Exclusive: Nearly a quarter don’t think their employer can survive a recession
Nearly a quarter of people polled recently don’t think their employer will survive an anticipated recession.
The figures, exclusively shared by MHR with City A.M., highlighted that 78 per cent of 1,840 people surveyed think there will be a recession, and 23 per cent don’t think their employer will survive.
With inflation above nine per cent and a second quarter of contraction in the economy likely, many are looking for a career change.
Just under 85 per cent said they’d swap jobs if they received more financial support, while the overwhelming majority (68 per cent) of those who responded to the survey said the cost of living crisis has also negatively impacted their mental health.
“Many businesses scraped through the pandemic by the skin of their teeth, and now they have another economic event to contend with”, said Mark Jenkins, CFO at MHR, HR, payroll and finance experts.
“Given the market’s current volatility, and with a recession potentially on the horizon, the need for robust financial planning and analysis has never been more important. For some, it will be the difference between making it through this challenging period, or not.”
“As with the pandemic, a recession will have huge ramifications on staff and it is up to businesses to provide support where needed. From mental wellbeing to financial security, employers must do everything in their power to meet employee demand, otherwise they run the risk of talent leaving to go elsewhere.”