Lifetime employment is an outdated promise. It may have been there for our forefathers, but it’s not there for us.
Lifetime employability is a new concept. It’s the idea that we should develop our employees constantly so that if we need to let them go, they will be able to find work. It runs into problems when we realize making them attractive to the market means they may decide to leave before we are done with them.
Both are problematic. The second concept is more feasible, but not when you leave it to your employer to manage. The most effective way to ensure lifetime employability is to to manage it yourself. If you can get your employer to cover some of the costs, even better.
But never leave your development and future employability solely in the hands of someone else.