SHARETIPSINFO >> Articles Directory >> Growing Fear of Loosing Job

 

With fear increasing over imminent layoffs and job cuts at many companies, more people in their 20s or 30s are complaining of stress or are showing the effects of stress arising from the growing fear of losing their jobs. The growing fear of loosing job is especially acute considering that many have first hand experience of massive layoffs or those of their parents in the Asian financial crisis in 1997.
This phenomenon is not just affecting those on the verge of losing their jobs, but those who are considered to have stable jobs or work in the public sector. People also go for share market where they think that they would be able to double their income.

Unemployment stress
When you think of going for your investments in the market then you need to be very clear about the market situations. You should have some idea about nifty trading as well. Now coming back to the fear of loosing job, a 34-year-old employee who has worked five years at a public relations company complained of being stressed at work. She said she won confidence at her office as a competent worker, but with the number of clients declining, she said she is in a state of excessive anxiety over her performance. She said she saw her father get laid off during the Asian financial crisis of the late 1990s.

Those who suffer from unemployment stress are said to have experienced mental trauma after seeing their parents get fired about a decade ago. A global financial crisis is not just hitting the cash flow of companies but is also causing the hearts of employees to pound, reminding them of the massive layoffs that took place amid the currency crisis 11 years ago.

Fear of pink slips
According to the recent survey by online job portal sit, incruit, about half of employees feel more ill at ease about job security, fearing they may lose their jobs due to the deteriorating economic situation. A total of 1,648 were surveyed, with 48.8 percent professing an added sense of fear about their work. This fear of getting pink slips is more acutely felt among those who are not on the permanent employee payroll, with 56.4 percent of temporary workers saying so. About 47.2 percent of those with permanent jobs say they feel less secure about job security. In the 1997 financial crisis, tens of thousands of workers were forced out of their jobs after a string of bankruptcies affected companies big and small.

About 41 percent cite the poor bottom line of the companies they work for as a major reason for their uneasy feelings, while about the same number picked the worsening global situation as their reason for fear. About 43 percent say that they have heard rumors that rationalization may be coming in the same way as that of sensex. Interestingly enough, big company employees fear more about job cuts than small and medium sized company workers, the survey shows.

 

Checking for new jobs
This job insecurity leads employees to check around for new jobs or seek opportunities to get prepared for self-employment, with 53 percent of the respondents saying they were engaged in such research. About 30 percent say that they are improving their job skills and learning others in order to improve their competitiveness. Asked which they prefer when pressed between two choices ― losing their jobs or having their salaries cut ― about 53 percent say they will settle for salary cuts rather than pink slips. About 22 percent say that they were ready to leave their jobs.

Those in their 20s or 30s usually have unstable economic and social status, and if they lose their jobs, they could lose a big part of their identity. They are more likely to suffer mental stress over losing their jobs. Job stress, if not treated, causes a number of anxiety disorders. To overcome such stress, psychologists say people need to recognize the importance of time away from work and efforts to build relationships with people in different fields. “Rather than focusing on a daily or monthly basis, it is helpful to establish an overall picture of plans at work or private living based on a long-term perspective and maintain a regular lifestyle.”

Growing fear of loosing job is a growing threat to the health of young India. Fear creates stress and stress creates health hazards. Growing and developing India should find ways to overcome this stress to develop at a greater and a healthier pace.

 

 

For more articles click here

 

To Know About our Packages Click here

 

 

Click here for Indian stock market tips