Survey Reveals That Workers Worldwide Are Experiencing Job Security Crisis

According to a survey of 35,000 people, mass layoffs and economic challenges have led to a global crisis in job security, with more than a third of workers now fearing being fired, as reported by Forbes.

Economic uncertainty

According to the annual Workmonitor survey from human resources service company Randstad, 52% of respondents are anxious about how economic uncertainty may affect their job security, and 37% are specifically afraid about losing their jobs.

Younger workers generally referred to as Gen Z and between the ages of 18 and 24, are especially apprehensive, with 43% of them expressing fear of losing their jobs, up 10% from the previous year.

Side hustles 

The survey also revealed that people were looking into other income streams outside of their principal employment because of the uncertain economic climate. In order to help with the rising expense of living, one-fourth of respondents—nearly a third of whom were members of Generation Z—said they had chosen to take on or search for a second job.

A quarter of respondents said they were thinking of leaving their current position to take a better one in order to cope with the growing cost of living, while 23% said they planned to work more hours at their current job.

Laying off employees

In October 2022, when job losses swept through several sectors of the global economy, particularly in the technology industry, responses were gathered. Fears of an economic slowdown have led a number of corporations, including Twitter, Amazon, Salesforce, and Microsoft, to cut positions recently, some of them significantly.

However, the study also indicated that employees were determined to cling to the right to work flexibly and remotely, as was provided to many during the pandemic, despite overwhelming fears of being laid off.

Higher employee retention

A third indicated they would still rather be unemployed than dissatisfied in their position, and 42% said they would leave their employer if they did not consider their request for better working circumstances. As for accepting a job if they believed it would affect their work-life balance, 61% of respondents stated they would not.

Employers now face a dilemma, according to Sander van ‘t Noordende, CEO of Randstad: “Companies must stand up to expectations if they want to attract and retain their personnel.”

“Companies should aim to create a joyful, welcoming, and inspiring environment where people feel like they belong. To do this, they must respect the opinions of their employees and listen to their concerns. In the long run, companies that help their employees during times of economic hardship will benefit from higher employee retention.”

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Source: Forbes

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