Blog 9 - PROVIDING JOB SECURITY TO EMPLOYEES

 

PROVIDING JOB SECURITY TO EMPLOYEES

What Is Employee Job Security?

Job security is something that most people seek in their careers. When we know we'll be able to keep our jobs with relative ease and won't have to worry about numerous hazards that could lead to us losing our jobs, we can concentrate on doing a better job and furthering our careers.

 

Job security is the assurance that you will have a job in the near future, regardless of external variables. It also suggests that your boss is content with your work and is not in a rush to fire you.

 (Bhasin, 2020)

Why Is Job Security Important for Employers?

Providing consistent, stable jobs to employees can help businesses enhance employee retention, attract top talent (because workers know their jobs are secure), and foster a healthy work environment that encourages people to perform at their best. After all, confident employees may spend less time thinking about their job security or stressing about how they'll pay their expenses if they lose their employment and more time concentrating on their work.

Because turnover is costly, job security can help a company's bottom line. Replacement expenses can be as high as 50% to 60% of an employee's annual compensation, according to the Society for Human Resource Management.

While job security is important for both employees and employers, not every employee deserves it. Job security is gained via a combination of hard effort, devotion, and loyalty.

Tolerating bad performance can hurt your team's chances of success. Knowing when to fire someone is an important element of running a respected company.

(Daniel, 2022)

How to Make an Employee Confident with Job Security

 

Sometimes, especially in times of general or individual economic difficulties, your employee requires your assurance that you require his services. Showing your employee how much you regard his work allows you both to recognize your shared willingness to work together to keep your business thriving in the future. Setting a motivational tone for your office will provide your employee with a sense of well-being at work, removing the need for him to be concerned about his job security.

1.      Provide your employee with benefits, 

     2.      Create a happy workplace. 

3.      Lead by example and set the tone.  

4.      Raise the bar for your employee. 

5.      Encourage honest communication with your employee. 

6.      Know your employee. 

7.      Present a future timeline of goals for your company and your employee within the company. 

(Cooper, 2022)

Advantages of job security

·         Often equated career advancement

·         Have a better chance of achieving their career goals 

·         Not to worry about his financial situation nor his debts and bills

·         Results in a relaxed atmosphere in the workplace

·         Easy to save for his life after retirement

·         Results in employee engagement

·         Leads to a reduced chance of employee turnover

·         Encourages a strong sense of corporate culture

·         Improves efficiency level and productivity

·         Results in employee retention

·         Improves the bottom line of the financials

Disadvantages of job security

·       starts losing the hunger and zeal which he had earlier.

·    Missed targets, poor performances and bad results are a common scenario in cases where the employee believes his job is secure

·    complacency and instead of hunting for new challenges the employees start relying on assigned workloads

·         unable to reach full potential because they lose their curiosity and passion for work

·      Employees become comfortable with the paycheck, with the workload and even with the workplace environment. The easy schedule can lead to career stagnation because they lose their ability to evolve and grow

·   Does not make an effort to learn new skills and move with time by increasing his knowledge

·         It is often equated with boredom and in later stages depression because the employee after a certain period ends up feeling useless and depressed

 

References

Bhasin, H (2020) Job Security – Definition, Meaning, Threats, Advantages

Bortz, D. (2022) Why Job Security Matters to Both Workers and Business

Cooper, M. (2022) How to Make an Employee Confident With Job Security