No matter if you work in retail or in financial services, we all want to feel secure in our jobs.

Job security is certainly one of the main benefits people look for when searching for a job, and in turn, businesses are often very keen on keeping employee retention high.

Unfortunately, with the current cost of living crisis, and a recession on the horizon, many people across the UK no longer feel satisfied with their job security. Indeed, recent trends show that certain industries and areas are more at risk of job losses than others.

As a result, it makes sense to prepare for unforeseen circumstances, especially if you have a young family who rely on you. Whilst we can't help if you are made redundant, a great way to ensure your family is financially secure in the event of other situations outside of your control, is by speaking to Reassured regarding life insurance or income protection cover.

To help those in the unenviable position of possibly searching for a new role in the future, the team at Reassured has made use of information provided by the ONS to find out which job sectors are most at risk, and where you should begin your job search if you want the best job security.

Which industries are the best for job security?

Perhaps unsurprisingly, when it comes to the industry with the best job security, the jobs that sit within this field are all vital necessities for daily life.

It’s no wonder then that the agriculture, fishing, and utility industries appear to have the lowest overall redundancy rates, with just 5050 over the entirety of 2021.

In fact, this industry is seemingly so secure that the next best sector for job security, public administration, and law jobs, saw 12,456 redundancies over the course of the year: that’s more than double.

Education and other miscellaneous services are also hotspots for job retention, seeing only 18,758 and 22,557 redundancies respectively, as is the transport and storage sector with a reasonably low 23,390.

But how accurate is this data?

While these figures do display the overall level of redundancies in each sector, they don’t actively display these redundancies in comparison to each sector’s size.

When this is taken into account, the top sector for job security actually appears to be human health and social work jobs. This industry has a redundancy rate of 1.43, closely followed by education, with a rate of 1.49.

Public admin and law also appear to be the third most secure sector, holding a redundancy rate of 1.77.

But we then see a substantial drop, with job security rates sitting at 3.51 and 3.65, when it comes to professional, scientific, and technical roles and the agricultural, fishing, and utilities sector.

Best industries job security infographic desktop

What are the worst industries for job security?

Above we’ve seen the best industries for job security, but what about the worst?

Again, when it comes to overall redundancies, it probably is no surprise that wholesale, retail, and motor repair roles appear to be most at risk, suffering 71,789 redundancies over the course of 2021.

This is 14,413 more redundancies than the second most insecure job sector, manufacturing, which had to let go of 57,376 staff.

Other insecure industries include the hospitality sector, which lost 32,623 members of staff over 2021, closely followed by the financial, insurance, and real estate sectors and admin industries, both of which said goodbye to 31,088 and 30,021 jobs respectively.

And as far as comparative redundancy rates are concerned, those in administrative jobs actually come out worst, having a redundancy rate of 6.73.

This sector is closely followed by miscellaneous jobs at a rate of 6.30. The hospitality industry has also proved to be very high with its redundancy rates, sitting at 5.89, as are manufacturing roles at 5.71, and IT jobs at 5.31.

Which area of the UK is best for job security?

With the best and worst sectors for job security in mind, let’s now turn our attention to which UK regions have the best job security.

Interestingly, it would appear that Northern Ireland might be the best location to seek secure employment, with a redundancy total of just 7,579.

That’s almost half that of the second most secure area, the North East, which had just 14,663 redundancies in 2021.

Other secure UK regions include Wales, with a low 15,218 job losses, Scotland, with only 26,431, and the East Midlands, with just 28,473 redundancies.

In terms of redundancy rates, things appear to be very similar. Northern Ireland retains its top spot for low redundancies with a rating of 2.55, followed closely by Scotland and Wales, who scored a rating of 2.81 and 3.00 accordingly.

Best regions job security infographic desktop

Which areas in the UK are the worst for job security?

In comparison to secure job locations across the UK, the regions for the worst job security in the UK appear to have excessively high redundancies.

The South East of England could be considered the worst for job security, making 72,324 of their staff redundant in 2021, closely followed by London, which saw 66,844 redundancies over the course of the year.

Other insecure regions include the East of England, which saw 43,636 redundancies, alongside the North West, which suffered 42,542 job losses. Topping out the bottom five UK regions for job security is the South West, with 42,201 job terminations.

Things appear much the same when we look at redundancy rates as well. The South East, South West, and London all scored exceptionally high, offering redundancy rates of 4.65, 4.59, and 4.22 for 2021.

Which areas in the UK are the worst for job security?

In comparison to secure job locations across the UK, the regions for the worst job security in the UK appear to have excessively high redundancies.

The South East of England could be considered the worst for job security, making 72,324 of their staff redundant in 2021, closely followed by London, which saw 66,844 redundancies over the course of the year.

Other insecure regions include the East of England, which saw 43,636 redundancies, alongside the North West, which suffered 42,542 job losses. Topping out the bottom five UK regions for job security is the South West, with 42,201 job terminations.

Things appear much the same when we look at redundancy rates as well. The South East, South West, and London all scored exceptionally high, offering redundancy rates of 4.65, 4.59, and 4.22 for 2021.

Are redundancies increasing across the UK?

While much of the data we’ve discussed in this article might make it seem like job security is decreasing across the UK, the opposite is in fact true.

There has actually been a steady decline in job redundancies over the last decade, with only the finance, insurance, and real estate sectors, and miscellaneous job roles seeing an increase.

In terms of redundancy rates, the only notable increase occurred for miscellaneous jobs, with a rather alarming rise of 31.2%, though this appears to be an outlier.

So, in spite of setbacks caused by both the recent COVID-19 pandemic and the cost of living crisis, it would appear the UK job market is still relatively secure and stable. Of course, that doesn’t mean you shouldn’t take preparations in case of unforeseen circumstances.

One way to ensure your family is financially secure in the event of certain situations outside of your control is by speaking to our dedicated team at Reassured regarding family life insurance or income protection cover.

Life insurance could provide a cash lump sum for our loved ones if we are no longer around to provide.

Whilst income protection could provide an income if we are injured or ill and unable to work. Please note, income protection does not protect you against redundancy.

Get in touch today to find out more and don’t forget to check our blog for more articles like this one.

Methodology:

The data looks at redundancies across the UK data collated from ONS. The industries were then ranked from lowest to highest, based on the number of actual redundancies, and the redundancy rate

To find the redundancy rate Reassured took into account the number of people aged 16 or over, who were made redundant

The data shows the redundancies across the UK between January 2021 and December 2021, for both actual and ratio values, split by industry. Actual values show the true number of reported redundancies, whereas ratio values take into account the size of each industry, to allow for a fairer comparison

The redundancy rate is the ratio of the redundancy level for the given quarter to the number of employees in the previous quarter, multiplied by 1,000

Sources:

Please note, the data displayed in this article is correct at the point of publication 18/11/22

https://www.made.com/made-notice

https://www.ons.gov.uk/employmentandlabourmarket/peoplenotinwork/redundancies/datasets/redundanciesbyindustryagesexandreemploymentratesred02

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