The People at Work 2023 report from the ADP Research Institute has unveiled concerning trends regarding job security. It found that 42% of male workers and 34% of female workers in Singapore are grappling with job insecurity, necessitating immediate actions by employers to reassure and retain their valuable workforce.
This issue is magnified by the fact that 61% of male workers are contemplating switching to industries less susceptible to economic uncertainty.
Among different age groups, individuals aged 25 to 34 experience the highest vulnerability in their jobs at 41.9%, surpassing other age brackets. These findings coincide with headlines featuring job cuts across various sectors, including technology and professional services.
Factors contributing to this insecurity include the advent of AI and machine learning, which bring about uncertainties regarding the future of many jobs.
Yvonne Teo, the vice president of HR, APAC at ADP, suggested that the higher job insecurity among male workers might stem from traditional perceptions of them as primary breadwinners.
Layoffs at prominent companies and discussions about AI’s potential to replace human jobs undoubtedly contribute to heightened concerns about job stability.
Teo added that employees’ perceptions of job security might not accurately reflect the company’s financial status or automation strategies. Hence, employers should focus on nurturing trust, demonstrating the value of their staff, acknowledging their contributions, and offering developmental opportunities. This proactive approach benefits both workers and employers in preparing for an uncertain future.
The report further reveals job security discrepancies across industries. The Media/Information sector reports the highest percentage of workers feeling insecure in their jobs at 50%, closely followed by the Construction industry at 48%.
Teo asserts that workers should embrace the inevitability of AI and machine learning becoming integral to workplaces. To remain relevant, employees must commit to continuous learning, upskilling, and reskilling.
By facilitating training and development, fostering trust, and cultivating an inclusive and engaging workplace culture, companies can engender a more positive outlook among their workforce.