Due to the Covid-19 pandemic, workplaces have had to make significant alterations in the way they conduct business. In addition to the changing work-life, Covid-19 also posed financial instability that put many workers at risk of experiencing job insecurity and, in turn, lower wellbeing.
In Asia, the crisis has proven to be an accelerant of change. While businesses start to adapt to the new normal, employees also adapt to a new way of working and candidates change their expectations when looking for a new job. Both employees and candidates are keen to work in a company with better job stability and security, Hays reported. More than 70 percent of respondents said that job stability and security has become more important to them following the pandemic (as compared to 63 percent who said so at the start of the year).
Data from the study revealed that 37 percent of respondents in Hong Kong are actively looking for new opportunities, with a further 40 percent who are passively open to new opportunities. From the respondents who are passively or actively looking for a new job, the report highlighted the importance that job security has gained during these turbulent times. This sentiment is further solidified when comparing priorities across the studies Hays conducted.
In addition to job security and stability, flexible working has become a priority for workers too. It is interesting to note that company facilities, including technology and thoughtfully designed workspaces, have also become increasingly important to retain employees or attract new workers.
See also: Why Your Employees Need a Healthy Work-Life Balance
Job security refers to ‘the state of having a job that is secure and from which one is unlikely to be dismissed.’ Job security can also be referred to as an assurance that an employee can keep their job in the foreseeable future with minimal influences from outside factors.
For employees, job security is considered a vital option when looking for a job because it provides security of income, even in a state of crisis. For employers, providing job security could help reduce turnover, thus reducing hiring costs and improving overall growth of the company.
Same as job security, job stability is also essential to have, especially for employers. Job stability refers to the duration employees keep in their current job without external factors. Job stability has faded in recent years due to the nature of the gig economy that continues to evolve. The modern workforce which comprises millennials and generation Z is mobile, savvy and prefers to work on its own terms. With the changing times, the scenario has just reversed, aspirants are choosing skills and quality of work over job stability.
However, with the current pandemic, Hays mentioned that job stability has come to light again. People want to have a stable work nature over one that cannot guarantee their income when another outbreak happened. Apart from this scenario, employers should keep providing job stability, especially to reduce turnover, ensure engagement and consistency in employee’s job outcomes.
King College’s researcher Dr Ewan McGaughey wrote that job security along with workplace democracy and labour law matter, because these are the best defence against depression and prosperity. To boost job security, employers can create a right to elect work councils, whenever unions collectively bargain for them or more than five staff request them.
Employers can also improve job security by setting a motivational tone for their office, empower employees with a sense of wellbeing at the office so they do not need to question whether their job is secure or not.
To achieve the sense of aforementioned wellbeing, employers can:
Finding ways to forge stronger, more permanent professional relationships with employees is now more important than ever as work becomes increasingly remote. One of the ways is by ensuring work stability. Here are some tricks to guarantee job stability:
You should always provide a good reason to your team why they should continue working with you. By doing this and the aforementioned tips, not only can you get the best out of your team, but you also create a stellar workforce that knows its future is secured.
Read also: Job Security, Salary and Work-life Balance Top Priority for Workers in Singapore