The Rise of Job Insecurity

As most of us know with the continuing rise of inflation, society has become more fixated on the uncertainty and insecurity of employment, due to anxieties about the cost of living. Job security refers to an employee’s confidence in the stability of their job, which they can rely on for a great period of time. Without this assurance and the risk of unemployment, individuals’ wellbeing can be impacted within the workplace and this can also be transferred into their home life.

For many employees’ job insecurity can be more than just the fear of unemployment, it may also encompass fears surrounding the changes to the work itself and how these changes may impact their health and personal life. For instance, employees may see their opportunities for career advancement or promotions decrease whilst their workload increases – with that being said, this combination can influence experiences of ‘losing control’ over important aspects of their job. However, rather than adjusting to insecure conditions, employees tend to remain anxious and under constant stress, and this often transfers into the home environment (Giddens and Sutton, 2017; p283). This highlights a growing correlation between job insecurity and employee wellbeing, and this is where organisations may find employee engagement levels decrease rapidly.

Moreover, inflation and the cost of living have been very prominent in recent years following the global pandemic and now more recently the war in Ukraine meaning efficiency and profits have never felt more important to an organisation. This drive for financial success means that those who find themselves with either little to no skills or even the wrong skills may find themselves in insecure positions within their organisation or marginal jobs that are particularly vulnerable to shifts in global markets.

Taking into consideration the external factors that have influenced the increased job insecurity allows companies to come up with relevant solutions to improve employees’ experiences. By providing reassurance of security, as well as support and empathy for employees’ financial situations helps build relationships between employees and the organisation whilst also improving employees’ wellbeing both at work and at home. Overall, this not only benefits the employees but the organisation itself – the more confident individuals feel surrounding the security of their job, the more engaged and positive they will feel at work.