LIFETIME EMPLOYMENT Meaning and
Definition
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Lifetime employment refers to a work arrangement in which an employee is guaranteed continuous employment until their retirement or until they voluntarily leave the organization. The concept of lifetime employment emerged in the post-World War II era, particularly in certain Asian countries like Japan and South Korea, where it was seen as a vital element of the social contract between employers and employees.
Under the notion of lifetime employment, an employer commits to providing job security and stability, creating a sense of loyalty and commitment from the employee. This arrangement often entails benefits and perks beyond fundamental remuneration, such as comprehensive healthcare, pension plans, and opportunities for career advancement within the organization. In return, employees are expected to display long-term dedication, competence, and loyalty to the employer.
Lifetime employment is typically associated with large corporations, government organizations, and certain industries with stable growth and a strong focus on employee welfare. It serves as a contrast to the prevalent trend of job insecurity and short-term contracts prevalent in many modern economies. However, this employment model has become less common in recent decades due to factors such as globalization, economic fluctuation, increased competition, and evolving employment practices favoring flexibility.
While lifetime employment provides stability for employees, it may also reduce innovation and mobility in the job market. Critics argue that it can inhibit meritocracy and limit opportunities for new talent to enter the workforce. Nonetheless, the concept continues to shape the socio-economic landscape and remains a topic of debate and study in the field of human resource management and labor economics.
Common Misspellings for LIFETIME EMPLOYMENT
- kifetime employment
- pifetime employment
- oifetime employment
- lufetime employment
- ljfetime employment
- lkfetime employment
- lofetime employment
- l9fetime employment
- l8fetime employment
- lidetime employment
- licetime employment
- livetime employment
- ligetime employment
- litetime employment
- liretime employment
- lifwtime employment
- lifstime employment
- lifdtime employment
- lifrtime employment
- lif4time employment
Etymology of LIFETIME EMPLOYMENT
The etymology of the term "lifetime employment" can be broken down as follows:
1. Lifetime: The word "lifetime" originated from Old English, where it was known as "līf + tīma", which combined "līf" (meaning "life") with "tīma" (meaning "period" or "time"). It has retained its basic meaning throughout the centuries, referring to the duration of an individual's life.
2. Employment: The word "employment" originated from Old French, derived from the Latin word "implicare", which means "to involve" or "to engage". Over time, this evolved into "emplé", which referred to a post or position of responsibility. Eventually, it transformed into "employer", pertaining to a person who provides work, and "employment", referring to the state of being employed or having a job.
