Figure 1: Secure job – source
The industrialization has widened human needs compared to
ancient traditional living concepts. A proper job with a better income emphasizes
a standardized life that aids physical and mental health. Job security defines as where the employer is
satisfied with employees’ behavior and ensures to retain them without any
sudden termination.
key components of job security
·
Economic
situation of the country.
·
Business
condition.
·
unions.
·
Every employee’s
individual facts – education, experience, performance (Khorev,2021)
Why is job security important?
After
industrialization, job security begins in the economic pressures of
institutions. It pervades all organizations around the world. Job security is linked
to basic human needs. If the employee is satisfied with a good offer, they can
easily maintain their life. Food, fame, health, love, and freedom are the basic
human needs.
Figure 2:
Maslow’s hierarchy of needs – source
Impact of job security
Job security affects employees as well as employers. In
both cases, there is a complete loss of income and expectations. Employees are
laid off as business collapses. When they are unable to repay the loans they
receive to meet their personal needs, there are times when their lives are at
stake.
Impact for employer
Any organization values its skilled manpower as assets in its
organization. Organizations always try to retain their experienced employees.
·
Damage for brand value & brand name.
·
Increase the extra cost of newcomers for training & development.
·
Impact on organization outcomes.
·
Can damage Industrial peace.
Impact on employee’s
·
Unemployment
·
Financial crisis
·
Reputation
·
Mental health
·
Less morale
·
Legal issues
·
Lack of new opportunities (Team, 2021)
How to increase job security -
According to
1. Increase
productivity.
2. Be reliable
3. Minimize
distractions.
4. Be fully
present during meetings stay all-time in meetings.
5. Volunteer to
do more.
6. Keep
learning.
7. Mentor and
support co-workers.
8. Focus on
solutions.
9. Builds
relationships.
Conclusion
Job security is a major issue in the world today after
globalization and the Industrial Revolution. This is another serious issue in
developing countries such as Sri Lanka. The possible conclusions are as
follows,
·
It directly
affects the living standards of employees and employers as well as the economy.
·
Natural
disasters and global pandemics can also affect job security.
·
It is the duty
of employers to improve their job security.
·
It is an
effective way for employers to achieve their goals while protecting the most
skilled employees in their organization.
References
Borowicz, K. (2014) Changing Jobs: 3 Things To
Consider. [Online]
Available from https://www.careersingovernment.com/tools/gov-talk/career-advice/changing-jobs-3-things-consider/
[Accessed 17 12 2021].
Hamlin, K. (
2018) What Is Job Security?. [Online]
Available from https://careertrend.com/about-5470562-job-security.html
[Accessed 17 12 2021].
Mcleod, S. (2017) Maslow's hierarchy of needs. [Online]
Available from https://www.simplypsychology.org/maslow.html
[Accessed 17 12 2021].
Team, I. E. (2021) How To Increase Job Security. [Online]
Available from https://www.indeed.com/career-advice/career-development/job-security
[Accessed 17 12 2021].
Job security directly affects the security of income, which will impact reduced stress.
ReplyDeleteAccording to (Jamal,1984)
The Job Stress is consecutive with outcomes of the organization. So ensuring a secure job directly affect organizational success.
This is a timely topic as the current world is running through an unstable business environment due to the covid-19 pandemic era where many employees getting terminated and losing their jobs.
Hariz Haniffa
ReplyDeleteJob security is assurance an employee has that they will be able to continue working their current job for the foreseeable future. It means you are confident that your employment status with a company will not change, regardless of any outside forces that might impact the business.Thank you
From the employees' perspective, Job Security is the key factor of employee retention. Increasing job security will increase employee retention. In the same way, less job security will increase employee turnover.
ReplyDeleteAccording to Marketing91,(2020) Job security is very important to employees, but it is also quite important to employers. There is reduced staff turnover and absenteeism, which means there are no additional costs involved with the hiring process and the firm can continue to expand and flourish.
ReplyDelete