Londoners downbeat

22 February 2010

Londoners downbeat and overworked says new report

Londoners feel downbeat and overworked and are pessimistic about the future, according to a new report by Friends Provident conducted with the Future Foundation.

The report, Visions of Britain 2020, reveals that almost 40% of Londoners are concerned their skills will be outdated compared to the national average of just over 30%. This pessimism paints a bleak picture of the capital when compared with Scottish workers, where just 26% worry about their skills becoming outdated.

Confidence about future job prospects reveals an equally worrying picture in the capital. 34% of Londoners expect their job to move overseas compared to a national average of 25% - one in ten report that they think there is a 'strong chance', which again is highest when compared with other areas across the country. Over a quarter of Londoners (27%), think their job is under threat from redundancy.

64 % of Londoners are also most likely to move from London to follow their current job. This compared with a national average of 52%.

Trevor Matthews, chief executive officer of Friends Provident, said:

"Our new report paints a worrying portrait of the London workplace ten years from now. A workplace polarisation trend has been identified in our report and could lead to a growing band of excluded workers. At the same time a new breed of elite worker is also beginning to emerge, who by 2020 will carry more power than ever before.

"Despite Londoners feeling downbeat about the future their flexible attitude to work location is encouraging. But with such a high proportion willing to move overseas for a better work life balance, perhaps employers in the capital need to think smarter about how to retain their hard working employees and come up with ways to create a happier, more content worker."

One million 'excluded'

Looking at the national picture, Visions of Britain 2020 found that Britain’s workforce has reached a pivotal point and is polarising into two distinct groups – the elite and the excluded – which by 2020 will be the norm. This will have significant implications on employers and individuals, according to the national study.

The elite – workers in technical, professional and managerial roles - will command more power in the workplace than ever before, requiring employers to radically rethink how they attract and retain their specialist skills. Meanwhile nearly one million excluded workers – typically younger, unskilled males - face poor prospects and limited expectations. The research shows that the attitudes and choices of individuals are the major causes of this polarisation, alongside factors such as the recession and outsourcing.

An elite future

The report however reveals a bright future for the elite worker in 2020. All of the employment experts* who were consulted for the report agree that companies will have to work harder and offer more to attract and retain these elite workers in 2020. Employers will have to do so through making jobs more fulfilling and keeping their elite employees engaged, rather than through salary and benefits.

- Ends -

Journalists requiring further information should contact:

Jo Swift, Cohn & Wolfe - 020 7331 5476

Emma Wylie, Friends Provident - 0845 268 4909

Keith Nolan, Friends Provident - 0845 641 7835

Ref: K009

Notes to Editors