Twenty nine percent of UK employees are concerned about being made redundant, an increase of eight percentage points, while 36% are concerned about their colleagues being affected by redundancies, up one percentage point, respectively, since Q1. These are the findings of the Glassdoor UK Employment Confidence Survey (Q2 2014), suggesting that UK employees may be more unsettled in their jobs when compared to three months ago.
This survey tracks employee sentiment every quarter and monitors four key indicators of employee confidence: salary expectations, job market optimism/re-hire probability, job security and business outlook optimism. It is conducted online by Harris Interactive, on behalf of Glassdoor among more than 2,000 people within Great Britain.
Employees in London are most concerned about losing their jobs, as half (49 percent) of employees are worried that they could be laid off, while more than half (57 percent) are concerned about co-workers being made redundant. Forty six percent of younger employees (those aged 16-24) are concerned about being made redundant themselves, the highest of any age group.
Job Market Optimism
Those employed are slightly less confident when it comes to finding a job – 29% of employees (full and part-time employees and those self-employed) say they would be able to find a job matched to their experience and current compensation levels in the next six months, down one percentage point since last quarter. Interestingly, those unemployed but looking for work are slightly more confident (30%) in their ability to find a job when compared to last quarter (25%), an increase of five percentage points. Of all those employed and unemployed but looking, more men (32%) are confident when it comes to finding a job than women (26%).
Thirty two percent of full-time employees think it is likely that that they could find a job matched to their experience and current compensation levels in the next six months, compared to just 20% for part-time employees.
As for how UK employees feel about how their company’s business will perform in the next six months, most employees appear to be cautiously optimistic. More than half of employees (58%) believe their company’s business outlook will stay the same, up two percentage points since last quarter. One in three (32%) employees (including those self-employed) believe their company’s business outlook will improve in the next six months, down two percentage points. One in ten (10%) believe it will get worse, remaining flat since last quarter.
Despite the concern over redundancies, 37% of UK employees expect to receive a pay rise in the next 12 months, an increase of three percentage points. When comparing by type of employee, nearly one in four (23%) part-time employees expect a pay rise compared to two in five (41%) full time employees. Fifty seven percent of employees in the North East expect to receive a pay rise compared to just 26% in the South West, those being the most and least optimistic regions, respectively.
Check out more from our Q2 2014 Glassdoor UK Employment Confidence Survey, including our survey supplement which provides a detailed breakdown of results.
Glassdoor is excited to continue to publish the UK Employment Confidence Survey each quarter, helping job seekers, employees and employers monitor and track employee confidence in the UK and how it relates to business, jobs, companies, careers, hiring and more.