Surging Job Insecurity: Over 50% of Indian Workforce Struggle with Stability

Job insecurity has become a widespread worry for employees across the globe, and a recent survey indicates that 47% of workers in India lack a sense of security in their current positions. The 'People at Work 2023: A Global Workforce View' report by the ADP Research Institute highlights the escalating concern of job stability within the Indian workforce.

YOUNGER FACE THE BRUNT

The survey collected feedback from more than 32,000 workers and emphasizes that the sense of job insecurity is particularly prevalent among younger individuals.

Among employees belonging to Generation Z (aged 18-24), half of them expressed feelings of job instability, which is twice the proportion compared to those who are 55 years old or older and share the same concern.

VOLATILE ECONOMIC TIMES RAISE CONCERNS

Rahul Goyal, the Managing Director of ADP, recognizes that the unstable and uncertain economic situation, along with reports of substantial job cuts and fears of AI replacing human workers, has led to increased worries among employees about their job security.

However, Goyal also points out that the situation may not be as alarming as it appears, as many businesses still struggle to attract and retain skilled workers.

SECTORS MOST IMPACTED BY JOB INSECURITY

According to the report, the real estate sector, construction industry, and related jobs in India face the highest levels of job insecurity. On a global scale, workers in the media and information industry are most concerned about job stability, followed by those in the hospitality and leisure sector.

THE STRUGGLE FOR JOB SECURITY

It is concerning that 60 percent of participants from the surveyed countries indicated their readiness to work without pay in order to secure their jobs.

This highlights the importance for employers to provide reassurance to their employees and demonstrate their appreciation, as well as communicate future opportunities within the company.

REASSURANCE IS KEY

Rahul Goyal stresses the importance for employers to provide reassurance to their workers to prevent the loss of essential skills, experience, and motivation.

By ensuring fair compensation, promoting an inclusive and engaging work environment, and effectively communicating the value of employees, employers can foster a more positive atmosphere within the organization.

THE SHIFTING LANDSCAPE

The survey further uncovers that 20% of Generation Z workers worldwide have thought about switching industries in the past year, and 25% of them have contemplated starting their own businesses.