(PTI): Job insecurity is a growing concern for workers worldwide, and in India 47 per cent of employees do not feel secure in their positions, says a survey.
According to the ADP Research Institute’s People at Work 2023: A Global Workforce View report, a concerning 47 per cent of employees in India do not feel secure in their positions.
“Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment,” said Rahul Goyal, MD, ADP.
Across markets, feelings of job insecurity are highest among the young.
According to a survey of over 32,000 workers, half of Gen Z (18-24 year-olds) said they do not feel secure in their jobs. This is double the proportion of over 55-year-olds who say the same.
Goyal further noted that “many businesses continue to have serious problems finding and keeping talent, so the situation may not be as dire as some people believe.” The report noted that in India, employees in the real estate sector, construction industry, and related employment experience the highest levels of job insecurity.
On an international scale, workers in the media and information industry are most likely to express a lack of job security, followed by those in the hospitality and leisure sector.
Furthermore, an alarming 60 per cent of respondents across the surveyed countries indicated their willingness to consider working unpaid hours in order to enhance security of their jobs.
Given these insights, employers may need to further reassure employees that they are valued, their efforts are acknowledged, and their futures at the firm are bright, Goyal said.
If employers can do this while ensuring they’re offering fair pay and an inclusive, engaging workplace culture, workers are likely to feel much more positively towards the company they work for.
“… If employers don’t reassure their workers, they risk losing critical skills, experience and enthusiasm, which can make it difficult to provide the services their customers and clients expect,” Goyal said.
Globally, one in five Gen Z workers have considered changing industries in the past 12 months, and a quarter have considered starting their own business. Moreover, 17 per cent of over 55-year-olds have pondered taking early retirement, potentially exacerbating the so-called ‘grey resignation’.