Unemployment Impacts the Employed
One of the most overlooked factors of the record high unemployment rates is the overall impact on those who currently have a job and were not subject to record numbers of layoffs. While government agencies and others focus on the impact on the unemployed, the employed also have unique issues to deal with. Some of them include:
Stagnant wages
The more people who are willing to accept a job, the more likely companies are to putcaps on raises, bonuses and perhaps annual reviews. Wages stagnate when the job market is weak since more companies are hoarding money to help them through challenging economic times. For those who are fortunate enough to be employed, chances are they are unwilling to risk a layoff by asking for a salary increase.
Added responsibilities
When an employer decides to layoff part of their staff, remaining employees are often required to pick up the slack. This means in spite of stagnating wages, more will be asked of remaining staff. For many employees, this means taking on additional responsibilities and in many cases, filling more than one role at the workplace. Oftentimes, employees are loathe to complain about the additional work burden simply because they fear being the next person laid off.
Added stress
There is little doubt that there is more stress in the workplace when a company has undergone a layoff. In fact, stress levels may be high even in companies where there has been no layoff. This is often called "anticipatory stress" according toTime Magazine. The fear of possible job loss can be debilitating for many employees. Unfortunately, when the overall economy is weak, employees may be anticipating their job is the next one to go. This added burden often has an impact on job productivity and satisfaction as well.
The impact of high levels of unemployment are evident in the overall economy and certainly have an impact on those who have been laid off. However, what is often overlooked is the devastating impact of layoffs on those who continue working in a tough economy. While those who remain employed are certainly relieved they still have a job, the problem is the impact on these employees is often hidden. Most people are more worried about keeping their jobs so they willingly take on added responsibilities without an expectation of better wages. In most cases, the added stress contributes to a lack of satisfaction at work and may also impact personal relationships.
