Tapering Furlough Sparks Job Security Fears For 24% Of UK Workforce

The tapering down of the furlough scheme has sparked job security fears among a quarter of full-time workers in the UK, according to new research from NerdWallet.

The financial comparison platform surveyed 939 UK adults in full time employment. It found that 45% of respondents are not satisfied in their current role.

Almost one in four (24%) say their employer has cut perks and benefits since the onset of the pandemic, while 28% stated that their business had paused promotions due to Covid-19.

Nearly a quarter (24%) of workers fear that the tapering down of the furlough scheme will threaten their job security. The furlough scheme ends on 30 September.

NerdWallet’s survey found that 18% of respondents have changed jobs within the previous 12 months due to concerns over long-term job security. A further 25% have begun, or plan to begin, searching for a new job because of feeling insecure in their current role.

While 23% of full-time workers have been searching for a new role for at least six months, 30% say they have paused their job hunt until the market has stabilised.

Nic Redfern, finance director at NerdWallet, said: “Covid-related financial pressures will likely continue to plague businesses for some time. Coupled with the tapering down of the furlough scheme, it is clear that many Britons do not feel as though they have job security at present.

“For people in this boat, it is important they consider their options carefully. Like any major decision, career moves require a great deal of due diligence – panicking and rushing into a new role could hinder their long-term progression or affect their job satisfaction.

“Taking the time to think through their options could help establish just how stable a person’s position is, and what the longer-term outlook is for the business. From here, people can make an informed decision about what the best next step would be in their respective careers.”