Job insecurity is a growing concern for workers of all ages worldwide. Emerging AI tools and automation technologies have further augmented this concern. Employees are concerned about technology impacting their job roles across industries.
Job insecurity is high among Gen Z
Around 47% of employees in India as compared to 38% globally do not feel secure in their positions. Across markets, feelings of job insecurity are highest among the young. According to ADP Research Institute’s People at Work 2023: A Global Workforce View, job insecurity is high among Gen Z as compared to Gen X.
In the survey of over 32,000 workers, half (50%) of Gen Z (18-24-year-old) say they do not feel secure in their job as compared to 24% of those aged over 55. The rising job insecurity highlights the need for employers to take proactive measures.
No profession is immune to economic uncertainty
The findings come as job cuts hit the headlines across many sectors, including tech companies and professional services firms, and following ongoing challenges in industries hit hard by the pandemic, such as hospitality.
Around 60% of those (six in 10), believe that no profession will remain unaffected by the current economic uncertainty. Furthermore, approximately 25% of workers anticipate that the utilisation of AI will become commonplace in their industry within the next five years, leading to a reduction in manual tasks.
The report reveals that in India, employees in the real estate sector, the 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, with 54% reporting such feelings, closely followed by those in the hospitality and leisure sector (51%). Furthermore, an alarming 60% of respondents across the surveyed countries indicated their willingness to consider working unpaid hours in order to enhance the security of their jobs.
Against this backdrop, globally, one in five Gen Z workers (20%) have considered changing industries in the past 12 months, and a quarter (25%) have considered starting their own business. By contrast, one in six over 55s (17%) has pondered taking early retirement, potentially exacerbating the so-called 'grey resignation’.
“Making staff feel confident that their position is secure and that they have scope to grow with the company will help them focus on doing a good job. 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,” said Rahul Goyal, MD, ADP.
“But 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,” he adds.