Pensions were an idea from a different era. That era had a young workforce, a smaller workforce, and the idea was appealing in an era where the one could expect to retire with the same company – and the company was counting on it! The result? Detroit’s Big 3 have 4 times as many retirees as active hourly workers.
What’s emerging is a different type of reward system, in an society and economy where job-hopping and job changing is more common. It’s one where performance on the job is what matters, not the length of time with an employer. This Results vs. Tenure shift is changing how people look at work, and challenging workers to take on a “Profit based” view of their organizations, looking at ways to maximize the firm’s potential – and expecting to share in those improvements.
Wait until I retire to “cash in”? Not for today’s younger workers who have seen their elders retirement dreams go up in smoke in the past few years. Expect more of “show me da money” in the future.
