Study finds differing levels of confidence in job security

A recent study has found evidence of a widening gap between full and part-time workers with regards to their confidence in job security.

Legal and General’s latest Job Security Index found just under two thirds, (64%) of part-time workers are confident about their job security, compared to nearly three quarters, (74%) of full-time workers, creating the biggest confidence gap since the Index began in January 2012.

Surprisingly, this confidence gap in job security isn’t accompanied by differences in the perceived risk of redundancy.

Mark Holweger, Director at Legal & General’s general insurance business, explained that, “it’s interesting to note that the findings for part-time and full-time workers who currently consider themselves at risk of redundancy are actually quite similar at 5% and 4% respectively. This indicates that while there is a great disparity in how confident these two groups feel about their job security, the reality is that both groups are actually facing a similarly low level of risk of redundancy.

“This more positive situation has been reflected in the dramatic decrease in the number of part-time workers worrying about how they will maintain their current standard of living – falling from over a quarter (26%) in April 2013, down to just 16% in the most recent set of results,” he added.

The latest Job Security Index also asked UK workers what they would do if they were to lose their job tomorrow and around one in five, (21%) of part-time workers said that they would find another job, of a similar level and pay, in the same sector, within six months. This compares to nearly one in three, (32%) of full-time workers, suggesting they are more confident they would find a similar job should they lose their job tomorrow.