Job Security in the Modern Financial Climate

In the modern job market, job security can be a concern for many people. It can be difficult to predict when you might lose your job or when your company might go out of business. However, there are some steps you can take to increase your job security, either as an employee or as an employer.

Job Security as an Employee

The key thing to remember about job security within a business is that the more value that you bring, the more difficult it is for them to work without you. Companies, in general, do not want to lose staff – they only do it out of necessity. The more you can make yourself invaluable to your company, not only do you make your current position stronger, but you also make it easier to find new positions if needed:

1. Keep learning and developing new skills: By constantly learning and staying up to date with new developments in your field, you can make yourself more valuable to your employer.
2. Build a strong network: Having strong relationships with your colleagues, supervisors, and others in your industry can help you stay informed. It will also help you be aware of job opportunities internally and externally and make you a more attractive candidate if you do need to look for a new job.
3. Be reliable and consistent: Showing up to work on time, meeting deadlines, and consistently delivering quality work can all help you maintain your job security. But more so, if you can, go above and beyond the normal expectations – it won’t go unseen.
4. Be proactive: Don't wait for problems to arise before addressing them. If you see a potential issue that could affect your job security, take steps to address it before it becomes a bigger problem.
5. Make sure the Business is looking after it’s interests. Make sure the company you work for is financially stable.

By taking these steps, you can increase your job security and give yourself peace of mind in the modern job market.

Job Security as an Employer

From a business point of view, corporation tax is increasing from 19% to 25% from April 2023; although this will be tapered - this is a massive rise, and may impact spending behaviour. Many businesses may put off non-essential expenditure until their next financial year to get the extra 6% tax relief. It is undoubtedly a difficult time for business owners, but there are things that can be done to be proactive and make the best of the situation:

1. Provide training and development opportunities: By investing in the development of its employees, a business can help them stay up to date with new developments in their field and make them more valuable to the company.
2. Encourage open communication: By fostering an open and transparent workplace culture, a business can encourage employees to raise concerns or suggestions for improvement. This can help identify and address potential issues before they could become serious threats to job security.
3. Offer competitive pay and benefits: Providing competitive pay and benefits can help attract and retain top talent, which can in turn help improve job security for employees.
4. Foster a positive work culture: A positive work culture can help improve morale and encourage employees to stay with the company for the long term.
5. Create a strong business plan: By having a clear and well-thought-out business plan, a company can demonstrate stability and a commitment to the long-term success of the business, which can help improve job security for employees.
6. Invest in the growth of the business: Whilst caution must be taken with cash flow during difficult times, investing in the business should not suddenly stop. If your business stands still, it is in fact going backwards; in fact, this could be a riskier strategy than investing in future growth.
7. By taking these steps, a business can create a more secure and stable work environment for its employees and as a company in general. It is important to remember that a business is only successful as a result of the excellent staff that it employs, and therefore, to keep them secure, happy and ultimately productive, is key.

Dynamics Consultants and Job Security

So, what does this difficult time mean for Dynamics Consultants? This current situation is not something new to us, there are many parallels to the Covid19 crisis in 2020, where we saw a much more rapid decline in business activity. However, although the cost-of-living crisis will be extremely tough for individuals, we feel the business impact won’t be as bad. That said, we do need to support our employees during this difficult time. We have plenty to do in terms of systems and efficiency improvements and product generation. As a company, we have a sensible business model, which means we can ride out many troubles over the next couple of years, better than most; and be in a great position to take advantage of the upturn when it happens.

We are always investing in our staff, with an open and honest culture, we look forward to working with them as the business grows through these troubled but interesting times.

If you would like to talk to us about how we can help your business become more efficient and effective, please contact our friendly team. If you would like to talk to us about career opportunities, further information is available on out our careers page.