The COVID-19 pandemic has definitely changed the way we think and live. Nowadays, employees and job seekers are more inclined toward job security than higher pay. They simply prefer the peace of mind that comes with a stable job.
After all, job security acts as a cushion on which you can fall back in times of crisis and uncertainties. In a January 2022 survey, 27% of Americans reported worrying about job security and stability.
Therefore, during uncertain times and economic downturns, your industrial organization must ensure the leadership is going above and beyond to make employees feel safe and secure in their jobs.
But do you help employees navigate disruptions while remaining motivated and productive?
Why Job Security Matters
Job security creates a positive work environment and helps foster stronger employer-employee relationships. It builds a sense of mutual trust and respect, especially during uncertain times. The looming danger of losing their job can impact your employees’ performance adversely.
Job security can also benefit you as an industrial organization as it can help you save the cost of recurring recruitment, maintain operational consistency, and increase employee retention.
Research by Deloitte shows that the cost of losing one employee can range from tens of thousands of dollars to 1.5 to 2 times their annual salary. Remember, long-standing employees are more devoted to a company than new hires.
How to Create Job Security
There is no sure-fire recipe for creating job security in your industrial organization. It’s important to recognize that job security builds over some time as a result of some consciously driven efforts. So, let’s look at some ways employers can work on ensuring job security for their employees.
Know That Communication Is Key
Employee communication and transparency are the foundations of all interpersonal relationships and the same applies to you and your employees. Your employees have the right to know the impact of a distressed economy for the organization. A real and transparent conversation coming from you can be reassuring for them.
Avoid keeping your employees in the dark about the prevalent conditions. They need to know if and how the outside forces can affect them personally. If your organization faces any risk, the leadership should convey the same to the employees and formulate plans together to tackle it effectively.
As much as possible, regularly update your employees on their efforts to ensure job security. Try to empower them so that they do not feel fazed in the face of adversity and promote optimism whenever necessary.
Engage Employees in a Plan of Action
Uncertain times can provoke anxiety. Combating uncertainty requires strategizing and making action plans. However, it’s best to engage your employees also in the action plans so that they know what to expect and when.
Under the pressure of a crisis, it is advisable not to spring something onto your employees that they can’t possibly adapt to. Involving your employees in the process of action plan formulation can also evoke a sense of teamwork and belongingness.
Remember to Check in With Your Team
Often, in smaller hierarchical settings, the command chain is too rigid for employees to voice their opinion or share what they are feeling. However, it comes off as quite a personal gesture when you check in with your employees now and then.
Employees appreciate it when the leadership seeks their opinion on important topics. Therefore, employers should go a step further than the formal monthly meetings and get to know how the workers are feeling.
Emphasize the Good That Lies Ahead
Restore your employees’ beliefs by telling them that there is a silver lining to the current situation. By reminding them of what remains unchanged through this situation, you instill a sense of calm and hope in them. In a setting where your employees rely on you, it’s important that you keep emphasizing on what good lies ahead to ensure they get a sense of job security.