Job insecurity is a source of anxiety for many employees who fear losing their job for reasons beyond their control. With the recent pandemic and reports of a looming recession stoking job insecurity among employees, only 20% of workers feel that their job is secure.
That’s a problem for companies because insecure employees are less productive, easily distracted from their roles, and likely seeking new jobs with other employers.
No one wants to replace an employee: it’s expensive and time-consuming, and it lowers morale in the remaining team.
A better strategy to combat job insecurity in your company is to ensure it doesn’t creep into the workplace at all. Here are five ways to ensure employees feel solid in their employment and satisfied in their roles.
1. Offer job training and continuing education opportunities
Education and training are essential to a productive staff. It makes them confident in the role they’re asked to perform and competent in the skills they need to perform it.
But training fosters feelings of job security, too, by allowing employees to envision a future at your company and proving that you’re willing to invest in that future.
The company that trains and educates its employees values them. Valued employees stay longer and work harder for their employers, and they do it with confidence and skill.
We’re just going to suggest something here: take a tour of LearnRight and envision how a learning management system (LMS) might make your employees feel valued and confident. Go on. We’ll wait.
2. Give as many soft perks as possible
Soft perks like flexible working hours, extra paid holidays, extra parental leave, or memberships to gyms or clubs are a draw for employees.
Even cinema tickets or a monthly massage can make a difference. At LearnRight, our favourite soft perk is a pet-friendly environment overseen by the world’s cutest dog, Bosco.
HR experts are quick to point out that soft perks should never be a replacement for a fair wage, and high-calibre employees will indeed expect to be paid what they are worth.
But even well-paid employees appreciate soft perks, and they significantly impact an employee’s decision to stay with their company more than you think.
A study in 2018 found that 54% of employees surveyed felt soft perks were essential to their job satisfaction.
Soft perks are often easier for small to medium-sized companies to provide than higher salaries, and they substantially impact employee satisfaction. Your employees will be more likely to stay with your company if they have brilliant soft perks they don’t want to lose.
3. Encourage discussion and communication
In times of job insecurity, some employers respond by becoming less transparent and communicative. But that’s the worst possible strategy.
Fostering a culture of open communication between company and employees keeps management abreast of job insecurity and keeps staff feeling understood and seen.
Communication between employees should be encouraged, too. Employees find comfort and stress relief in talking about their frustrations with one another, and that’s ok. No company is perfect, and wise leadership knows that honesty is a healthier policy than refusing to acknowledge problems.
Learning management systems like LearnRight build online communities that promote discussion. It’s a place where employees can talk to each other about job or training difficulties and a forum where companies can listen to employee concerns.
4. Offer opportunities to advance
You can combat job insecurity among your staff by showing them that there are avenues for advancement within your company.
Opportunities for career advancement create a culture of hope and progress for your employees. It shakes off the doldrums of the daily drudge. It encourages employees to be curious about how they can improve their skills and excited about their future at your company.
Even if you can’t give official title changes or compensation wages at the moment, you can ask promising employees to spearhead new campaigns or take on new responsibilities. Allowing employees to enlarge their roles lets them build confidence in their position with your company.
Once again, an LMS can help, too. On-the-job training allows employees to feel they are advancing their skills and with them, their careers. Education shows employees that their career matters to your company and that you’re willing to invest in it.
5. Show employees the roadmap
Employees can’t get excited about your company’s future unless you tell them about it. Candid and clear communication about your plans for your company and the goals you’ve set allows employees to feel they are part of the solution to meeting those goals.
When you share your strategic vision for your business with your employees, you’re inviting them to be part of it. Your staff can see themselves in your company’s future, and they’ll want to stick around to be part of its success.
Don’t wait for an employee exodus to address job security among your staff. The time to foster a rewarding and forward-thinking corporate culture was yesterday, but today will work, too.