Thus, employers and business owners need to develop and communicate a clear job security policy to improve workplace productivity and success. Here, we will discuss why it's essential and how we can implement it.
In a nutshell, job security is an assurance that an employee can keep their job in the foreseeable future with minimal influences from outside factors.
Typically, a business can offer better employee job security in times of economic expansion and vice versa; job security is usually worse during times of recession. Job security also varies depending on the niche/industry: jobs in law enforcement and healthcare are typically more 'secure' than employment in the private sectors.
Below are some of the most critical factors affecting employee job security in an organization:
It's relatively obvious that job security is crucial for any employee, but it is also equally important for the employer.
For an employee, job security means the security of income, which will translate into reduced stress. A stressed employee will be less productive on the job and can also cause various long-term effects like depression.
For instance, established job security would translate into less employee turnover, which will reduce hiring costs and better overall growth for the company.
Below, we will discuss more of the advantages (and drawbacks) of establishing job security in your organization.
The main advantages of establishing job security include, but not limited to:
There are, however, some drawbacks to consider when establishing employee job security:
Establishing job security goes way beyond establishing a legal contract, and at the center of it is a good relationship between the employer and employees.
Here are some important practices in establishing job security and improving workplace satisfaction:
Nowadays, it might be tempting to stick with freelancers and remote workers, especially thanks to technological advancements. However, it's also important to keep and value high-quality talents in your organization. It's best to approach the recruitment process as an employee retention program instead of hiring an employee with a pre-determined termination date.
Make an effort to interact with your employees more often and communicate your views, expectations, and future plans as clearly as possible. Don't be afraid to discuss things with your employees, including non-work-related topics.
In a professional relationship between employees and employer, it's important to understand that the psychological contract can be much more important than your written, legal contract. A psychological contract is an unwritten contract between an employer and employee managing sets of expectations in a nutshell.
Employers should jot down as many of these unwritten expectations as possible and ask your employee to do the same (and let them remind you when it's due). Again, maintaining transparency is very important in creating tangible job security.
You can't make an employee think that they are secure if you don't give them the required tools to do their job well. Understand their needs, and provide the infrastructure and tools they need. If, for example, there are budget issues in procuring these tools, discuss the situation with the respective employee(s) and figure out a solution together.
Establishing and maintaining employee job security is essentially about the company admitting that it will only be as good as the structure management has implemented. This is why good job security and stability are going to improve workplace success in the long run.
While the modern gig economy and remote working may make it seem like physical relationships and permanent job security are the things of the past, they are much more critical than ever before. By providing your employees the stability to continue working with you, you can improve their productivity while reducing your organization's costs.
About the Author: Mike Khorev is an SEO consultant who helps SaaS, software, IT, technology, B2B and startup companies generate more sales and grow revenue online. He offers expert advice on marketing your company the right way through performance-based SEO, inbound marketing, conversion rate optimization, search engine marketing and many other online practices.