UK workforce confidence at 58.4% despite economic slowdown

LONDON, UNITED KINGDOM — Despite economic uncertainty, over half of employees in the United Kingdom feel secure in their roles for the next six months.

The latest Robert Half Jobs Confidence Index revealed that 58.4% of workers feel confident about their job security amidst low unemployment, high vacancies, and nominal wage growth outpacing inflation. 

Talent gaps are driving this job security, with the index’s job security pillar being the strongest driver for eight consecutive quarters.

Moreover, 47.4% also feel positive about their career progression. Robert Half said this optimism may, in turn, worsen hiring challenges in 2024 as confident staff seek better opportunities.

While pay inflation may be slowing, wage growth should still outpace rising costs this year. However, Robert Half’s 2024 Salary Guide showed that 75% of firms are anxious about retaining skilled professionals amid high employee mobility.

“While the current economic uncertainty is a top concern for businesses, the workforce isn’t showing the signs of diminishing confidence as we would usually see at this time,” Robert Half UK senior Managing Director Matt Weston explained.

“The health of the labor market and that of the wider economy have often been linked, yet at present, they are less synced than anticipated.”

As Brexit, resignations, and the pandemic transform the workforce, Weston cautioned that “access to the skilled talent businesses need to remain competitive is becoming ever more challenging.”