Concerns Increase Over Job Security Amid Widespread Layoffs

Fears of unexpected layoffs are rising among employed job seekers, reflecting increased job insecurity. A recent Express Employment Professionals-Harris Poll survey reveals that nearly one-third of respondents worry about losing their jobs before finding new ones, up from 28% in fall 2023 and 24% in spring 2023. This study, which surveyed 1,002 adults, underscores the growing anxiety about employment stability and broader economic concerns.

Major companies, ranging from tech giants like Google and Amazon to pharmaceutical leaders like Pfizer, are significantly reducing their workforces. This trend, driven by economic pressures, rapid technological advancements, ongoing corporate restructuring, and geopolitical conflicts, highlights the challenges employers face in navigating these complex and evolving risks, reports MBN. 

The current economic climate, marked by fluctuations and uncertainty, has heightened expectations for competitive pay. Job seekers are prioritizing better compensation (46%), improved work/life balance (41%), and enhanced growth opportunities (41%) as key determinants in their job searches. However, 44% of employed job seekers fear they will not receive the salary increases or raises they believe they deserve.

According to a Payscale report, transparent pay practices and meaningful raises are now essential for attracting and retaining talent.  A Robert Half survey, reported by MBN, found that over 40% of workers would lose interest in a job if the posting lacked a salary range. However, many organizations have yet to adjust their compensation strategies to meet these heightened expectations.