Job security is seen as a critical success element in human resource management in an organisation. It is on the basis of a secured job that workers are motivated to perform their best towards achieving organisational goals. However, the policy of downsizing has changed the narrative and existing productive culture in most organisations. This study, therefore, examined the effect of job security and downsizing policy on worker's morale and commitment to work: the private sector outlook. The major objective is to evaluate the effects of job security and downsizing policy on employee's morale and commitment to work in the banking and hospitality industries. A set of 200 questionnaires were administered to selected commercial banks and hospitality firms in Asaba, Nigeria. The primary data generated were analysed using correlation and multiple regressions analyses. Findings from the study revealed that job security fosters the morale and commitment of workers to their assigned tasks and overall organisational performance. However, the fear of (imminent) downsizing frustrates worker's morale, motivation to work, and hampers productivity. It is therefore, suggested that top managers of organisations should guarantee employee's job security since it is a major success factor for achieving the goals and objectives of the organisation. It is also advised that top managers or policy makers should consider other ways such as temporarily adjusting workers remunerations during unavoidable global economic restructuring to sustain the existence of the organisation than to resort to the policy of downsizing. This should be done through effective communication and dialogue between managers and employees of the organisation to build in them (workers) that sense of belonging amongst others