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How can any company expect loyalty or long term employment with them if they offer no pension? Every job has a 401k match yet they all act like they are doing you some kind of favor. Benefits are ok at most large companies so the only deciding factor could be pay but it’s pretty much abysmal across the board. Most companies don’t provide 100% employer sponsored health insurance anymore either. I often wonder how the American worker has let them get away with it and I think it’s due to that awful attitude of you should just be grateful to have a job. If you have been with a job long term with no pension what would be the reason?
Some people like the atmosphere. Some like the boss. Some like the co workers. There are many reason that a person likes a job and stays there for a long time.
Let me turn the question around on you. If ALL companies had a pension what would be the reason for a person to stay with any particular company? You have your answer to your question in the OP.
It's 2020. No company has asked for loyalty. Nor have they asked you to be with them long term. That is not a part of the employment contract. Once you realize this, you no longer have any anger. You are now free to plan your future based on your needs. Do that.
It really comes down to three things: total compensation, which my or may not include a pension or benefits; work environment; and competition.
The biggest thing that's happened over the past 20 years or so is there is a lack of competition for employees. Bill's Mfg and Jane's Mfg don't have to compete for the same employees so they don't have to pay better. Instead employees often have few alternatives other than to stay where they are, regardless of the compensation and work environment. The squeeze comes from the fact that American employees have to live in an American economic environment in terms of what they pay, but are competing against essentially slave labor in China and 3rd world countries for what they get paid.
Yes, there never was any loyalty. Things have just degenerated further with the erosion of benefits, fewer pensions, less pay, increased disposability of workers, the frenetic urge to lower labor costs, and to "do more with less". The spiral just continues downward. For the workers that is. It is an awesome upward spiral for the employers though.
As for workers allowing this to happen? The workers don't decide how employers run their businesses. The employers do. And as for workers "voting with their feet" and leaving? Kind of hard to do when everywhere you turn, has similar work environments.
A 401(k) match... is a favor. Call it a perk, a bennie, free money, additional compensation if you like.
I don't recall any companies offering a traditional pension as a kindly gift; it was simply necessary/expected to get and retain employees more or less for life. Since few people stay with any one company for more than a few years, pensions are nearly worthless and employer support of an independent, portable plan is a good thing.
Loyalty for this or any other thing they give you is up to you. We're kind of past the "25 years of loyalty for a pension" days.
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