Recession Could Bring The End Of The Full Time Job As We Know It

Even though it looks like the job market is beginning to resuscitate, many of the jobs employers are adding are temporary or contract positions, rather than traditional full-time jobs with benefits, CNN Money reports. And, with unemployment remaining near 10%, employers have their pick of workers willing to accept less secure positions just to be employed.

In 2005, the government estimated that 31% of U.S. workers were already so-called contingent workers. Experts say that number could increase to 40% or more in the next 10 years.

James Stoeckmann, senior practice leader at WorldatWork, a professional association of human resource executives, believes that full-time employees could become the minority of the nation’s workforce within 20 to 30 years. This means no more traditional benefits such as health coverage, paid vacations and retirement plans, that most workers currently take for granted.

Much of the change is due to employers’ desire to limit their costs. Stoechmann equates the shift to the one seen in retirement plans, in which employers moved away from the traditional pension plan toward defined contribution plans, which passes more of the burden onto the employee.

Demographic factors are feeding the shift as well. Stoechmann said many younger workers are more open to the idea of not tying themselves to a single employer. Continued tough economic times will also play a large role in determining the future of the full-time job.