Job loss anxiety is holding Britain back

Geopolitics isn’t offering much reassurance either. Global conflicts, economic uncertainty, and AI-induced job anxiety all fuel the fire, with a seemingly endless stream of reports that tech layoffs are looming large in the face of automation.

Frankly, it’s all pretty grim.

And to make matters worse, these personal woes impact all of us. Fearful workers aren’t likely to job-hop, meaning many of us are left stuck in unfulfilling roles, but also that wages stagnate and the labour market begins to slow.

So where’s the silver lining? I hear you ask. Well, tackling job loss anxiety in the UK means looking at the root causes. Both the government and employers need to provide clearer job security guarantees and stay transparent when it comes to hiring and firing practices.

Crucially, wages need to match inflation. There’s no use offering a 5% pay increase if the cost of getting through each week is hiking up as much as 10%.

Investment in infrastructure, innovation, and skills training would go a long way in creating a job market where workers feel confident enough to move, spend, and invest in their futures.

It’s unfair that for many young people, work today has become synonymous with stress. It’s no wonder that so many of us are looking at alternative routes to make money – from remote work to social media. This resourcefulness alone proves the UK has the talent, resources, and potential to create a labour market where workers feel secure enough to thrive.

While researching the poor state of our relationship with work, I was disheartened to find that little has changed in the past year.

In January 2024, young people shared an identical sentiment towards their employment prospects; fear of rising costs was preventing them from leaving jobs they hated. And as a result, both personal and economic growth was suffering.

It’s obvious that nurturing young talent is crucial to the success of Britain as a whole. And that starts with ensuring gen-z and millennial workers feel secure in their roles.

That doesn’t just mean offering promotions and pay rises, but ensuring people’s hard work is incentivised with a sense of fulfilment and purpose. That employers maintain an open line of communication around progression paths, company-wide changes, and redundancy risks. And, perhaps most importantly, that workers feel challenged and provided space to grow.