I disagreed a bit with what my classmate wrote. He said, "There is a double standard that exists between companies and their employers. Companies demand loyalty and sacrifice, but are quick to do what is best for the company first."
I don't think there is a double standard, I think instead there is a detente or an armistice. An agreement that both sides will do what they need to do to do the best for themselves.
Before the company had pensions and there was an agreement that if employees were loyal to the company, the company would continue that loyalty through the pension. I believe that Generation Xers valued mobility and not being chained down to any one company, thus we have IRAs and 401Ks to replace pensions.
I've seen articles lately that tend to show the current generation coming into the workforce may value the solidity that Gen Xers eschewed. Kiddos watched their parents lose their jobs during the financial downturn in the 2010 era and now with Covid we might see the same. Maybe we will see the return of the pension as a natural part of work life.
Like I said I think there is a give and take. Yes, the company I work for demands loyalty and sacrifice, but I am free to leave as soon as I want or if a better offer comes along. I can take that new offer lickety-split, port over my 401K and be gone in no time. Personally, I would love to see a mixture of different financial tools more available to employees.
I would love to have signed up for a pension with any of the companies I worked for. I want to be handcuffed to an organization and have that agreement that neither of us is going anywhere. Instead, there is a mutual trust (or distrust) that feels like the demilitarized zone where we are both watching one antoher and waiting for the next move.
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