57% employees in India Inc. concerned about job security

With layoffs taking place worldwide, are employees in India worried about job security? According to a survey, 57 per cent are definitely concerned about job security. Only 27 per cent are not worried about losing their jobs. A very small number (four per cent) feel their organisation is not planning any layoffs at all, while about 12 per cent are not sure whether they are worried about their job security amidst these layoffs.

Contractual staff most vulnerable

If and when layoffs do happen, it is the contract employees who will be most impacted. That is something most of those surveyed are sure of. Fifty per cent admitted that the most vulnerable lot are the contractual staff. About 21 per cent feel the front liners are most vulnerable to be given the pink slip. A small ten per cent of those surveyed also feel that senior management are most likely to be affected in case of a layoff, while 20 per cent feel that the impact will be maximum in the mid-management level.

Axing jobs without any warning unethical

However, a whopping 81 per cent of those surveyed believe that mass layoffs without prior intimation are unethical. There is also a small percentage (12 per cent) that think it is ethical to layoff people in huge numbers without intimating them. About four per cent have a neutral view, while three per cent do not know whether this practice is ethical or unethical.

Overhiring has led to layoffs

Most organisations and employees surveyed (36 per cent) feel that overhiring is the real reason behind layoffs. About 30 per cent believe layoffs are resorted to in order to cut costs. Only 23 per cent feel layoffs result because of economic downfall. About 11 per cent believe layoffs are resorted to because of dependency on advanced technologies.

Market inflation is a concern

A whopping 71 per cent of employees admit that they would be concerned about market inflation and its effect if there is a layoff in their organisation. Only about two per cent of the employees surveyed admit that they have enough financial backup or funds to live off in case of a layoff. About 22 per cent said market inflation would not worry them if a layoff is to take place in their organisation.

Time to switch

A majority of those surveyed are clearly looking out for opportunities. In fact, 83 per cent are planning to switch jobs to avoid uncertainties amidst layoffs. Only a measly eight per cent admit to feeling comfortable and well settled in their organisations and are not considering a switch. About five per cent plan to start their own business, while four per cent are unsure of their next step and would prefer to wait for the market to open up.