KEY POINTS:
The present uncertain economy is triggering anxiety about job security throughout the workforce. As the Herald on Sunday was going to print, almost half (48 per cent) of respondents to a continuing online survey on Hays Recruitment's website say they are "concerned" about their job security.
Nervousness about
the cooling jobs market is prompting people to cut back on spending, with last week's consumer confidence index showing confidence has plummeted to its lowest level since the 1991 recession.
As well, almost 57 per cent of the respondents to an Auckland Chamber of Commerce survey believe the business climate will deteriorate.
Employees are right to feel nervous, says Ganesh Nana, senior economist at Business and Economic Research. "We'll be lucky to get away with only a shallow recession and a few jobs being lost. It's not looking good out there."
The Reserve Bank is expecting the unemployment rate to increase from 3.6 to near 6 per cent, says ASB chief economist Nick Tuffley.
Being aware of the market in your industry sector will provide "early-warning signs" so you can prepare early if your job security is looking shaky, says Hays managing director Jason Walker. Keep up to date with trends by reading press and internet news sites. Monitor main internet job sites to keep abreast of the areas in which your skills may be in demand, as you may be able to transfer to other sectors, he adds.
"We are not seeing a downturn in the skilled and highly skilled end of the job market, and demand for individuals across a variety of sectors, including engineering, resources and mining, IT and finance, still remains high," Walker says. "However, certain sectors - such as retail lending, residential property design and development, and retail - are being hit due to the present market conditions.
"Manufacturers sending production offshore has impacted, and will continue to impact, on certain sectors."
If you are working in a vulnerable sector and may be made redundant, check your employment contract and if necessary, seek professional advice, he says.
Industries that are considered "recession proof" in a slump include those providing essential services or commodities that are in demand regardless of the economic situation, such as utilities and infrastructure, so consider opportunities in these sectors, Walker says.
"Demand for some positions also increases in economically challenging times, such as collections or customer services, so you may need to consider an alternative career."
Ensure you understand what your success is measured on and hit the targets or criteria you need to hit. The most productive employees are never the ones made redundant, says Walker, so if you feel at risk, it is important to be seen to "add value" in some way that will help an organisation reach its goals.
"If employers need to make retrenchment decisions, they will seldom release employees who offer the most productivity in terms of revenue generation, company culture, team contribution or future opportunities."
