Job stability has been widely studied through tenure, its most straightforward indicator. However, papers providing a proper econometric analysis of tenure are few. Using data for 1991-2008, we investigate tenure in Switzerland through the estimation of a series of Cox proportional hazards models. Like most other papers in this field, our results do not show any clear decrease in job stability over the last two decades. Nevertheless, contrarily to what is usually done, we are much more careful in the treatment of why and how jobs end. We take account of the destination states and the job termination reasons. Doing so appears crucial since determinants are completely different across the possible exits. Job insecurity, which is no doubt more important than job stability, can only be investigated in this manner. An original feature of the paper is to consider industry wage differentials (industry premiums) as controls in the tenure regressions. We argue this methodology allows to account for the effect of wages on the probability of separation while circumventing the endogeneity problem between individual wages and tenure.JEL Classification: J63, J62, C41.