Is your employment position safe in 2010?
A quick look at the financial press may give many people the impression that the worst is over with regards to the UK economic downturn and we can look forward to a more prosperous 2010. However, the truth is that the ongoing recession in the UK is the worst since the 1930s and has caused untold damage under the surface to both UK finances and the reputation of the UK overseas.
While many believe that the UK economy has been "punching above its weight" for many years, there is no doubt it had been one of the more buoyant economies just prior to the credit crunch and worldwide recession. However, the extreme focus upon the property market and the services sector has led to wild swings in the performance of the UK economy and indeed many companies will still be shedding jobs in 2010, looking to refocus and reduce their cost base. While unemployment is not expected to top 3 million, as some had predicted just a few months ago, it is unlikely to fall back in the short to medium term and there could be more pain in the employment market.
More and more employees are being "asked" to take pay cuts, work longer hours and basically "do their bit" for the company. Is this a fair hedge off between employees and employers?
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