In times of economic hardship and decline, people cling to job security to maintain stability. At the same time, they seek out learning and development to improve their skillsets and give themselves their best chance possible to ascend the ranks of the organization they work for.
Having ample opportunity to grow professionally is a key factor in employee satisfaction at the best of times, but when the economy has people feeling insecure and mass layoffs ratchet up the collective anxiety level, it’s even more vital. Likewise, as prospective employees consider their options, many will move toward those offers where opportunities for growth and acquiring new skills are on the table.
When the University of Phoenix conducted its Annual Career Optimism Index for 2022, surveying 5,000 employees at 500 companies over the course of a year, it revealed that automation is a primary concern for many workers. According to the study, 52% of respondents feel they are easily replaceable and 41% fear losing their jobs.