The economic state of the nation combined with post-pandemic uncertainty is causing stress
Many Canadian workers are looking for a new job, according to a new report, and this is because they are afraid of losing their current job if the economy worsens. A new report from consulting firm Robert Half found that 25% of Canadian workers are concerned about getting laid off or terminated if the economy worsens, with many of these worries coming from young workers.
According to the report, employees ages 18 to 24 are most worried about losing their jobs (53%), followed by workers ages 25 to 40 (29%). As a result, these Canadians remain on the edge of their seats while taking these actions to "recession proof" their careers:
- Actively looking for a new role within their sector/industry (43%)
- Assessing their skills to ensure they're up to date (40%)
- Actively looking for a new role outside of their current sector/industry (33%)
- Undertaking additional training/upskilling (28%)
Read more: Half of your employees think they deserve a raise
What can employers do?
HRD previously had a chat with Aleksandr Volodarsky, chief executive officer (CEO) of Lemon.io, who revealed how to reassure employees concerned about losing their jobs. In Volodarsky's experience, transparency is the key in making employees feel secure on their work.
"In our experience, transparency is key, no matter the circumstances, and your best bet is to proactively communicate how the business is doing, and what your plans, challenges and wins are. Whether you're scaling or saving your business, strive for full transparency at all times," told HRD.
The CEO cited one instance where their company held a meeting as tensions began escalating between Russia and Ukraine in order to address employees' fears and help them manage expectations.
"It had a huge impact both on employees' well-being, level of their trust to the company, and productivity," said Volodarsky. "So, we recommend measuring employees' well-being and giving them a safe space to ask questions is something a company should have to manage expectations."
Canadian workers' concerns come despite the country's record-low unemployment rate of 4.9%, according to the Labour Force Survey, which could suggest that workers are at the driver's seat when it comes to hunting for new bosses.