London Has UK’s Worst Redundancy Fee 

Employees primarily based in London are most certainly to lose their jobs this yr, as official redundancy knowledge suggests the capital has the worst attrition charge within the UK.

Private monetary consultants, Wealth of Geeks, analysed knowledge from the Workplace for Nationwide Statistics. In accordance with their outcomes, London skilled 52,173 potential redundancies between January and October 2023, equating to 0.5% of all staff primarily based within the metropolis.

As staff more and more prioritise job safety, the outcomes throw chilly water on the long-held perception that the UK capital is one of the best place to discover a job this yr.

How probably are you to lose your job this yr?

Wealth of Geeks additionally carried out a regional breakdown of its findings. The outcomes present that, after London, staff in Yorkshire and The Humber are the second most susceptible to redundancy.

On this area, there have been 25,227 potential redundancies from January to October 2023, equating to 0.46% of all staff within the space.

The South West is the most secure area to be employed in. This time final yr, 0.2% of staff have been let go, the bottom attrition charge of any area.

Tech layoffs

Another excuse for London’s sky-high redundancy charge is its standing as tech capital of the world. Also referred to as London’s personal Silicon Valley, Previous Road roundabout, is dwelling to one of many UK’s largest clusters of tech corporations.

Tech layoffs have been a persistent presence in information headlines as corporations like X, Google, and Meta fired 1000’s of staff to economize.

After making tons of of worldwide gross sales workers redundant earlier this week, Google CEO Sundar Pichai reportedly wrote in an inside memo that there will be extra “position eliminations” in 2024.

Distant jobs most safe total

The Wealth of Geeks analysis additionally discovered that subsequent month might see the most important wave of layoffs to this point this yr. February 2023 was the commonest month for redundancies with 12,706 HR1 varieties being handed out throughout this era.

For these in search of a strategy to keep away from a sacking within the weeks forward, transferring into a task with versatile working would possibly show the most suitable choice.

Startups’ current survey of small companies revealed a stark distinction in layoff charges. 38% of absolutely in-office corporations minimize jobs final yr, in comparison with 16% of distant groups. This means that distant work offers larger job safety.

London is likely one of the most costly areas for renting. Even low cost coworking areas can introduce a big overhead. Startups’ findings recommend that the cash saved from ditching the workplace altogether will present the all-important wriggle room for staffing prices.