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Security more important than ever – both in private and in working life

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During the past three years, the global situation has been characterized by a pandemic and war in Ukraine, which in turn has resulted in inflation, interest rates and other living costs skyrocketing in a short time.

As a result of this, KSMG House of Employer Branding has witnessed up close how the focus in the industry has changed and seen how the need for security has taken an increasingly large place in our daily lives, both in the labor market and in private life. Therefore, KSMG has done a survey* and mapping on the topic security. The survey shows, among other things, that people are generally more worried about their financial security now, compared to just a year ago. In addition, it is clear how the private situation also has an impact on working life.

Security is characterized by the financial situation - both privately and in working life

In the survey, half (50%) of the respondents’ state that they think about their future financial situation every day or several days a week, and a whopping 59% of the total percentage of respondents’ state that they think more about their future financial situation now compared to just a years ago, this even though we were then in the middle of a burning pandemic. It can be stated that war in Europe and rushing costs affect us to an even greater extent than the previous years of the pandemic.

 

The situation of inflation and interest rates turns out to be the respondents' biggest reason for reduced security in their private situation over the next 3 years, while pandemics and the spread of infection are at the bottom of the list. The inflation situation also tops the list for concerns about the professional working situation.

 

Employees' top three when it comes to security from the employer:

  1. Job security – People are looking for an established and stable employer where they have a permanent job without having to worry about getting denounced. 
  2. Stability – Having an employer that is financially stable over time and not sensitive to economic conditions is an important part of the employees’ security.
  3. Transparency – As an employee, people demand transparency from the management team and managers through continuous updates about profitability and the overall business results. 

 

What can employers do to help? 

93% of the respondents’ state that they still feel very or quite secure in their current employment, but in a more in-depth question where the respondents were asked to answer what creates the feeling of security in an employer, it is clear. Employees are calling for transparency, more information and communication about results and possible changes and rank these as higher priorities than, for example, pay and working conditions at employers today.

 

In an open question regarding where the respondents’ think leaders and managers should put their focus to create safety in the workplace, the list is topped by similar concepts. One respondent says:

Leading the company in a transparent manner so that employees know what will happen at the company and what is planned feels important to me. I want to feel safe and be included in the dialogues.

Trends that we can see signals about

Based on the survey, several conclusions can be drawn, among other things 60% of the respondents’ answer that they think it would be quite easy to find a new job, which indicates a great trust in the labor market and that people still feel secure, except for the global economic situation in the world.

 

*The survey was carried out by KSMG House of Employer Branding during the period 2nd- 6th of September 2022. The target group consisted of working graduates aged 25-50. In total, answers from 500 respondents have been collected, compiled, and analyzed. The survey has been carried out in a manner completely independent of KSMG and Norstat AB has been responsible for the selection and distribution of the survey. The allocation between occupational areas, ages and gender has been evenly distributed throughout the survey. For additional information or questions, please contact olivia.lilja@ksmg.se.

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Swedish