Comment by Mark Holweger, Director of Legal & Generalâ€™s general insurance business on the levels of confidence in job security of UK workers.
17 April 2013
Legal & General’s Job Security Index, which has been tracking workers confidence in their job security since January 2012, currently shows that for April 2013:
- The outlook remains uncertain with less than three quarters, (74%) of UK working adults confident about their job security, which is only a tiny increase of 1% over the past three months, since January 2013.
- Almost one in ten, (9%) of working adults admit to currently looking for a new job because they want better job security, which is at an all-time high since the Index began.
- Less than a third, (29%) of working adults believe their current job is secure and are not actively looking for another job, which is at the same level since January 2012.
Focus on the public v private sector shows that:
- Private sector workers are more confident about their job security, (76%) compared with public sector workers, (73%).
- More public sector workers, (6%) admit they are currently at risk of redundancy compared to (4%) of private sector workers.
- Almost a quarter, (24%) of public sector workers surveyed said that they are not currently actively trying to secure a pay rise or promotion in the next three months, compared to less than one in five, (19%) of private sector workers.
- Public sector workers are also more worried about how they will maintain their current standard of living over the next three months, (22%) compared to (19%) of private sector workers
Mark Holweger, Director of Legal & General’s general insurance business; “Legal & General’s Job Security Index, which provides an ‘up to the minute’ picture of workers views on their job situation, has indicated a mixed and an uncertain position since the start of 2013. So the rise in today’s ONS unemployment figures do not come as a surprise, particularly given the number of workers we’ve surveyed who say that they are looking for a new job with greater job security. This is at the highest it has been since we first conducted the research.
The Index also endorses other recent findings that public sector workers currently appear to be under more pressure. They are less confident about their job security than private sector workers, as well as believing that they are at a higher risk of redundancy. Younger workers have particularly found it tough according to previous ONS employment stats and our latest findings show that 88% of 18-24 year old workers want to improve their current position by securing a pay rise or a promotion.
The outlook for the next three months unfortunately doesn’t look very promising. Over two fifths, (21%) of all workers said that they are worrying about how they will maintain their current standard of living over the next three months and this rises to over a quarter, (26%) of part-time workers. Making it as important as ever for workers to have a contingency plan in place, which could help with regular payments such as mortgage or rent and bills if their regular source of income were to suddenly stop.”
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