Redundancies rates are falling, especially in social care
New research from money.co.uk has revealed the industries that have suffered from the least amount of redundancies and the health & social care sector are surprisingly high on the list.
Following the news that the UK is slowly recovering from the economic turmoil caused by the Covid-19 pandemic, experts, who examined government data, have found the health and social sector made the second-fewest redundancies within the last year.
According to the research, the human health and social work activities sector had a rate of 2.7% redundancies, although it had double the job losses of professional, scientific and technical roles – at 12,000. The critical nature of health and social services could perhaps be why redundancy rates for these jobs are so low. This is especially true in crises, such as the cost-of-living and the pandemic, when more people need support from this sector.
Commenting on the findings, Kyle Eaton, money.co.uk business bank accounts expert, said: ‘Selecting the right industry and researching thoroughly before setting up your business can set the foundation for a successful venture. Remember, success doesn’t happen overnight, and perseverance, adaptability, and continuous learning are key.’
Against this backdrop, Kyle has offered a series of tips to help guide individuals that are starting their career. These include:
- Conduct thorough market research
- Assess your skills and interests
- Evaluate market viability and longevity
- Understand regulatory requirements
- Financial planning and access to capital
- Assess the competition
- Consider sustainability and social responsibility
- Leverage technology
- Network and seek advice
- Prepare for flexibility and adaptation
Following health and social care and scientific and technical roles, redundancy rates were also found to be low in sectors such as wholesale, retail & repair of motor vehicles, accommodation services and real estate.
Image: Clem Onojeghuo