More than half of UK workers laid off this year are exploring alternatives to full time work, according to a new survey of 500 UK office/white collar workers who have been laid off since December 2022.
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 an increase in job cuts in the UK, particularly among the tech sector, the new research from Fiverr explores why workers believe they were laid off, the implications of this, and what their future career plans entail.
Laid off UK employees speculate their 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% at 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.
Many forced to move back in with mum and dad
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.
Next steps: majority 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%3 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.
Bukki Adedapo, UK Country Manager at Fiverr, said, “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.
“However, 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.”