Job and Income Security Fears

Job security and income stability are factors that continue to cause anxiety among people globally. Economic uncertainties, inflationary pressures and emerging technology trends are pointing towards more job losses in the near future. The impact is one employees’ current and future financial positions.

About 80% of respondents of a recent survey have postponed their plans to retire early because of this likely financial situation. Many could be forced to work beyond the age of 60 to weather the rising cost of living issue. 

The “2023 Workmonitor’’ survey by Randstad highlights the workforce’s latest sentiment and perceptions of the local job market. The survey attracted 750 respondents from Malaysia.

Anxiety is growing as a result of a number of high-profile retrenchments which included many white-collar roles in technology companies in 2022. About 65% of respondents will not accept a job if it does not offer a significantly higher salary.

People are actively looking for additional jobs to support their ability to pay for essential services and pursue their desired lifestyle. Nearly 40% of respondents have quit their jobs due to low wages and 34% say they are thinking about resigning so that they can find a better-paying job to overcome the rising cost of living predicament

Many have resorted to starting their own business or taking on delivery jobs that provide an additional source of income. In uncertain times, we have to adjust to circumstances, curtail expenditure and look at new possible sources of income.

Reference:

Job and income security fears, B.K. Sidhu, The Star, 15 April 2023