Job insecurity poses significant challenge for Aussie employers

ADP

• New research from leading HCM solutions provider ADP shows that more than a quarter of Australian workers do not feel secure in their jobs
• Job insecurity is more common amongst the 18-24 year age group
• Employees in the IT, Telecommunications and Media sectors, feel the most vulnerable
• More than half (51.3%) of Australian workers don’t think any profession will escape the effects of the current economic climate
• Employers must tackle job insecurity to address talent retention challenges

More than a quarter of Australian workers (28%) do not feel secure in their jobs, suggesting that employers may need to take more action to reassure staff that they are valuable, reveals the ADP® Research Institute’s People at Work 2023: A Global Workforce View.

Job insecurity is more common among the youngest working generation, with 30% of Australian Gen Z’s (those in the 18-24 year old age bracket) confirming they don’t feel secure in their jobs, compared to 18% of Australian employees over the age of 55.

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One third of Australian Gen Z workers (33%) have also considered changing industries in the past 12 months and 29% are contemplating starting their own business.

The IT, Telecommunications and Media industries posed the highest level of job insecurity, according to the survey. Over half (50%) of Australian IT/Telecommunications employees say they do not feel secure in their jobs, closely followed by 39% of Australian Media/Information employees.

Overall, more than half of Australian workers (51.3%) don’t think any profession will be unaffected by the current economic uncertainty. Almost one in seven Australian workers (14.3%) believe that the use of AI will become the norm in their industry over the next five years, reducing manual tasks – potentially impacting job roles.

more than a quarter of Australian workers (28%) do not feel secure in their jobs

Kylie Baullo, Managing Director ANZ at ADP, comments: “Given the ongoing cost of living crisis and uncertainties of the current economic landscape, it’s no surprise that many workers are feeling concerned. However, it is important to note that despite these concerns, many companies are very focused on retaining and attracting talent.

“With the potential of AI across industries, it is likely that we will see new roles emerging, presenting promising new opportunities for workers.

“Employers have a role to play in addressing workers’ concerns about job security. Showing employees, they are valued and that their contributions are recognized through training, career progression opportunities, as well as highlighting the positive outlook for the company.

“No two companies are the same. Employers need to have frequent and open conversations with their workers to address any misconceptions and ease unnecessary concerns.  By reassuring workers that their jobs are secure where that’s the case, and highlighting opportunities for growth and development, employers can create a positive workplace culture that helps workers to focus on their job without worrying about the future. This, in turn, can help retain vital skills and experience.

“If employers fail to address workers’ concerns about job security, they risk losing valuable talent, experience and expertise from their teams.”

People at Work 2023: A Global Workforce View explores employees’ attitudes towards the current world of work and what they expect and hope for from the workplace of the future. For more insights, please read the ‘People at Work 2023: A Global Workforce View’ report.

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