29 November 2022
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Agriculture one of UK's most secure job industries.
AS concerns over job loss is growing in a variety of industries, life insurance broker Reassured recently took a closer look at different industries and ranked the most secure sectors looking at redundancy rates over the last 10 years, with agriculture coming in fourth place.
The 10 best industries for job security:
|
Rank |
Industry |
Redundancy Rate |
|
1 |
Health and social work |
1.43 |
|
2 |
Education |
1.49 |
|
3 |
Public admin & defence: social security |
1.77 |
|
4 |
Professional, scientific & technical activities |
2.51 |
|
5 |
Agriculture, fishing, energy and water |
3.65 |
|
6 |
Financial, insurance and real estate activities |
4.59 |
|
7 |
Transport & storage |
4.61 |
|
8 |
Construction |
4.73 |
|
9 |
Wholesale, retail & repair of motor vehicles |
5.21 |
|
10 |
Information and communication |
5.31 |
Looking at the past 10 years, the top sector for job security is human health and social work. This industry has a redundancy rate of 1.43, closely followed by education with a rate of 1.49.
It would appear that Northern Ireland is the best location to seek secure employment, with a redundancy total of just 7,579. Even though the Northeast experiences nearly double the number of redundancies (14,663) the region comes in second, closely followed by Wales with 15,218 jobs made redundant.
Scotland (26,431) and the East Midlands (28,473) are regions with fewer redundancies. Considering the population in each region, Northern Ireland still shows the lowest redundancy rate (2.55), closely followed by Scotland with a rate of 2.81. Wales also had one of the lowest redundancy rates (3.00) and so did Yorkshire and The Humber (3.31).
A spokesperson from Reassured said “With rising costs, many companies are experiencing significantly higher outgoings, potentially resulting in changes to a company’s structure. Unfortunately, this can subsequently affect the employees if job cuts are required. Whilst income protection insurance cannot protect against redundancy, it can cover you if you are injured or too ill to work. This reassuring safety blanket could help many people in the UK.”
The data looks at redundancies across the UK data collated from ONS. The industries were then ranked from lowest to highest, based on the number of actual redundancies, and the redundancy rate.
To find the redundancy rate Reassured took into account the number of people aged 16 or over, who were made redundant.
The data shows the redundancies across the UK between January 2021 and December 2021, for both actual and ratio values, split by industry. Actual values show the true number of reported redundancies, whereas ratio values take into account the size of each industry, to allow for a fairer comparison.
The redundancy rate is the ratio of the redundancy level for the given quarter to the number of employees in the previous quarter, multiplied by 1,000.
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