Impact of Fear of COVID-19 Pandemic on Job Insecurity and Subjective Well-Being

Abstract

Earlier research on the novel coronavirus (COVID-19) mainly focused on fear and its psychological impact on frontline health workers. However, the uncertainty of COVID-19, job insecurity and its effects on non-frontline employees’ perception of their well-being is rarely explored. This study aims to assess the relationship between subjective well-being and the fear of the COVID-19 outbreak. Furthermore, this study explores how employees’ awareness of their job insecurity influences this relationship. Structural Equation Modelling (SEM) and Confirmatory Factor Analysis (CFA), and Spearman’s correlation analyses were used to examine the significance of the relationships between fear of COVID-19 and subjective well-being and the moderating role of job insecurity in this relationship. The findings indicate that greater fear of COVID-19 is associated with a lower level of perceived subjective well-being. However, a higher perception of fear of COVID-19 and its interaction with job insecurity are associated with a higher risk of employees’ well-being. Our study highlights the factors such as fear of COVID-19 and job insecurities that undermine their well-being. Our study provdies practical implications for employees’, managers, and healthcare policymakers to adopt effective strategies to reduce stress among employees. These recommendations include using practical tactics to safeguard the employees health and jobs while effectively coping with the pandemic.

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