Job insecurity reigns as layoffs, new tech fan replacement fears

Male workers are more worried for their job security, ADP Research Institute found.

About 4 in 10 workers in Singapore have indicated that they do not feel secure in their jobs.

Of the 1,900 workers surveyed by ADP Research Institute for its People at Work 2023 report, over 4 in 10 male workers (42%) and over 3 in 10 female workers (34%) struggle with job insecurity. This suggests that employers may need to “take urgent action to reassure and retain talented staff,” ADP Research Institute said.

Six in 10 (61%) of male workers also consider moving to an industry that is less likely to be affected by the economic uncertainty.

“The higher job insecurity among male workers could point to male figures still being viewed as the primary breadwinners in households,” said Yvonne Teo, Vice President of HR, APAC, ADP.

The findings come as job cuts hit the headlines across a plethora of sectors, especially in the tech and professional service industries.

New and emerging technology, such as AI and machine learning, may also be contributing to job insecurity– with impact on current jobs still widely unknown.

“It is also worth noting that employees’ perception of job security may not be reflective of the actual financial or automation state of the company, so it is important for employers to continuously build trust; assure their staff that they are valued; that their efforts are recognized; and provide development opportunities to prepare for the future, both from the workers and employers’ perspectives,” Teo said.

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Vulnerable
Workers in the media and information industry are the least likely to feel secure in their jobs, with 1 in 2 of workers surveyed from the industry indicating this, the report found.

Almost the same proportion of respondents working in the construction industry (48%) indicated the same. 

When it comes to age groups, employees between the ages of 25-34 feel the most vulnerable about their jobs, at 41.9% of respondents, compared to other age groups.

Retraining and upskilling
Noting the uncertainty arising from emerging technologies, Teo said that workers must commit to upskilling and reskilling– with employers supporting workers in this endeavor.

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“In fact, workers must embrace and accept that AI and machine learning will be common fixtures in the workplace. To stay relevant in the workplace, it is vital for workers to commit to lifelong learning, upskilling and reskilling,” Teo said.

“By supporting workers in their training and development requirements, building trust in the workplace, and ensuring an inclusive, engaging workplace culture, workers are likely to feel much more positive towards the company they work for,” she said.