By Daniel Hunter
The gap between part-time and full-time workers' confidence in their job security is widening, according to the latest findings from Legal & General’s Job Security Index.
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. With a 10% difference between the two groups, the confidence gap equals the largest since the Index began in January 2012.
The figure for part-time workers’ confidence in their job security has fallen by 9% since October 2012, when their job confidence was at its highest level at 73%. Over the same period full-time workers confidence also shows a fall, but of only 5%.
Interestingly this lack of confidence in job security is not matched by a greater difference in the perceived risk of redundancy. 5% of part-time workers currently consider themselves at risk of redundancy, which is similar to full-time workers perceived risk of redundancy, which is at 4% — a difference of just 1%. In addition, the percentage of part-time workers worrying about how they will maintain their current standard of living over the next three months, has also dramatically decreased, falling from over a quarter, (26%) in April 2013, down to just 16% in July 2013.
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.
“With the school summer holidays in progress, many parents could see part-time work as the answer to the annual childcare conundrum. However, whilst part-time work is a useful option for some parents looking to successfully juggle family responsibilities with their job commitments, the latest Job Security Index findings show that part-time workers are feeling less confident about their job security than ever before," Mark Holweger, Director at Legal & General’s general insurance business said.
“Yet despite this backdrop of uncertainty, 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.”
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