An unsettling trend is taking shape in the American workforce. Despite companies offering enhanced compensation packages and perks to attract and retain talent, a majority of workers continue to harbour fears over job security.
This growing concern reflects the seismic and persistent changes that have rocked the employment landscape, according to ADP Chief Economist Nela Richardson.
These anxieties are further fuelled by the erosion of real wages in the face of increasing inflation, leaving workers grappling with financial challenges.
A recent survey commissioned by ProfessionalResumeWriters sheds light on the prevailing unease among US workers.
Analyzing responses from 2,000 individuals, the survey focused on employed participants, offering insights into job security concerns across various career fields and seniority levels.
The findings confirm escalating economic worries, particularly for lower-wage earners compared to their higher-income counterparts.
However, concerns aren’t exclusive to low wage staff. Among the respondents, a staggering 66% of executives expressed apprehensions regarding job security in 2023, marking the highest level of concern among the different seniority levels surveyed.
Notably, worries over job security have surged by 49% across all levels, with early-career professionals experiencing a staggering 91% increase compared to the previous year. Nearly half of entry-level workers reported being anxious about job security in the current economic climate.
The survey findings also shed light on factors influencing job security concerns. For instance, 21% of workers felt that the shift to remote work has impacted their job security. The rise in the cost of living has also left a significant impact on 97% of entry-level workers, exacerbating their financial concerns.
Crucially, the survey findings underscore the widening disparity between lower-wage earners and those in higher income brackets.
And, as feelings of insecurity persist, employers must start an open dialogue with staff about their wellbeing and the factors affecting their ability to carry out their duties, without the burden of redundancy hanging over their heads.