Maxim Finskiy on the Importance of Job Security
When does job security affect job performance?
Every employee traditionally seeks assurance of employment security and safety and the lack thereof is thought to impact employee performance to a certain degree.
Job security is a particularly hot subject among human resource professionals and scholars due to the threat posed by the rise of technology at the workplace.
But when specifically does job security affect job performance and what options do decision-makers have? Maxim Finskiy explores this question below.
This post explores the close relationship between job security and productivity in the modern-day workplace.
Also elaborated well are the strategies at the disposal of firms staring at the possibility of slackened performance because of perceived job insecurity among employees.
Job insecurity worries employees now more than ever
A past skills and employment survey in the UK revealed that 52 percent of employees were concerned about their job security.
A similar Gallup poll in the United States discovered that nearly a third of surveyed workers constantly worried about being laid off.
These studies confirm that the issue of job insecurity cannot be wished away in light of the unprecedented technological, economic, and political changes of the last decade.
Sure, there are periods in which workers experience increased positivity about retaining their jobs for the long haul like it is in America at the present (because of a growing economy), again according to Gallup but it’s clear that managers in charge of human capital have reason to be disturbed.
Maxim Finskiy finds that what is more unsettling is the hit that reduced job safety brings on output.
Research by NCBI (National Center for Biotechnology Information) found that workers fearing job loss tend to suffer reduced production.
Other potential negatives from concerns about redundancy are stress, lateness to work, and diminished focus, all of which curtail the achievement of critical targets by affected staff.
Maxim Finskiy’s Methods of Measuring Job Security
What makes the issue tough to tackle is the lack of scientific methods to use to tell how confident an employee is about retaining their current job.
Yet, more and more workers are waking up to the reality of changing nature of work (think automation and artificial intelligence) and the uncertainty this introduces to their jobs.
Unpredictable political leadership is also widely recognized as being potentially unhealthy for economic prosperity, a key factor in the sustainability of jobs.
These developments no doubt trigger anxiety in an employee’s mind and every talent manager would appreciate a tool that helps them assess the extent of worry in their workforce.
The results would then help the organization make informed decisions about how to mitigate the causes and prevent drops in performance.
All is not lost, however, and experts like Maxim Finskiy recommend the application of a couple of methodologies to quantify the perceived job security as discussed next:
- Keeping an eye on employees: It’s easy for a supervisor to detect a loss of enthusiasm among his team members if they keenly watch their conduct as long as they understand them well.
- Conducting ‘anonymous’ surveys: Employees tend to be honest about their feelings especially if negative when sharing with strangers. Online surveys can be a great starting point as well as hiring independent contractors to interact with the teams (preferably off-site). Note that this works only if the company’s hand remains hidden throughout the process.
- Holding random ‘bare-it-all’ events occasionally: The idea is to organize surprise lunches or meetings where everyone gets an opportunity to speak frankly and confidentially about their working environment. This would only be beneficial where a trustworthy relationship exists.
They’re not foolproof, yes but these procedures could be immensely helpful.
At what point should the employer begin to worry?
People naturally want to be sure of tomorrow and job security yields much-needed contentment and hope for the future.
It has been evidenced that workers who are confident about the availability of their jobs for the time they wish to hold them are likely to be happy and tremendously productive.
The inverse also holds true: fears of downsizing in the coming days terrify even the best employees and may usher a period of consistent decline in effort and neglect of work.
For this reason, it’s important to act immediately one notices warning signs like buildup of tension and repeated failure to meet performance objectives that an employee has consistently successfully met.
That’s because the employee might be approaching a point where they don’t give a hoot about the company since they’re convinced they’ll soon be cut loose.
This potentially exposes the firm to major losses in the form of unfulfilled orders, missed revenue goals, and more making intervention urgent.
Possible intervention measures
Despite the crystal clear connection between job insecurity and performance slowdowns, steps that can be implemented by organizations to avert productivity drops among anxious staff differ from one situation to the next.
Nonetheless, Maxim Finskiy finds that the following tactics commonly work if enforced by human resource heads in an attempt to cushion the firm:
- Improve communication and participation
One school of thought argues that addressing any rumors about looming cutbacks or other talk that paints a doomsday scenario instantly can reduce the apprehension.
A motivational speech could do the trick even when all and sundry can see that the economy is undergoing turbulence or there’s a possibility of industrial upheaval arising due to other factors.
In addition, some scholars contend that increased worker involvement can lower job insecurity fears.
- Provide social support
A different study has asserted that offering social support can help employees cope with threatened job situations.
Related studies have mentioned that this strategy is more effective in decreasing stress and hence the negative influence of job insecurity, particularly in women.
Maxim Finskiy recommends that social support programs be initiated both within and out of the workplace.
- Create temporary incentives
Even in the midst of precarious relations, an expected gesture from the employer could help restore the sunshine in the days of the distressed staff.
Targeted bonuses (away from what employees currently enjoy), gift cards, and giving temporary workers access to standard staff discounts can help jumpstart the performance levels, at least in the short term.
- Giving ongoing feedback
Still, honesty is vital in performance and employees might feel happier (and less insecure) when their leaders are open about their results vis-à-vis the expectations.
Holding periodic meetings with employees to examine their performances using a two-way feedback approach will help ensure the two parties are on the same page.
Above all, the employee will feel valued and more optimistic about their futures in the firm.
- Collaborate with a consultant
Another remedy would be to collaborate with well-known Industrial-Organizational psychologists such as the previously mentioned Max Finsky in hatching a rescue plan as the issue is mostly psychological.
Of course, the most effective solution is the firm reaffirming their commitment not to fire anyone but that’s easier said than done considering that business fortunes can change in a blink.
Controlling job insecurity in the long term
Further research has indicated that long-term job insecurity is closely associated with lower job satisfaction, long-lasting lower organizational attitude, and lower evaluation of the management and supervisory teams.
This breeds resentment, recklessness (leading to more accidents), and hampers the ability of the organization to realize its full potential and must be reined in on for the good of the business.
In fact, a variety of job insecurity literature points out that long-term job insecurity seemingly affects a larger proportion of workers than short-term unemployment fears making it a more pressing concern.
The suggested solutions include a self-evaluation by the leadership teams to determine if they’re leading by example.
Enabling work culture is also essential. Proof indeed exists that a positive work culture yields raised productivity in both the public and private sector.
Training has also been sighted as possibly being helpful.
It has, however, been noted that staff holding job loss fears for a long time are least likely to train on their own and so this initiative is likely to be more impactful when driven by the employer.
Recap of Maxim Finskiy’s Stance on Job Security
Job security cannot be wished away and is detrimental to job performance as soon as it arises, the causes notwithstanding.
Organizations are therefore obligated to counter job loss concerns using strategies like opening up communication, providing social support, and establishing temporary incentive plans to arrest a reduction in productivity.
Involving an expert could be especially helpful when looking for a solution for long-term job insecurity- this apparently affects more employees.
According to Maxim Finskiy, every manager should strive to be prompt as a late realization could lead to major losses in the form of unfulfilled orders, missed annual revenue goals, and even probable litigation.
