Over half (57%) of UK workers laid off since December 2022, are now exploring alternatives to full-time work as they lose faith in salaried work, finds a new report. One in four of those surveyed is considering moving back in with their parents until they find suitable work.
A shocking 1 in 4 laid-off workers say they’ve been forced to move back into their parents’ house – a figure which was particularly high among the 35-44 age group (30%), according to a Fiverr survey of 500 UK office workers affected by redundancy.
- One in two (47%) of respondents said they no longer trust full-time employment, with 35% of those laid off planning to keep a side hustle running even when they eventually go back into full-time work
- The vast majority (71%) of respondents will look for a fresh start by changing industry entirely.
- Many (30%) believe overhiring was the reason behind their layoff
- 31% said they believed it was related to personal performance – this figure increased to 41% for those in graduate and entry-level roles
Almost half (47%) of respondents said they no longer trust full-time employment, with 35% of those laid off planning to keep a side hustle running even when they eventually go back into full-time work.
With increased job cuts in the US and the UK, particularly in the tech sector, new research from Fiverr explored why workers believe they were laid off, the implications of this, and what their career plans might look like.
Laid-off UK employees think companies over-hired
When asked why they thought they had been made redundant, around one-third of respondents (30%) said they believed their company had over-hired. This increases to 39% for companies with 10-49 employees, and 36% for companies with more than 500 employees.
Unsurprisingly, 41% said their company was struggling financially, but 30% said they believed it was related to personal performance – with this figure increasing to 41% for those in graduate and entry-level roles.
Laid offer workers in the UK forced to move back in with parents
To combat the economic challenges associated with being made redundant, over 1 in 4 (28%) laid-off workers say they have/will move back in with their family to increase cash flow, a figure which was particularly high among the 35-44 age group (30%). A further 36% stated that they will have to move to a less expensive area.
In looking to the future, 70% of UK workers said they are prioritising stability in their job.
Why the majority of laid-off workers now shun full-time work
Despite the obvious difficulties and hardship caused by being laid off, for many, it was deemed a blessing in disguise, with 72% of laid-off UK workers reporting that they were ‘relieved’ to now have the opportunity to look for a new role and 66% of respondents stating that they were unfulfilled in their roles.
It seems that the vast majority (71%) of respondents will look for a fresh start by changing industry entirely, including 67% of those who are in the technology industry, an industry which has been heavily impacted by redundancies.
“Being made redundant is never a nice feeling, and is further compounded by the fact that, globally, we’re currently in a very challenging economic climate,” says Bukki Adedapo, UK Country Manager at Fiverr.
“However,” said Adedapo, “what is clear from the findings of this survey is that laid-off workers are seeking out new opportunities to find careers where they can find more meaning in their work and, through freelancing and self-employment, have the flexibility to make their roles work better around their own schedules and passions.”
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