Harvard Business Review's Workers Don't Feel Like a 9-to-5 Job Is a Safe Bet Anymore, which we co-authored, covers the changing way workers view job security.
As the article chart below shows, the pandemic accelerated a growing trend towards full-time independent workers feeling more secure working independently instead of having a traditional job.
Also, the share of jobholders saying independent work is more secure than a traditional job has increased from 18% in 2018 to 29% in 2021.
While this data initially sounds counterintuitive, the reasons behind this shift in views are straightforward.
Almost everyone believes traditional jobs have become less secure than they used to be. This is because corporate restructuring and layoffs have become common even in good times.
And because traditional jobs have become less secure, self-employment - by comparison - looks more secure than it used to.
The self-employed also tell us that they feel more secure because they have multiple income streams, can pivot and react to changing market conditions, and control their destiny.
And it also appears that independent work has become less risky over the past decade.
We cover this in more detail in the article. But the key reason is that the Internet and new technologies have made it cheaper and easier to become self-employed and operate as an independent worker.
This shift in how workers perceive job security means businesses large and small need to rethink their employee value propositions. Key quote from the article:
Job security is a key reason people choose traditional employment over independent work. But declining perceptions of job security, coupled with workers rethinking what they want when it comes to work/life balance, are leading more people to prioritize flexibility, autonomy, and control when choosing where they will work ... Because of this shift, to successfully attract and retain top talent in the post-pandemic world, employers will need to give their employees the freedom and flexibility associated with independent work.
