Job loss threat looms large on employees

New Delhi: More than half of the working adults globally are concerned about losing their job in the next 12 months, including 57 per cent in India, but more than two-thirds are hopeful that their employers will help them retrain for new employment opportunities, a global survey showed on Wednesday.

The survey, released at the World Economic Forum's (WEF) 'Jobs Reset Summit' being held online, also showed wide variations between countries, while an average of three in four workers in Russia feared job losses, it was just one in four in Germany. In India, nearly 57 per cent of respondents said they are concerned about their jobs -- over 25 per cent are 'very concerned' and 31 per cent are 'somewhat concerned'. Globally, 54 per cent concerned about job losses in the next 12 months, the WEF-Ipsos global survey of more than 12,000 working adults in 27 countries showed. The prevalence of job-loss concern was highest at 75 per cent in Russia, followed by 73 per cent in Spain and and 71 per cent in Malaysia. Germany scored the best with 26 per cent, while it was 30 per cent in Sweden, and 36 per cent in the Netherlands and the US. However, 67 per cent of workers worldwide said they can learn skills needed for the jobs of the future through their current employer.

Nearly nine in 10 workers in Spain think they can gain essential new skills on the job, whereas fewer than half in Japan, Sweden and Russia. Across the 27 countries, perceived ability to learn and develop those skills on the job was found to be the most widespread in Spain (86 per cent), Peru (84 per cent), and Mexico (83 per cent) and the least common in Japan (45 per cent), Sweden (46 per cent), and Russia (48 per cent). India also scored very high at 80 per cent. WEF Managing Director Saadia Zahidi said, "the current crisis means that the job creation rate has gone significantly down compared to two years ago, but there is an optimistic scenario overall compared to the rate of job destruction."

The countries where those who can gain new skills on the job outnumber those who are concerned about losing their job by the largest margins are the US and Germany (by 40 points). In reverse, job loss concern is more prevalent than perceived ability to acquire skills in Russia (by 28 points) and, to a lesser extent in Malaysia, Poland, Japan, Turkey, and South Korea.