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Confidence over job security rises for first time in six months

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20/01/2014
UK workers' confidence in their job security has risen for the first time in six months, data reveals.
Confidence over job security rises for first time in six months

Confidence in job security is now at 76%, according to figures from Legal & General’s Job Security Index.

This is a 4% increase on last year, when confidence levels were at an Index low of 72% for a six month period from July to December 2013.

The only time confidence levels have surpassed this was in October 2012, when the data reached a high of 78%.

This change is fuelled by a 10% surge in confidence among part-time workers, from 66% to 76% between October 2013 and January this year.

This dramatic rise means that for the first time since the Index began in January 2012, those working part-time are more confident in their job security than those working full-time.

Some 75% of full-time workers are now confident in their job security compared to 76% of part-time workers.

In line with last year’s trend, male workers are more confident in their job security than female workers. 78% of men surveyed now say they are confident about their job security, compared with just 73% of women, a confidence gap of 5%.

Mark Holweger of Legal & General Assurance Society said: “It’s great to see the Job Security Index registering some positive signs for the New Year, with more people feeling confident about their job security than we’ve seen for a six month period. This increase in confidence is very much in line with the most recent Labour Market data released by the Office for National Statistics, which shows that the rate of unemployment in the UK is currently at its lowest level since 2009.

“However, there is less optimism that 2014 will bring increased job opportunities. This shows that while people feel confident that their current job is more secure, they don’t necessarily feel that there are more or better opportunities available should they lose their current position. This could result in more workers hunkering down in their current roles, rather than risk their job security by moving this year.”

The data showed that just 1 in 10 UK workers felt optimistic that 2014 will offer increased job opportunities. Younger workers are the most optimistic, with 28% of those in the 18-24 year old age group predicting that 2014 will bring increased job opportunities.

 

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