46% of private sector employees concerned about job security in 2024: Survey

A survey by AmbitionBox, a platform for company reviews and salary insights, has revealed that 81% of respondents were happy with the hybrid or remote work model in 2023. A substantial 52% of employees expressed a desire for its continuation in 2024, underscoring a widespread reluctance to return to a conventional 5 or 6-day work week in the office. Besides, 30% of respondents indicated a preference for working entirely remotely.

The survey also captured employee sentiments and expectations for 2024.

The year 2023 was marked with HR innovations, trends, and controversies. From the 70-hour work week debate on social media to the surge in demand for hybrid and remote work models, companies transitioning back to in-office work post-Covid-19 and widespread concerns about job security due to economic volatility.

Per the survey, 45% of respondents anticipate better work-life balance next year. More than half (53%) disagree with a 70-hour work week, with 66% asserting that 40 to 60 hours per week is ideal for productivity and well-being.

As much as 70% of respondents expressed confidence in their employer’s stability in 2024. Interestingly, in stark contrast, 46% of respondents harbour are highly concerned regarding their own job security in the coming year. Besides, 39% of respondents are moderately concerned about their job security in 2024.

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Speaking about the survey, Mayur Mundada, Founder and Business Head of AmbitionBox, said, “Understanding the trends and controversies that have shaped the HR landscape is crucial for both employers and employees. Addressing these insights as we move into 2024 can foster a more positive and collaborative work environment. By acknowledging and responding to the sentiments and expectations of the workforce, businesses have the opportunity to adapt and create a workplace that aligns with their employees’ evolving needs and priorities.”

The survey was based on responses from a diverse pool of more than 3,400 employees, 75% of whom were male. As much as 71% of respondents were under the age of 35, with 42% aged between 25 and 34. Among sectors, the majority of respondents were from the IT services sector at 20%.