While official forecasts are now predicting that the UK will narrowly avoid a recession in 2023, job security remains high on the agenda for many British workers. Noura Dadzie, senior vice president for global search platform Talent.com, shares research it carried out with YouGov to gauge attitudes towards upskilling across different generations of employees.
In March 2023, following predictions that the UK would enter recession this year, the Office for Budget Responsibility said that the UK will avoid recession. Economic uncertainty remains however so we commissioned a poll of more than 1,000 employees from the private sector; across age groups, working in companies of different sizes, industries and annual turnover, as well as geographical location throughout the country, to discover their opinion of how they will weather the coming storm.
 Our survey found that half of UK employees feel that a looming recession is a threat to their job security, with the same number prepared to switch industries if their current one was threatened. Aware of the challenges of switching careers, 46% of UK employees said they had either already begun or would like to undertake training to develop their skill set, in preparation for an uncertain job market.
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Individuals may face concerns about job security at any time, but this large number represents a united feeling of uncertainty about the future.
The research also uncovered differences in attitudes to upskilling across the generations. The data provides insight into generational differences that employers might consider and respond to when encouraging their staff to reskill.
Removing upskilling barriers for younger workers
Our research found that two-thirds of under-35s are looking to diversify their skillset – or have already done so – to better prepare for a potential recession. However, out of those who are not looking to upskill, the key reasons given are that they don’t know which skills areas to focus on (24%), or they don’t have time (26%) or the funds (26%).
Although the data demonstrates a willingness to upskill amongst younger employees, there are clearly a number of barriers. This is where employers can step in, offering guidance to their newest entrants on what future skills would be beneficial to both the individual and the business. Â In fact, the most straightforward offer a company can provide is by giving easy access to training, within working hours where possible. Taking the lead on upskilling removes any stumbling blocks an employee may face and results in better-equipped candidates for the business and its future.
Communication and provision of access are key if employers want to retain a vibrant and future-proof workforce. Upskilled workers are both better at their jobs and also feel supported by their employers. Therefore it’s not just a practical consideration – companies that offer career development paths can set themselves apart from competitors by demonstrating their employer value proposition. An employer that cares about development, cares about the individual – an important trait to both Gen Z and Millennial employees.
Help older workers overcome upskilling complacency
At the other end of the spectrum, 61% of workers over 45 are not looking to upskill or reskill, despite almost half identifying a potential recession as a threat to their job security. In a show of confidence, 47% of those not seeking training feel that their current skill set will be enough to get them through a recessionary environment.
Despite this confidence, the reality is that employers must communicate with their older employees the necessity of upskilling. To weather a potential recession, companies must combat complacency, particularly in light of the government’s focus on supporting older workers back into work.
In a modern workplace, organisations’ HR teams need to lay out a clear skills development offer to the over-45s, identifying the necessary skills required by each individual and how to access them. This level of personalisation will make learning and development appear more relevant to their role, and explain the benefits to them as an individual. Often in a recession, this level of employee is expensive to retain. But with proper training and development, older employees can continue to demonstrate value.
Positioning an employer value proposition is beneficial, not only to attract the more socially conscious younger generations but when encouraging the older candidate back into work. By outlining development opportunities to older candidates, businesses will set themselves apart from their competitors and in turn benefit from the knowledge and experience of this generation of workers.
Finding funding for upskilling
No matter their age, funding is likely a barrier to training during a cost-of-living crisis. It’s completely understandable that less-than-necessary purchases get pushed aside, and funding upskilling across the generations of your workforce may be difficult for many to justify right now.
If employees are going to struggle to fund their own training, employers should step in where possible, to significantly improve uptake. Training is important, but money worries and their impact on mental health and wellbeing will lose individuals from the workforce, and where employers can step in to support, they will reap the benefits.
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Maintaining a competitive edge may become more difficult in an uncertain economic climate, but it is well within a business’ control to ensure their staff – no matter their age and experience – are ready to tackle the challenges of a rocky economy by equipping them with the skills and knowledge to succeed.
