A concerning 47% of employees in India do not feel secure in their positions, finds a new report
Contents News/Article Date: 7th July 2023
Relating to which Act: The Indian Constitution grants the Central and state governments the powers to enact laws to protect the employees and foster a professional work environment. Based on the industry, nature of the work, number of employees in the company, location, and more, there are various legislations like the Industrial Disputes Act 1947 (ID Act), Factories Act 1948 (Factories Act), and Shops and Establishment Acts in relevant states (S&E Act).
Applicable to which State: Labour Law Acts and Rules and Judgements as are applicable to all States
Type: ET Bureau / India Today News Report
Pertains to: Establishments and workers
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Karma Global has set up its offices in UK, USA, UAE, Canada and South East Asia and is fully into providing solutions for workplace issues, employment law advice, immigration and negotiation, representation in employment tribunals and involvement in leading cases, addressing HR issues in line with Labour Laws, payroll, staffing and talent acquisition.
Karma Global is fully into staffing and Talent Acquisition since last 19 years, and this vertical is steered by Business Leader, Komal Vaidya, Karma Global since its inception in 2004.
And in this instance: On a global scale, workers in the media and information industry express the greatest concerns, followed by those in the hospitality and leisure sector.
The Struggle for Job Security
Alarmingly, 60 percent of respondents across surveyed countries expressed their willingness to work unpaid hours to enhance the security of their jobs.
This emphasises the need for employers to reassure their employees and demonstrate their value and future prospects within the company.
Reassurance Is Key
Rahul Goyal emphasises that employers must reassure their workers to prevent the loss of critical skills, experience, and enthusiasm.
By offering fair pay, fostering an inclusive and engaging workplace culture, and communicating the employees’ value, employers can create a more positive atmosphere within the organisation.
The Shifting Landscape
The survey also reveals that one in five Gen Z workers globally has contemplated changing industries in the past year, while a quarter of them have considered starting their own businesses.
Subject: Five in 10 employees in India worry about job security: Survey
Appended is the complete news item
A concerning 47% of employees in India do not feel secure in their positions, finds a new report
This surpasses the average across the 17 countries surveyed, where approximately four in 10 workers (38%) share similar sentiments about job security.
According to the ADP Research Institute’s ‘People at Work 2023: A Global Workforce View’ report, this stark contrast indicates that employers in India may need to take proactive measures to demonstrate their commitment to their staff.
Across markets, feelings of job insecurity are highest among the young. According to a survey of over 32,000 workers, half (50%) of Gen Z (18-24 year-olds) say they do not feel secure in their job. This is double the proportion of over 55s who say the same (24%).
The findings come as job cuts hit the headlines across many sectors, including tech companies and professional services firms, and following ongoing challenges in industries hit hard by the pandemic, such as hospitality. This has been exacerbated by fears that emerging AI tools and automation technologies will further threaten roles across industries.
“Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment. However, many businesses continue to have serious problems finding and keeping talent, so the situation may not be as dire as some people believe. Given these competing interests, employers may need to further reassure employees that they are valued, that their efforts are acknowledged, and that their futures at the firm are bright,” said Rahul Goyal, MD of ADP.
A majority of workers, six in 10 (60%), believe that no profession will remain unaffected by the current economic uncertainty. Furthermore, approximately 25% of workers anticipate that the utilisation of AI will become commonplace in their industry within the next five years, leading to a reduction in manual tasks.
The report reveals that in India, employees in the real estate sector (56%), the construction industry (55%), and related employment experience the highest levels of job insecurity. On an international scale, workers in the media and information industry are most likely to express a lack of job security, with 54% reporting such feelings, closely followed by those in the hospitality and leisure sector (51%). Furthermore, an alarming 60% of respondents across the surveyed countries indicated willingness to consider working unpaid hours in order to enhance the security of their jobs.
“If employers don’t reassure their workers, they risk losing critical skills, experience and enthusiasm, which can make it difficult to provide the services their customers and clients expect,” Goyal said.
Against this backdrop, globally, one in five Gen Z workers (20%) have considered changing industries in the past 12 months, and a quarter (25%) have considered starting starting their own business.
ADP Research Institute surveyed 32,612 workers in 17 countries around the world between 28 October and 18 November 2022, including over 8,613 working exclusively in the gig economy.