According to experts, the UK economy is set to remain in recession until the end of next year, and remote HR company Remote has recently conducted a survey of 2,327 employees and employers to examine how the UK workforce is feeling about the months ahead.
Remote’s survey found that almost half of employees (44%) are concerned about job security as the UK and the rest of the world face the prospect of a recession. The 25-34 age group expressed the most concern, with 46% worried about losing their job due to the recession.
Additionally, more than one in five UK businesses (21%) are hesitant to hire new employees or contractors due to the recession. Over a third (35%) of small UK businesses with fewer than 10 employees are also cautious about hiring new staff.
Regarding different industries, the manufacturing and utilities sector is the wariest of hiring new employees, with 43% of businesses saying they are hesitant. The arts and culture industry came second with 36%, followed by HR with 35%. However, the sales, media, and marketing industry is the least cautious in the UK and the US, with only 13% of businesses being hesitant to hire new employees due to the recession.
With these findings, it is clear that the UK workforce is feeling anxious about job security as the country faces a potential recession, and businesses are proceeding with caution when it comes to hiring new staff.
Nadia Vatalidis, the VP of people at Remote, provided her thoughts on how employees can support their staff in preparation for a potential recession. Vatalidis remarked: “As shown by our survey data, numerous businesses and employees in the UK are apprehensive about the upcoming economic downturn. Although we are uncertain of the severity of its impact, the stress and anxiety of a recession are affecting employees across the country.”
To help employees cope with challenging times, employers have various responses that can provide support to their staff.
When employees are informed about the company’s plans and progress, they have a better understanding of the direction the organisation is taking, and they feel more connected to the company’s mission and goals. This transparency can increase their confidence in the organisation and reduce anxiety about the future.
Flexible work arrangements can help employees balance work and personal responsibilities, reducing stress and improving work-life balance. Flexible working was proven to be the top perk for employees this year. Similarly, wellness programmes such as gym memberships, yoga classes, or mental health resources can help employees manage stress and maintain a healthy lifestyle.
Showing appreciation to employees by praising their hard work can be a powerful tool to motivate the team. It’s crucial to reassure them that their contributions are valued, particularly during difficult times.
By implementing these measures, employers can support their employees during tough times and help them feel more connected and engaged with the company.
