TITLE

Fear of redundancy continues despite low unemployment

PUB. DATE
September 2003
SOURCE
Management Services;Sep2003, Vol. 47 Issue 9, p7
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Leading career consultants Penna Sanders & Sidney published the first Penna Fear of Redundancy Index also known as the Penna Index. Since 1999, over 2000 people per month were interviewed by MORI about how fearful they are about being made redundant. The Penna Index in Great Britain shows that fear of redundancy increased from 80 in August 2002 to 93 in February 2003 when concern about the impact of the Gulf war was high. The figures fell for March and April 2003 with the Penna Index at 87, mirroring the decrease in the proportion of those claiming to be unemployed and possibly reflecting relief that the war had lesser impact than anticipated. The highest level of anxiety was recorded in February 2000 when the Penna Index hit 105. Bill McCarthy, managing director for Career Consulting at Penna Sanders & Sidney said that employers have to recognize that if their people are anxious about redundancy this will affect productivity and focus at a\work. Young adults under the age of 25 are consistently the most concerned. A research project conducted by Penna Sanders & Sidney in 2001 showed that only 56% of people under 30 knew someone who was made redundant. Older workers are less concerned about redundancy.
ACCESSION #
10948192

 

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