Amid current economic unrest, more than three in four full-time workers, 77%, plan to stay in their current jobs, according to a new survey by staffing firm Insight Global.
The survey found 73% of workers have upskilled or have taken on additional projects at work to help ensure they keep their job due to rising recession fears.
In addition, more than seven in 10 workers are worried about losing their job if there is a recession, with 83% of tech employees expressing job security worries amid recent tech layoffs.
Meanwhile, 61% of workers are ready to take a pay cut to avoid being laid off during a recession; 75% of employees in management roles expressed a willingness to do it.
The report also noted even as companies are laying off workers, they are also holding on to talent for an economic rebound. Fifty-nine percent of managers agree their organization is engaged in “labor hoarding,” a trending behavior among employers that have struggled to retain talent and want to avoid falling victim to another labor shortage.
“Despite economic and financial uncertainty, I believe this is the time for leaders to double down on having a shared purpose among their teams, inspiring them to stay and working together as a united front to tackle the challenges ahead,” Insight Global CEO Bert Bean said. “I encourage leaders to channel that uncertainty into an opportunity to foster trust, transparency and strong communication with employees so when things turn around, your teams will be stronger than ever.”
The online survey includes responses from 1,005 full-time US workers. It was conducted between Oct. 26 and Nov. 14. Of the workers, 504 hold a management position, while 501 hold a nonmanagement position. Survey participants worked in professions within primarily white-collar industries.