The recent trend of employees quitting their jobs in search of higher-paying positions, also known as the “Great Resignation,” has left many new hires worried about the security of their job in the face of a potential recession. According to a survey conducted by KPMG, 91% of CEOs believe that a recession is on the horizon. Those who accepted new positions during the Great Resignation are on average twice as worried about losing their job compared to those who stayed with their previous company.
In a recession, it is common for companies to adopt a “last one hired, first one fired” mentality, which disproportionately affects junior and less experienced employees. Marketing budgets, human resources, and contract workers are often the first to be cut. Certain industries, such as tech, retail, and real estate, may also dial back on hiring. Many employees who accepted new positions during the Great Resignation were attracted to these growing industries without considering the long-term viability of their job in a potential recession.
If you are worried about the security of your job, it is important to consider what you bring to your company’s bottom line and work on strengthening any weaknesses. It is also helpful to focus on building relationships and networking within the company. While there is still a higher number of job openings compared to the peak of the COVID-19 pandemic, it is not too late to consider alternative employment options. There will always be opportunities available, even in a recession.
Source: Great Resignation quitters got big raises – now, they’re worried about their job security by Morgan Smith (https://www.cnbc.com/amp/2022/10/27/majority-of-new-employees-worried-about-losing-job-in-a-recession.html?__source=instagram%7Cmain)