More than 4 in 10 employees are worried about job security as the prospect of a recession looms in the UK and across the globe, according to a new study.
The new research from Remote also revealed that 25-34 year-olds are the most concerned about their job security in the UK as 46% of this cohort expressed their anxiety around job losses due to a recession.
Additionally, more than one in five (21%) UK businesses are cautious to hire new employees or contractors in fear of a recession, while more than a third (35%) are cautious to hire new staff or contractors in fear of a recession.
In the light of a recession across the UK and US, the ‘Manufacturing & Utilities’ industry is most cautious to hire new employees (43%), followed by ‘Arts & Culture’ (36%) and ‘HR’ (35%).
The ‘Sales, Media & Marketing’ industry is the least cautious across the UK and US to hire new employees in fear of a recession (13%)
Nadia Vatalidis, VP of People at Remote commented on what employees can do to support their staff ahead of a recession
“As our survey data shows, many businesses and employees around the UK are concerned about the economic downturn,“ said Vatalidis.
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“Whilst we’re unaware of just how severe it could be, the strain and fear of a recession is affecting employees all around the country.”
To help employees get through these difficult times, employers can consider a number of responses to support their staff, such as...
Be open and transparent
It’s important to keep employees engaged in the company and include them in any decision making that may go on. Open communication will help manage stress and uncertainty during these difficult times.
Reassess your employee benefits
If your company offers extra benefits to employees, you can discuss with them whether these benefits are useful or if it would be better to swap them for something that they will use and find important, such as flexible working which was proven to be the top perk for employees this year.
Most importantly, assure them and continue to praise them for the hard work they’re doing. This must not be forgotten and will do a great deal to help motivate your team.”
I hope the data and commentary above are of interest. Please let me know if you require any information.