If you are a [...]

  25. Good repost Jason! This is a difficult concept for folks… especially these days when it’s just not that easy to get that revenue stream, period. I know so many people making it with multiple part time jobs right now. I think the more empowered we feel about creating our own destiny and diversifying our wealth management the better off we are.

    Thanks again for the reminder! You ROCK as always!

  26. [...] décadas y especialmente en estos momentos, es importante que nos acostumbremos a pensar en “asegurar los ingresos” y la empleabilidad más que en aferrarnos al empleo actual [...]

  27. [...] décadas y especialmente en estos momentos, es importante que nos acostumbremos a pensar en “asegurar los ingresos” y la empleabilidad más que en aferrarnos al empleo actual [...]

  28. [...] décadas y especialmente en estos momentos, es importante que nos acostumbremos a pensar en “asegurar los ingresos” y la empleabilidad más que en aferrarnos al empleo actual [...]

  29. [...] There are other options… other career strategies.  Like this concept. [...]

  30. [...] Quit the job search. I did.  I had to.  I was going nowhere looking for new employer, while I had the answer under my nose keyboard the whole time.  Maybe you aren’t supposed to have a j.o.b. anymore… maybe you are supposed to own your own gig, or be a consultant, or a speaker, or a writer, or something else.  Note: Quit the job search doesn’t mean you quit life, but there are other ways to make money than from an employer.  Ever hear of the phrase “income security?” [...]

  31. […] few years ago I was inspired to write a post suggesting we don’t talk about or refer to “job security.”  The idea was that there is no such thing as job security… of course.  I proposed that we […]

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