New research reveals that the UK job market could be ‘skating on thin ice’ despite the record employment rate and as many as six in ten workers feel insecure about their jobs.
While the latest official figures show that the unemployment rate remains at an 11-year low – the unemployment rate was 4.9%, down from 5.5% a year ago, according to the Office of National Statistics – cracks are starting to appear in many areas of the economy, suggests a study by recruitment firm Manpower.
Its survey of more than 2,100 employers showed that employers in six of nine sectors said they were more pessimistic about the future. Companies in business and financial services, construction and utilities were less optimistic than before the referendum, while prospects also fell in manufacturing.
“After the initial shock of Brexit, we’re entering a new phase of prolonged economic uncertainty,” says Mark Cahill, Manpower Group UK managing director. “As UK businesses are reliant on European talent to help fill the skills gap, we urge the government to prioritise maintaining the free movement of people across the EU during its negotiations. This would make sure the UK remains competitive, while sending a powerful message to skilled jobseekers.”
A further newly-published study, which looked at employees, found that six in ten workers feel insecure about their job. Workers are unhappy with the stability that their employers and jobs provide, according to the research, carried out by CEB, a best practice insight and technology company. Data showed employee satisfaction with stability fell by four percent to 37 percent to the lowest level since mid-2013.
Workers in Britain are not only feeling vulnerable in their jobs, but they’re also feeling undervalued by their employer, according to the study. It shows the workforce continues to be dissatisfied with the lack of career opportunity (47 percent) their employers offer, and are growing increasingly unhappy with poor recognition (37 percent) and people management (37 percent), all of which are the major factors contributing to employee departures.
Brian Kropp HR practice leader at CEB, says: “People are worried about political and economic ambiguity and the impact on their jobs. For now, most workers are opting to ‘sit tight’ with the company they know to ride out the waves. However, even in today’s environment people will only hold on for so long before they seek out greater career growth.”