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More than one in three, or 36 per cent, of respondents said they were anxious about job security because they were working in a temporary, casual or part-time position and trying to find permanent employment.
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But the main reason is more generally the changing nature of work. Nearly two out of five – 39 per cent – respondents cited the changing workplace structure, 30 per cent were concerned about redundancy, 24 per cent about broader economic conditions, 18 per cent about technological change, and 14 per cent about international economic conditions.
Meanwhile, 29 per cent of Australians believe it is a bad time to find a new job and 30 per cent don’t have enough saved to cover them for more than three months without work.
It’s interesting that anxiety and worry over job security is so prevalent when we’re actually staying in our jobs as long, or longer, than we ever have. More than eight out of 10 employed Australians have been with the same employer for more than 12 months.
And our fears about the economy don’t match the sober optimism felt by the boffins at the Reserve Bank.
But it is true that most industries are undergoing significant upheaval and most changes have upsides and downsides, or winners and losers.
Working in the media, I can relate. I love my job, but I know I can’t take it for granted amid constant industry change.
Globalisation and the disruption of technology and automation are two big forces changing the nature of work. And the decline of collective bargaining and rise of casual contracts adds to the pressure.
The problem is that it’s not healthy to be living in a perpetual state of fear and anxiety. It’s bad for our mental health and that has serious effects for the individual and beyond. It’s considered serious enough that the government has now tasked the Productivity Commission with trying to quantify the effect of poor mental health on the Australian economy and the best way to support and improve national mental wellbeing.
It’s also not conducive to productivity. You might think that employers have us exactly where they want us – over a barrel – but only the most myopic bosses would actually think that way. A fearful employee might be a conscientous employee, but also one who is less creative and more likely to play it safe.
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While the word “innovation” has dropped off the political agenda since the night Malcolm Turnbull became prime minister, achieving it is no less imperative for businesses trying to make their way in the changing global landscape.
A workforce that is stressed and existentially anxious is no more innovative than one that is complacent and addicted to long lunches.
Furthermore a number of studies looking at the effect of poverty have found that stress leads to worse decision making, including loss of memory, difficulty in judging risk, and self control.
We need to focus – from individuals and employers through to the Productivity Commission looking at the system as a whole – on building resilience.
Change isn’t going to disappear – if anything it will accelerate in the 21st century as the technological revolution continues and the full effects of climate change arrive.
As individuals we need to develop soft skills and embrace lifelong learning – but also to do our best to save money and build a financial cushion rather than following the consumerist herd.
Employers need to provide good workplace conditions, refrain from constant restructuring, and remember flexibility goes both ways.
And as a society we need to strengthen our communities and ensure fair workplace laws and a proper safety net.
Caitlin Fitzsimmons edits the Money section for SMH and The Age and writes columns about life, money and work. She is based in our Sydney newsroom.
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