Lifetime Employment System
Lifetime employment is a commitment made by an employer to an employee that they will have employment in that organisation for life or until retirement. It is a system commonly found in Japan and to some extent in other South East Asian countries such as Taiwan and South Korea.
This system is based on the concept of loyalty and a reaffirmation of the stability that employees desire when joining a company. In exchange for the lifetime employment, the employer will expect in return that employees focus on the success of the organisation as a whole and ensure they work in a team oriented environment.
The main advantages of the lifetime employment system are that employers can benefit from the strong commitment made by the employees. Furthermore, due to the stability provided, employees tend to stay with the organisation longer which leads to a greater sense of satisfaction at the workplace and increased knowledge.
However, the lifetime employment system has its drawbacks. As it is based on the concept of loyalty to the organisation, there may be a lack of motivation for career progression and employees may lack the drive necessary to try something new. Moreover, in the modern workplace, it is also difficult to remain loyal to one employer throughout the duration of their career due to changes in the market or economic circumstances.
In summary, the lifetime employment system does offer a great deal of benefits for both the organisation and its employees. It is a strong commitment that provides security and stability for both parties. However, there are challenges that come with the system and employers must ensure they are aware of these challenges and address them accordingly.
