Despite the UK’s uncertain economic climate, jobseekers and employees remain surprisingly optimistic about job security and career advancement prospects. Despite the tough times in the economy, people are making optimistic decisions about their job options and are looking for ways to make the best of their situation.
This is according to Robert Half’s report Job Confidence Index (JCI) released today.
The new Quarterly Index, developed in collaboration with the Center for Economics and Business Research (Cebr), is the most authoritative report on the key socioeconomic factors influencing confidence in the UK labour market.
According to the research, the JCI fell to 19.9 in the fourth quarter of 2022, a 7.5-point drop from the third quarter of 2022 (27.4) but a 58.1-point increase from the second quarter of 2009 during the global financial crisis.
Because confidence has risen significantly since the last pre-pandemic recession, UK employers will face an unprecedented and potentially more difficult talent landscape in 2023.
According to the JCI, while political uncertainty can affect people’s confidence, job seekers are still fairly certain about job security, finding new roles, and advancing in their careers.
This optimism is most likely a result of the current tight labour market, in which many businesses are struggling to find qualified employees.
The Index suggests that wage optimism persists, with wage confidence rising in the most recent quarter – an increase of 28.4 points – despite the fact that the index’s wage confidence pillar was in negative territory in the fourth quarter.
In the current climate of optimism about job security, higher pay, and career advancement, Robert Half warned that companies will face a challenge in sourcing coveted talent. This is unusual during times of financial insecurity. He also advises employers not to fire employees because it will be difficult to find more in the near future.