Having a job that you know you're not in danger of losing anytime soon is the definition of job security, and for some, that peace of mind is worth more than money.

A few years ago, Monster ran a survey in the United States that asked: “Consider your current or most recent job. For you personally, how would you rate the importance of job security compared to a pay increase?" Most of the respondents (45%) checked “job security and a pay increase are equally important to me.” But, secondarily, both answers related to job security came out much more important than a pay increase according to another 40% of poll respondents.

Here’s the raw data:

• Job security and a pay increase are equally important to me — 45%
• Job security is much more important compared to a pay increase — 25%
• Job security is somewhat more important to me compared to a pay increase — 15%
• A pay increase is much more important to me compared to job security — 9%
• A pay increase is somewhat more important to me compared to job security — 6%

What is job security?

Job security means knowing that your job is safe—or “secure”—and that you won’t be cut, even if outside forces cause your employer to issue layoffs. For supervisors, offering job stability to direct reports will give their employees peace of mind knowing they have a stable paycheck, which is no small thing in these uncertain times.

Why is job security important for employers?

Having a boss who understands the definition of job security and the implications it has on staff is critical to business success. That's because job security isn’t just beneficial for employees—it benefits employers, as well.

Providing consistent, stable jobs to workers can help companies increase retention, attract top talent (word gets around when workers know that their employment is stable), and create a positive work environment that brings out employees’ best performance. After all, secure employees can spend less time worrying about their job stability, or stressing over how they’ll pay their bills if they get laid off, and can spend more time focusing on their work.

Job security can also improve a company’s bottom line, since turnover is costly. According to the Society for Human Resource Management, replacement costs can reach as high as 50% to 60% of an employee’s annual salary.

That said, while job security is valuable for employees and employers alike, not every worker deserves it. Job security is something that’s earned through hard work, dedication, and loyalty. Tolerating poor performance can be detrimental to your team’s success. Knowing when to let someone go is part of running a respectable organization.

How managers can provide job stability

In many cases, it’s a manager’s responsibility to obtain job security for their employees, but some bosses drop the ball. A 2019 Gallup poll found that 52% percent of workers who voluntarily left their job said their manager or organization could have done something to prevent them from leaving.

If you’re a manager, there are a few steps you can take to provide stable jobs to your employees:

• Find each person’s unique talents. A great boss taps into and leverages the instincts and skills her employees have. This, in turn, will help your employees get noticed by the company’s top brass, which can make your workers indispensable.
• Praise employees publicly. This is another way to help your employees improve their visibility at the organization.
• Advocate for your workers during tough times. An effective boss works fearlessly to their employees avoid layoffs.

The definition of job security is universal across industries. Any company that wants to rise above the competition needs to manage its finances to make sure employees are taken care of—especially during tough economic times. Want to learn more essential lessons of the workplace? Join Monster for free today. As a member, you'll get industry insights, career advice, and job search tips sent directly to your inbox.