UK job vacancies have fallen by 55% over the past 3 months and confidence in the UK economy and labour market has plummeted as a result. 44% of workers fear that their job is under threat in the immediate or near future as a result of coronavirus according to new data from job search engine adzuna.co.uk. Concerns around the wider economy are likely to play a big part in job insecurity as the UK starts to get back to work.
The research of over 1,400 British workers looks into the UK’s attitudes towards job security and working conditions in the wake of coronavirus and reveals heightened concerns as the country prepares to get back to work. Unemployment is predicted to rise as the furlough scheme comes to an end, causing 1 in 3 Brits to feel insecure about their current job (37%) and 44% to feel like their job is under threat. Job insecurity is even higher among furloughed workers (54%), who are due to see government support reduce in the coming months. A massive 70% of job seekers feel that they do not have enough practical support and would not feel comfortable applying for a new job right now as the UK economy faces an uncertain year ahead (rising from just 25% in January). Job insecurity rises to 75% among lower earners (£25,000), who have been hit the hardest by coronavirus.
Job losses across key industries such as hospitality (-87%), retail (-69%) and travel (-68%) have caused workers within these industries to feel the least secure about their jobs. Only 14% of hospitality and travel workers feel secure about their job, followed by retail workers at 19%, who are not optimistic by the prospect of stores reopening on the 15th June. Workers in IT and Accounting and Finance are also concerned about job security as major tech firms, such as Monzo & Airbnb announce job cuts. Unsurprisingly, Healthcare workers feel the most optimistic about their jobs, with 55% stating that they feel completely secure and satisfied in their roles, as front line staff continue to play a key role during the pandemic.
Coronavirus has changed working conditions for over half of jobseekers across the country. Over 50% of workers have seen job losses or reduced hours in their company this year. With hiring at a standstill, changes in working conditions are likely to stay put for the foreseeable future. Career-changing is also likely to stall with half of Brits feeling less confident that they could find another job in 2020 if they were required to (51%). Residents in the east of England feel the least secure about finding a new job (75%), followed closely by residents in the South West of England (68.4%), London (58.3%) and Yorkshire and the Humber (57.1%).
The latest research reveals that 25% of the British workforce has been furloughed, in line with the HMRC figures which found that 8.7 million jobs have been temporarily laid off by 1.1 million employers. Research from the analysis from the women’s budget group explains that women are more likely to be in low-paid work, and low paid workers are seven times more likely to work in a sector that has been shut down. Interestingly, it is men who are more worried about job security in the wake of Covid-19 than women, with only 23% of working men in Britain feel completely secure in their job, compared to 30% of women.
Commenting on the findings, Andrew Hunter, co-founder of Adzuna says: “The impact that coronavirus has had on the job market and people’s working conditions has been huge. The UK has lost well over half of its jobs and those in work, as well as jobseekers, are clearly feeling anxious about the future of the economy.”
“It’s also worrying to see that so many people believe there isn’t anything out there that could really help them with their job search. Our data shows that there is a significant lack of tailored support for job seekers during the pandemic. The UK workforce needs more support to navigate the tricky job market and help them make informed decisions about job opportunities’.
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