Thursday , June 20 2024

Layoff wave erodes worker trust in business: survey


The recent layoff wave has increased workers’ anxiety and reduced their faith in business, a survey has found.

Only 29% of employed workers still had faith in their companies, according to a survey released by labor market research company Anphabe on Wednesday.

Even among companies with plans to increase recruitment, half of workers said they did not have trust in the business, said the survey, which polled over 6,000 workers, 30 CEOs and 120 human resource directors in Vietnam over the first six months.

The survey said that from September to May, 30% of Vietnamese companies had to lay off staff at different scales to reduce costs.

Some 13% of workers nationwide were affected by the layoff wave.

Anphabe CEO Thanh Nguyen said that the reduction in costs cannot make up for the “costly” consequences: a decline in both productivity and loyalty of the remaining workers.

“Vietnamese workers’ confidence in the vision and strategy of businesses has plunged,” she said, adding that data show the decline is even stronger now than during the Covid-19 pandemic lockdowns.

The survey also found that 31% of workers often feel stress, and 40% feel burnt out, with symptoms being headaches, tired muscles, stomach pain and loss of sleep.

Thanh advised businesses to balance between increasing productivity and ensuring workers’ job security.

The survey also found that 70% of laid off workers have found new jobs. Among them, only 10% accepted lower pay, while the rest either got the same or higher pay.

Workers in high skills sectors such as mechanics, banking, logistics and pharmacy will still find new jobs easily when laid off, according to the survey’s report.

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