News: Over half of workers fear job loss: Tech and HR professionals among most worried: Study

Talent Management

Over half of workers fear job loss: Tech and HR professionals among most worried: Study

Employees at mid-sized companies perceive the highest risk of job loss, and sectors like software, finance, and HR are notably concerned about layoffs.
Over half of workers fear job loss: Tech and HR professionals among most worried: Study

Layoffs persist across the tech sector in the US, affecting companies of all sizes, from industry giants to startups. This trend of widespread job cuts adds to the challenges faced by numerous employees. 

In the initial months of 2024, approximately 193 companies downsized their workforce, resulting in nearly 50,000 job losses. Notably, in March alone, seven companies laid off close to 500 employees. 

With organisations swiftly restructuring and downsizing, many tech professionals are understandably concerned about their future prospects. According to a recent report from AuthorityHacker, a significant 54.58% of workers are growing increasingly concerned about the risk of job loss, with the tech sector showing the most visible signs of distress. 

The report highlights that professionals in IT-Services and Data (89.66%) and Software Development (74.42%) are particularly affected, experiencing heightened levels of anxiety regarding job security. 

The swift advancement of Artificial Intelligence (AI) technology is causing significant apprehension among employees. According to the survey, a staggering 72.42% of workers expressed unease about the potential impact of AI on their jobs within the next five years. 

Furthermore, nearly half of the respondents (48.28%) strongly believe that AI will affect their job security. Notably, C-level executives (85%) and Directors (78.83%) emerged as the most concerned groups regarding this issue. 

According to the report, employees in mid-sized companies with 500-1000 employees (74.33%) perceive themselves as particularly vulnerable to job loss, citing a higher risk. Sectors heavily reliant on computer technologies, including Software (67.44%), Finance (67.75%), and Human Resources (64.29%), express significant concerns regarding potential job loss. 

Conversely, industries characterised by substantial human interactions, such as Education (43.04%) and Real Estate (44.68%), exhibit lower levels of apprehension about AI's impact on their jobs. 

The survey, conducted by Authority Hacker, encompassed 1,200 full-time employees across the US. Amid concerns about AI's impact on employment, it's crucial to recognise that AI is not solely about displacing jobs; it also holds the potential to create new opportunities. 

A recent report by the World Economic Forum even predicts that AI could generate up to 97 million new roles by 2025. Therefore, acquiring AI skills is becoming increasingly imperative. 

To navigate the AI-driven landscape successfully, individuals must embrace a multifaceted approach. This includes integrating AI tools into daily operations, honing interpersonal skills like communication and empathy, building professional networks, and developing specialised expertise and personal branding. 

Studies consistently show that most executives anticipate AI to enhance rather than replace job roles, underscoring the importance of AI upskilling in mitigating unemployment risks.

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Topics: Talent Management, #Layoffs, #HRTech, #HRCommunity

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