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Jobs for life go out of fashion

Monday, January 27, 2014 - 02:25

Jan. 27 - January is the busiest month for people switching jobs and new data shows that a growing number of people will change careers during their lifetime. Hayley Platt looks at the trend and the risks some have taken to pursue their dream.

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Whipping up a healthy snack used to be a hobby for Rishin Paonaska. Now it's his business. He's ditched his job in banking to pursue his dream of running his own food company. A decision he made after a chance encounter on holiday. SOUNDBITE: Rishin Paonaska, Entrepreneur, saying (English): "He was a scuba diving instructor that used to work in banking. He said to me if you find the job that your passionate about you'll never work another day in your life. And I thought that's not a bad way of looking at it and that's pretty much what led me down the root that I've pursued." Life & Pensions provider Scottish Widows says working Brits will reinvent their careers twice throughout their working lives - in the past just one third changed paths. The under 30s are most likely to take the plunge. But older workers are also taking career risks - 12% of over 50s who haven't switched yet are planning to do so before they retire. Shoshana Dobrow is from the London School of Economics. SOUNDBITE: Shoshana Dobrow, Assistant Professor of Management at the London School of Economics (LSE), saying (English): "We do know that within a given job people's job satisfaction tends to decline over time and so as people progress along that pathway such that their job satisfaction starts to get lower and lower they may really feel that motivation to make the move to try to boost that level." Rishin says making the move wasn't easy. He gave up a good salary and even sold his London apartment to rent something cheaper. Now he teaches yoga to help supplement his income while he builds up the business. SOUNDBITE: Rishin Paonaska, Entrepreneur, saying (English): "I don't want to look back and think I've spent pretty much all my working life doing something I'm not particularly passionate about, the money was decent, the people I worked with were nice enough but if you don't enjoy what you're doing, it seems like a waste of a long period of time." Gone are the days when you could rely on a 'job for life'. And it seems many workers aren't necessarily looking for one. SOUNDBITE: Shoshana Dobrow, Assistant Professor of Management at the London School of Economics (LSE), saying (English): "I think we're seeing some generational differences in how people are living their lives and how people are motivated in their careers and so we do tend to see that younger people in their 20s and their 30s are more inclined to want to find fulfilment and deep meaning in their work." With unemployment at record levels in many parts of the world, changing careers isn't without risk. Rishin has high hopes for his new company. But if it doesn't take off he won't go back to banking - he'd rather consider something entirely new.

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Jobs for life go out of fashion

Monday, January 27, 2014 - 02:25