UK workers remain upbeat during downturn

According to a survey of 4,500 UK workers:

Seven in 10 are confident in their ability to remain in or get a job in the current economic climate

47 per cent are planning to move jobs this year to increase their pay packet

But 18 per cent are concerned about inflation going up and 17 per cent are worried about increased interest rates

Despite recession fears and stock-market jitters, confidence is high among the UK workforce.

According to Jobsite.co.uk, one of the UKís leading online recruiters ñ 7 in 10 (67 per cent) workers are confident in their ability to remain in or get a job, with close to half (47 per cent) planning to move jobs this year to increase their pay packet.


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However, although UK workers are remaining optimistic about their job prospects and arenít concerned over job-security, redundancy or pay cuts, the economic climate is still playing on their mind with rising inflation (18 per cent) and soaring interest rates (17 per cent) keeping them awake at night and encouraging them to go in search of better pay.

In fact, new recruits changing jobs this year are set to increase their salary by an average of 750[1] (three per cent on average[2]), with two fifths (43 per cent) gaining more than 1,000 and a quarter (28 per cent) more than 2,000 - leaving Gordon Brownís public sector cap of two per cent in the shade.

Yet the research reveals how the credit crunch and increasing living costs are influencing the way people spend their earnings. Following a pay rise, workers are most likely to make bigger mortgage repayments (32 per cent) and pay off their credit card debts (15 per cent).

Keith Potts, CEO of Jobsite.co.uk said: ìTraditionally recession is associated with decreased job security and in previous economic downturns many workers have been worried about losing their jobs. However, it seems that UK jobseekers are still feeling optimistic about their future job prospects and are even looking to improve their salaries.

ìIn fact data from the office of national statistics shows that despite fears of recession, the UK is seeing its highest levels of employment and job vacancies since records began in 1971[3].

ìThis is true at Jobsite where weíre consistently seeing at least 45,000 new jobs posted each week, proving that recruitment is still high ñ especially in our key sectors such as sales, IT and engineering. With so many opportunities out there itís good that the majority of workers are still confident about jobhunting and for those that are staying put in a job where theyíre unhappy this should help to provide the reassurance that there are still plenty of opportunities out there.î

[1] There are 31 million economically active adults in Great Britain (ONS). Thirty-four per cent of have been to one or more job interviews in the last year, 29 per cent of whom were completely unsuccessful and failed to get a single job offer (72point). The average pay increase missed out on as a result is 750. 31,000,000 x 0.34 x 0.29 x 750 = 2,292,450,000

2 UK median earnings are 23,764 (ONS). Therefore, the average payrise of 750 is 3 per cent of 23,764. (750/23,764 x 100 = 3.15 per cent)

3 Source: Office for National Statistics, Labour Force Survey April 2008