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UK economy is set to be in recession until the end of next year warns expert

Global HR experts at Remote have surveyed 2,327 employees and employers to gain a deeper understanding of how Britain’s workforce is feeling about the months ahead.   

Remote’s key findings include: 

  • Nearly half (44%) of employees are worried about job security as the prospect of a recession looms in the UK and across the globe
  • 25-34 year-olds are the most concerned about their job security in the UK as 46% of this cohort expressed their anxiety around job losses due to a recession 
  • Over one in five (21%) UK businesses are cautious to hire new employees or contractors in fear of a recession
  • Over a third (35%) of the UK’s small businesses (under 10 employees) are cautious to hire new staff or contractors in fear of a recession
  • In the light of a recession across the UK and US, the ‘Manufacturing & Utilities’ industry is most cautious to hire new employees (43%), followed by ‘Arts & Culture’ (36%) and ‘HR’ (35%).
  • The ‘Sales, Media & Marketing’ industry is the least cautious across the UK and US to to hire new employees in fear of a recession (13%)

Nadia Vatalidis, VP of People at Remote commented on what employers can do to support their staff ahead of a recession:

“As our survey data shows, many businesses and employees around the UK are concerned about the economic downturn. Whilst we’re unaware of just how severe it could be, the strain and fear of a recession is affecting employees all around the country. 

To help employees get through these difficult times, employers can consider a number of responses to support their staff, such as...

  1. Be open and transparent

It’s important to keep employees engaged in the company and include them in any decision making that may go on. Open communication will help manage stress and uncertainty during these difficult times.

  1. Reassess your employee benefits 

If your company offers extra benefits to employees, you can discuss with them whether these benefits are useful or if it would be better to swap them for something that they will use and find important, such as flexible working which was proven to be the top perk for employees this year.

  1. Show appreciation

Most importantly, assure them and continue to praise them for the hard work they’re doing. This must not be forgotten and will do a great deal to help motivate your team.”