TAKEAWAYS
The advent of technology has brought forth both opportunities and challenges, creating a widespread sense of uncertainty regarding the stability of traditional job roles. It comes as no surprise that job security has become a paramount concern.
Which roles will be phased out and which roles will not? As automation and artificial intelligence (AI) continue to reshape industries, professionals are increasingly questioning the longevity of their careers.
Employment Hero’s State of Payroll and Technology Report revealed that 79% of respondents were concerned that their job would be replaced by technology, although 86% of them also recognised that disruptive technology is essential. With the swift development of automation and AI, employees face the unsettling prospect of their skills becoming obsolete, leaving them vulnerable to job displacement.
Our Talent Insights Report also revealed that almost half of respondents (49%) felt either insecure or unsure in their current role. There were some significant differences amongst demographics – younger generations felt more confident in their future, with 60% of 25 to 34-year-olds feeling a strong sense of security, compared with 34% of those over 55 were unsure about their future.
What then, can employers do to address these fears and foster a sense of security among their workforce? In my opinion, there are a few actionable strategies that employers can adopt to assuage these fears.
1) Embrace continuous learning and reskilling
As mentioned earlier, one of the primary causes of job insecurity stems from the rapid pace of technological advancement. Industries are being transformed, traditional job roles are being disrupted, and new skills that employees are not trained for are needed.
Amid these concerns, employees have turned to “career cushioning”, where they seek to futureproof their careers should they want to (or be forced to) leave their current roles. A whopping 84% of employees in Singapore are already career cushioning at the moment. They are weaving safety nets by seeking ways to enhance their skills, diversify their knowledge, and adapt to emerging technologies to remain relevant in the job market.
Continuous learning and upskilling have become imperative for career sustainability, offering a potential safeguard against the volatility of employment prospects and hence, the massive uptake. As such, employers must take an active role in providing ongoing training and reskilling opportunities to employees.
Learning and development is non-negotiable for all employees in this new era of work. By offering upskilling programmes and supporting continuous learning initiatives, employers empower their workforce to adapt to changing job requirements, ensuring that they remain valuable assets within the organisation as they expand their skill sets.
2) Foster a culture of transparency and communication
In uncertain times like the present, having clear and open communication is vital in allaying job security concerns. As an employer or leader, you need to proactively communicate the organisation’s goals, strategies, and priorities to your employees.
By providing a clear vision and aligning employee aspirations with the company’s objectives, you help to foster a sense of purpose and stability. Transparency is key – regularly engaging in honest conversations about industry trends, potential disruptions, and organisational changes will enable employees to stay informed and prepared for any eventualities.
3) Promote agile work practices
In an era of volatility and uncertainty, employers need to embrace agility in their work practices. Agile approaches, such as flexible work arrangements, cross-functional collaboration, and project-based teams, enable organisations to respond quickly to changing market demands. Creating an adaptable work environment demonstrates your commitment to embracing change, and emphasises that each employee’s job security lies in their ability to evolve with the needs of the business.
4) Invest in employee wellbeing
Job security concerns often arise from the fear of being replaced or overlooked. If you want your employees to perform at their full potential, you need to prioritise their wellbeing and create a supportive work environment. Encouraging work-life balance, providing mental health support, as well as recognising and rewarding employee contributions are crucial steps.
Offering competitive compensation and benefits packages that reflect market trends is another way to reassure employees that their efforts are valued, and that the organisation is committed to their long-term growth. Your employees are your greatest asset, and investing in them means investing in your business for years to come.
5) Foster a culture of innovation
To survive and thrive in a changing world, organisations must prioritise innovation. Employers should encourage a culture of experimentation, where employees are encouraged to explore new ideas, challenge the status quo, and take calculated risks.
By fostering innovation, organisations can create new avenues for growth and enhance employee engagement. This culture of innovation helps employees understand that they are part of an organisation that continually evolves and adapts, thereby reinforcing their job security in a world of rapid change.
6) Provide career development opportunities
Employees often associate job security with opportunities for career growth. Employment Hero’s Talent Insights Report 2023 revealed that the number of employees looking for a promotion or lateral move internally has jumped to 39%, up from 27% in 2021. As job insecurity heightens, creating more opportunities for growth within your current team will help with retention.
Ensure you have career development programmes in place that enable employees to acquire new skills, take on additional responsibilities, and advance within the organisation. Providing clear career pathways, mentorship programmes, and internal mobility opportunities are essential to instilling confidence in employees that their future growth is a priority.
7) Reframe attitudes towards technology
Not only does our State of Payroll and Technology Report show that a large majority (79%) of practitioners are worried that they will be replaced by technology, there was also concern surrounding the effectiveness of technology in client servicing – 71% of respondents felt that it will actually make client servicing more difficult. Some 82% also believe that their clients will be opposed to their practice adopting more technological tools, perhaps because it will bring about changes in existing processes and ways of working.
This shows that there is still a lot of wariness surrounding the usage of technology in the industry, and more needs to be done to reframe the mindset of employees. They need to view disruptive technologies as tools that can be utilised to their benefit, and not as a threatening presence that might render them redundant.
Consider organising training sessions, expert talks, panel discussions and more, that will help to educate employees on how they can leverage technology to help them work easier and more effectively. When employees have a positive attitude towards technology, they will be more receptive and willing to learn about its advantages. Keep them focused on the valuable aspects of technology rather than constantly worry about potential job loss.
Ultimately, in a rapidly changing world, job security concerns are inevitable. Employers have a vital role to play in addressing these concerns and creating an environment where employees feel secure, valued, and equipped to adapt to evolving circumstances.
By embracing all the actionable points above, you can reassure employees that they will grow together with the business come what may.
Kevin Fitzgerald is the Managing Director for Asia at Employment Hero.
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