According to a recent report by Talent.com, 46% of UK-based employees are willing to take on new training to upskill for a potential recession, with over 50% preparing to fund themselves independently. However, 1 in 10 stated that their employer is not offering the opportunity to acquire new skills and a further 76% would be prepared to take new training outside of their working hours, if it was funded by their employer. Of those not looking to upskill, 34% stated that this was due to a lack of training options offered by their employers, limited access to it or not knowing what skills they require for future work.
The difference in generations

In the report, 60% of workers over 45 said they weren’t looking to reskills, with 47% explaining that their existing skillset was sufficient for now and the future. A further 18% stated they don’t have the time, and another 13% said they can’t afford to pay for additional training. 1 in 10 over 45s stated that their organisation hasn’t provided them with the opportunity to develop new skills in the workplace.
Similarly, those under 35s not exploring upskilling say they don’t know which areas to focus on (24%), they lack the time (26%) or have limited funds (26%). The under-35 age group does differ from the older generation, with over 60% of this age group looking to diversify their skills or have already taken the necessary steps to prepare for a possible recession.

The importance of training and development

Noura Dadize, the senior VP of sales at Talent.com, explains that the possibility of a recession for the UK workforce is real. Around 50% of UK employees believe the potential recession could threaten job security and would consider moving sectors if their existing industry was impacted. In today’s competitive work environment, candidates have the power and employers must offer training opportunities to remain competitive and attract new candidates. Training will also deliver and retain a more skilled workforce with employees actively interested in participating in training opportunities.

Providing clear career development options enhances the employer’s value proposition. It makes companies more appealing to the next generation of workers and to the older generation looking to return to work. In a separate study by Talent.com on salary transparency, the data found that 20% of the UK workforce believes access to training and development is a top priority when looking for a new job.
The latest research asked employees what actions to take over the next six months in response to rising living costs. Most workers (45%) stated they didn’t plan to do anything associated with their jobs in response to the cost-of-living challenges. Many employees highlighted different actions such as working on a side project, taking on another job or freelancing to tackle the cost of living. Some employees have considered asking their employer for a raise and requesting more hours as measures to alleviate rising living costs.

Respondents who highlighted they intended to take action regarding the cost of living explained the main reason for doing so. The majority of respondents (43%) stated that they needed additional income to cover daily expenses. The second group (30%) explained they required more income for discretionary spending i.e. holidays, and the third group (25%) highlighted that they wanted to contribute more income toward savings.