Alarming stat: 47% Indian workforce does not feel secure in their jobs, reveals study

An alarming 47 per cent of Indian employees do not feel secure in their jobs — a number that exceeds the average among the 17 countries surveyed, where only 38 per cent express comparable concerns. The report released by Always Designing for People (ADP) on Friday, July 7, mentions that, across businesses, the young experience the most job uncertainty.

The research published in ADP Research Institute’s 'People at Work 2023: A Global Workforce View', says that out of more than 32,000 workers surveyed, 50 per cent of Gen Z (who are between 18 and 24 years old), do not feel secure at work.

This number is more than double the proportion of over-55s — 24 per cent in particular — who feel the same insecurity in their workplace.

This striking disparity suggests that Indian businesses may need to take proactive initiatives to demonstrate their devotion to their employees in order to retain the young talent.

The findings come as job layoffs hit the news in a variety of industries, including technology and professional services firms, as well as ongoing issues in industries heavily hit by the Covid pandemic.

According to data from the layoff tracking website Layoffs.fyi, over 60 Indian firms have laid off over 10,000 employees since January 2023. Additionally, upcoming Artificial Intelligence (AI) tools and automation technologies would further endanger positions across industries and aggravate the situation.

Commenting on the alarming trend, Rahul Goyal, MD of ADP, said, “Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment."

“However, many businesses continue to have serious problems finding and keeping talent, so the situation may not be as dire as some people believe," he added. According to the survey, employees in India's real estate sector (about 56 per cent), the construction industry (about 55 per cent), and associated employment have the highest levels of job insecurity. 

Workers in the media and information industries are the most likely to indicate a lack of job security on a global scale, with 54 per cent reporting such feelings. Furthermore, an alarming 60 per cent of respondents across the surveyed countries expressed a willingness to consider working unpaid hours to improve job security.

Goyal also said that employees should feel comfortable in their positions, and should have opportunities to progress with the company, which will help them focus on doing a good job. If companies can do that while still providing fair compensation and an inclusive, engaging workplace culture, then employees are likely to feel much more positively about the company for which they work. 

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