With a looming recession on the horizon, employers and employees alike are feeling the pressure.
People are more concerned about job security than ever. According to the 2,000 workers who responded to the ProfessionalResumeWriter.com Job Market 2023 Survey, worry about job security has increased by 49 percent overall since 2022.
The anxiety is universal. Those in entry-level positions are 91 percent more concerned than they were last year, with 49 percent of entry-level workers confessing to worry about job security this year. Concern among executives surveyed rose from 45 percent in 2022 to 66 percent in 2023. That represents the highest of any of the levels surveyed, which also include midlevel employees and senior-level staff.
One reason cited for worker apprehension is the possibility of a recession, which is driving six out of 10 people to consider an early career change, ProfessionalResumeWriter.com reports. Bankrate's Q1 2023 survey of economists estimates the odds of a recession occurring this year at 64 percent. Economists surveyed also predict a jump in unemployment and major job losses over the following 12 months.
"It's not surprising that many individuals are concerned about their job security, given the current economic climate," explains ProfessionalResumeWriter.com Cofounder Michelle Masters. "It's important for professionals to take proactive steps to maintain their employability, such as staying up to date on industry trends and continually honing their skills. Additionally, individuals considering a career change should focus on their transferable skills and how they can be leveraged in a new field."
Feelings of uncertainty among American workers in the current climate aren't new. A 2022 survey by Insight Global found that most respondents were worried about job security during a possible looming recession. More than half of the 2,000 respondents aren't financially prepared or "don't know how to prepare" for a recession.
The lack of preparation is especially concerning because the majority of managers surveyed by Insight Global said they would likely have to lay off employees if the economy does eventually go into recession.
Insight Global CEO Bert Bean hopes layoffs are the last resort for companies.
"Instead, I encourage leaders to consider other solutions, such as building a plan that avoids layoffs and helps you grow through a recession," he says. "Get your employee base executing on that because when you bounce back from a recession, you'll need your people more than ever."