Report: Job Stability to Improve in 2004
Tue Jan 20, 2:22 PM ET Add Business - Reuters to My Yahoo!
NEW YORK (Reuters) - White collar workers in the United States are sticking with their jobs nearly 30 percent longer than a few years ago, suggesting the job market is firming, but cost-cutting trends still threaten lower-level positions, a report showed on Tuesday.
In 2003, managers and executives stayed at their jobs for an average of 6.1 years, up 27 percent from 4.8 years in 2001, when the economy slipped into a recession, said job placement firm Challenger, Gray & Christmas. The report said 20.8 percent of workers seeking top-level positions had been at their last jobs for less than two years, down from 25.1 percent in 2002 and 26.0 percent in 2001.
"Together, these two trends bode well for improved job security in 2004," said the firm's chief executive officer, John Challenger. "They may also indicate that employers will soon begin expanding payrolls."
Any sign of a healthy and growing job market would be welcome after December's surprisingly weak employment report showed only 1,000 new jobs were created. According to the report, employers want first to establish a solid core of experienced workers and then bring in new employees who would be trained by the veterans.
However, cost-cutting trends, such as moving jobs overseas and outsourcing, are becoming commonplace in the corporate world and remain an obstacle to growth in lower- and mid-tier jobs.
"Returning to the level of job security we had a generation ago is impossible," said Challenger.
But recent persistent signs of economic strength, particularly in the country's manufacturing segment, have soothed the severity of the nearly 3 million jobs lost since January 2001.
"We're into a period when many people would like to see steadier growth," said Challenger.
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