Fear of Losing Jobs during COVID-19: Can Psychological Capital Alleviate Job Insecurity and Job Stress?

Job insecurity is a growing concern among bank employees. In this research, we examined whether psychological capital can alleviate bank workers’ perceptions of job insecurity and job stress during COVID-19. In particular, we aimed to examine this relationship at both the individual and work-unit levels of analysis. Based on the data collected from 520 bank tellers in 53 bank branches in Thailand, our multilevel structural equation modeling (MSEM) analyses revealed that there was significant between-branch variation in the levels of psychological capital (15%), job insecurity (23%) and job stress (24%). In particular, perceptions of job insecurity were found to have a positive effect on job stress at both levels of analysis. We also found that psychological capital significantly reduced perceptions of job insecurity and job stress at the individual level. These findings emphasize that perceptions of job insecurity can emerge at both the individual and work-unit levels. Theoretical and practical implications are discussed.