Factors Affecting Job-Loss Anxiety: The Influence of Decent Work Policies and Corporate Sustainability in a Case Study of Economic Crises

Abstract

This study examined the factors affecting the fear of job loss, which is characteristic of various phases of an economic crisis. We used a representative sample of data from the Russia Longitudinal Monitoring Survey-Higher School of Economics for 2007, 2009, 2013, 2015, 2019, and 2021. It was assumed that the factors that determine the level of layoff anxiety are dynamic. The current economic conditions caused by both the COVID-19 pandemic and the growing prerequisites of a new economic crisis in Russia have promoted increased interest in this area. Method: Binary choice models were estimated using the maximum likelihood method with the calculation of average marginal effects. State ownership in the capital of an organization, a high income, job satisfaction, good qualifications, and a positive assessment of one’s health reduce layoff anxiety. The fear of job loss was found to peak at 45 years of age. The factors associated with job insecurity can be permanent or temporary, depending on the phase of the economic cycle. The conclusions of this study may be of interest to the management of organizations interested in increasing the efficiency of labor and production.