Duration of Jobs
Categories: Econ
He lived to age 53. RIP, Steve.
“Duration” is a fancy word for how long something lasts. The duration of jobs is how long people stay at their jobs—before coming unemployed, or before moving on to a new job.
The average duration of jobs has changed, getting shorter and shorter as new generations are being born and popping into the workplace. That means younger generations are likely to switch jobs more often than older generations have done so far. In ye olden days, it was more common to stick to a company, company loyalty being kind of a thing.
The verdict is out on exactly why there’s been the shift...but in general, people change jobs because of benefits and pay, to move up the ladder, or even change careers altogether. People’s duration of jobs also may be affected by seeking out a change in lifestyle—maybe a less stressful job, or a less crappy boss, or better “work-life balance.” Sometimes it’s the company’s fault though, too—like if they start outsourcing or automating jobs, causing workers to have to find work elsewhere.