While the overall job market in Great Britain might be facing some turbulence, the news isn’t all doom and gloom for freelancers. A recent study by Wealth of Geeks reveals valuable insights into regional job security, which can be particularly helpful in navigating the job landscape in 2024
Examining data on potential redundancies based on HR1 forms between January and October 2023, the study reveals regional disparities in job security. The South West emerges as the safest haven for workers, with the lowest rate of potential redundancies per capita. The North West and the South East follow close behind, showcasing relative stability compared to areas like London and Yorkshire & Humber, which face a higher risk of layoffs.
This geographical variation holds valuable information for freelancers seeking to optimise their work locations and client partnerships. While traditional business hubs like London might offer a wider pool of potential clients, they also come with a higher risk of economic volatility. For freelancers prioritising stability and decreasing downtime, landing clients in regions like the South West and the North West might present more fertile ground.
However, job security alone doesn’t paint the whole picture. Freelancers need to consider industry trends and skills in demand to truly thrive. The study doesn’t delve into these aspects, but other reports suggest sectors like technology, marketing, and healthcare are expected to see continued growth and demand for specialised expertise. Freelancers who hone their skills in these areas, regardless of their location, are likely to find themselves in a strong position.
Seasonal strategies for freelancers
The data also reveals interesting seasonality patterns. September appears to be the month with the lowest redundancy risk in several regions, including the South West, the South East, and the North East. This could be due to a combination of factors, such as businesses finalising budget plans for the next financial year or a lull in project activities before the autumn rush. Understanding these seasonal nuances can help freelancers plan their workload and marketing efforts to avoid periods of potential client scarcity.
Regions with High Job Security
- South West: This region emerges as the safest bet for freelancers, with the lowest redundancy rate and September being the most stable month. Industries like tourism and agriculture are likely to remain buoyant, offering opportunities for freelancers in writing, marketing, and web development.
- North West: Following closely behind, the North West boasts a healthy job market, particularly in June. Freelancers in tech, manufacturing, and creative fields can find promising prospects here.
- South East: Although slightly higher in redundancy rates compared to the top two, the South East still offers good job security, especially in September. Freelancers with expertise in finance, healthcare, and education can thrive in this region.
The Great British regions least at risk of redundancies in 2024
| Rank | U.K. areas | Total number of possible redundancies | Total number of possible redundancies per 100,000 people |
| 1 | South West | 11,941 | 209 |
| 2 | North West | 16,006 | 216 |
| 3 | South East | 20,741 | 223 |
| 4 | Wales | 7,516 | 242 |
| 5 | North East | 6,528 | 247 |
| 6 | Scotland | 15,957 | 291 |
| 7 | West Midlands | 17,891 | 300 |
| 8 | East of England | 20,381 | 321 |
| 9 | East Midlands | 16,718 | 343 |
| 10 | Yorkshire and The Humber | 25,227 | 460 |
| 11 | London | 52,173 | 593 |
Freelancer Strategies for Success
- Specialisation: With economic uncertainty, businesses are increasingly seeking niche expertise. Hone your skills in a specific area, whether it’s data analysis, social media management, or software development, to stand out from the crowd.
- Networking: Build strong relationships with existing clients and actively seek new ones. Attend industry events, participate in online communities, and showcase your work on professional platforms.
- Financial Planning: Be prepared for potential economic fluctuations. Build a buffer of savings, diversify your income streams, and consider flexible insurance options.
How freelancers can use this information
While regional job security is a valuable indicator, it’s crucial to remember that individual skills and industry trends also play a significant role in freelance success. Stay updated on emerging technologies and market demands to adapt your services accordingly.
- Freelancers can leverage regional job security data to choose work locations that minimise disruption and downtime.
- Focusing on in-demand skills in sectors like technology, marketing, and healthcare can enhance opportunities and job security.
- Understanding seasonal trends in redundancy risk can help freelancers strategically plan their workload and marketing efforts.
- Adaptability and a willingness to embrace new skills and opportunities will be key for freelancers to thrive in 2024.
Overall, the outlook for freelancers in 2024 is cautiously optimistic. By strategically choosing their clients’ locations, specialising in high-demand skills, and maintaining financial prudence, independent professionals can navigate the job market and secure a thriving year of business.