The negative impact on collective well-being is “ four times the effect on the individual alone.” The economic fallout of the pandemicĪccording to research by the London School of Economics, watching people lose their jobs creates significant anxiety even among employees who retain their jobs. Factors like company mergers and acquisitions, the growing popularity of the gig economy, downsizing, and a dependence on social safety nets like healthcare also contribute to the feeling. The pandemic brought job insecurity into sharper focus, but the anxiety was present beforehand and will persist beyond. This interconnection makes the vision of a job loss scary and more intense. A job is also linked to routine and purpose, a distinct work environment, colleagues, work-related interests and goals - in other words, for many people, our working life forms a significant part of our life. The negative consequences of job insecurity are far-reaching.Ī job is linked with many aspects of a person’s life - an insecure job threatens not just a loss of income, but a loss of healthcare and retirement benefits, career growth, and activities or hobbies outside of work that are possible because of the income. This uneasy feeling of doom can linger over weeks or months, leading to chronic stress and impacting your emotional well-being, your performance, and your relationships. It is “ anticipatory anxiety” - where every day feels like you’re one step closer to getting fired without knowing when or if you’ll actually get fired. One of the most insidious elements about job insecurity is that it’s incessant and often long-lasting. But job insecurity extends beyond the current job - it is a loss of agency, feeling as if you have lost control over your employment status. Plenty of people lose their jobs every day, and it isn't pleasant. Job insecurity is the fear of losing your job and not having power over whether - and for how long - you’ll continue in your role. Employers need to step in with empathetic leadership and prioritize mental well-being to reduce the feeling of job insecurity among employees.īut first, let’s understand what job insecurity is, how it feels, what affects perceptions of job insecurity, and why the negative effects are dire enough to warrant action. The damaging impact on mental well-being, and the resulting toll on physical health and social status, points to a need for change. Job insecurity, and the perception of job insecurity, also drag down individual performance at work, as well as team morale and productivity. Even with many returning to work and an improved unemployment rate, anxiety due to job insecurity continues to mount for many.Īs much as the pandemic was a public health crisis, the effects of job insecurity - the fear of financial insecurity, loss of identity, loss of social support and networks, for some employees potentially housing or food insecurity - all of these stressors amount to another threat to public health. The magnitude and speed of upheaval left even the employed feeling insecure. But the number of people feeling insecure about their jobs shot to record-high numbers during the pandemic. Job insecurity has always been a source of anxiety for employees during periods of economic recession and political upheaval. Globally too, job losses amounted to 114 million in 2020. economy into the “ most unequal recession” in modern history as 9.6 million workers lost their jobs, and minority groups were disproportionately affected. The lesson for employers: when circumstances increase uncertainty - whether just within your company or in the world at large - you have to be more deliberate and proactive to mitigate the damaging, negative effects of insecurity. With no trust in leadership as a moderator, some were defiantly not working. It was hard to focus on being productive, much less do good work. Those left after each round were less grateful than you might expect. There was a complicated mix of relief followed by some combination of survivor's guilt and winner's remorse. It might be having a bigger impact on your teams than you recognize.Įarly in my career, I was at a company that went through months of rolling layoffs. That fear still lurks in the minds of workers. With so much talk of the Great Resignation and employees in the driver's seat, it's easy to overlook the prevalence of job insecurity. Job security leads to psychological safety and engaged employees
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