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Legal & General's Job Security Index shows a widening gap between part-time and full-time workers’ confidence in their job security.

Mark Holweger - Broker and Intermediary Director - Legal & General -General Insurance
Mark Holweger
Commercial Director - Intermediated, Insurance

12 August 2013

Mark Holweger - Broker and Intermediary Director - Legal & General -General Insurance
Mark Holweger
Commercial Director - Intermediated, Insurance

The gap between part-time and full-time workers' confidence in their job security is widening, according to the latest findings from Legal & General’s Job Security Index*. Just under two thirds, (64%) of part-time workers are confident about their job security, compared to nearly three quarters, (74%) of full-time workers. With a 10% difference between the two groups, the confidence gap equals the largest since the Index began in January 2012.

The figure for part-time workers’ confidence in their job security has fallen by 9% since October 2012, when their job confidence was at its highest level at 73%. Over the same period full-time workers confidence also shows a fall, but of only 5%.

Interestingly this lack of confidence in job security is not matched by a greater difference in the perceived risk of redundancy. 5% of part-time workers currently consider themselves at risk of redundancy, which is similar to full-time workers perceived risk of redundancy, which is at 4% – a difference of just 1%. In addition, the percentage of part-time workers worrying about how they will maintain their current standard of living over the next three months, has also dramatically decreased, falling from over a quarter, (26%) in April 2013, down to just 16% in July 2013.

The latest Job Security Index also asked UK workers what they would do if they were to lose their job tomorrow and around one in five, (21%) of part-time workers said that they would find another job, of a similar level and pay, in the same sector, within six months. This compares to nearly one in three, (32%) of full-time workers, suggesting they are more confident they would find a similar job should they lose their job tomorrow.

Mark Holweger, Director at Legal & General’s general insurance business said: “With the school summer holidays in progress, many parents could see part-time work as the answer to the annual childcare conundrum. However, whilst part-time work is a useful option for some parents looking to successfully juggle family responsibilities with their job commitments, the latest Job Security Index findings show that part-time workers are feeling less confident about their job security than ever before.”

“Yet despite this backdrop of uncertainty, it’s interesting to note that the findings for part-time and full-time workers who currently consider themselves at risk of redundancy are actually quite similar at 5% and 4% respectively. This indicates that while there is a great disparity in how confident these two groups feel about their job security, the reality is that both groups are actually facing a similarly low level of risk of redundancy. This more positive situation has been reflected in the dramatic decrease in the number of part-time workers worrying about how they will maintain their current standard of living – falling from over a quarter (26%) in April 2013, down to just 16% in the most recent set of results.”

Notes to editors

Sources: *The Legal & General Job Security Index is based on research conducted for Legal & General by YouGov of 2,581 UK representative employed adults, either employed full or part-time or self-employed, over the period 1st –  4th July 2013. All surveys were carried out online. More details are available on request.

Details on childcare cost and changes to child benefit - http://www.bbc.co.uk/news/uk-politics-23565469

 

Table comparing the confidence in job security split by age group:

 

 %of all working adults who are confident about their job security%of full time working adults who are confident about their job security (30 hours a week or more)% of part time working adults who are confident about their job security
 Jan-1275 7769
 Apr-12737568
Jul-12 757768
 Oct-12787973
Jan-13 737565
 Apr-13747667
 Jul-13727464

 

 

Graph to compare % of all UK workers', full-time workers' and part-time workers' confidence in their job security is shown at this link.


For more information please contact:

Berni Ryan

Berni Ryan
PR Manager

t: +44 (0) 1737 375369
m: +44 (0) 7788 926790
e: berni.ryan@landg.com


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