Part-time workers ’ confidence in their job security is 10% lower than full-time workers’…
Recent high-profile job losses announced at HMV and Rolls Royce, are a reflection of wider sentiment towards job security with the beginning of 2013 seeing an overall drop in confidence among UK workers, according to Legal & General’s Job Security Index. The drop has been most notable among part-time workers, whose confidence in their job security is 10% lower than full-time workers.
The Job Security Index, which has been running since January 2012, shows that only 65% of part-time workers are confident about their job security compared to 75% of full-time workers.
In comparison to this time last year, confidence in job security has fallen further among part-time workers (from 69% in January 2012 to 65% in January 2013) than full-time workers (from 77% in January 2012 to 75% in January 2013). Both part-time and full-time workers’ confidence in their job security was at a high of 73% and 79% respectively in October 2012.
This trend is mirrored by last month’s ONS employment statistics which showed that the number of people in part-time employment decreased by 23,000.
Part-time workers (55%) were slightly more likely to say they think that they will worry about how they will maintain their standard of living in 2013 compared to full-time workers (53%). However, many will take action to combat this, with 44% of part time workers saying they think they will increase the number of paid hours they work to get extra income in 2013. In comparison, just under a third (31%) of full-time workers said they think they will do this.
Full-time workers are more likely (32%) to say that they think they will work unpaid extra hours in 2013, to minimise the chances of losing their job compared to part-time workers (23%).
Mark Holweger (pictured), Director at Legal & General’s general insurance business said: “It’s been a tough start to the year for many workers with a string of job losses being announced across retail, manufacturing and the professional sector. January’s employment stats revealed that unemployment among part-time workers has increased, which reflects the sentiment shown in our Job Security Index that part-time workers are significantly more worried about their job security compared to full-time workers.
More worryingly, our Job Security Index is indicating a downward trend, with an increasing number of both part-time and full-time workers worried about their job security compared to at the end of October 2012. This current lack of confidence in job security could translate into future job losses among part-time workers in the next few months. While it’s positive to see part-time workers stating they will increase the number of paid hours they work to get extra income this year, it’s still important for everyone to have a contingency plan in place to pay essential bills if they were to lose their job.”
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