2023
9
UK The Working Life Market Report 2023
2023-06-16T04:08:56+01:00
OX1158457
2195
164205
[{"name":"Work and Employment","url":"https:\/\/store.mintel.com\/industries\/life-stages\/work-employment"}]
Report
en_GB
"Workers and employers are facing a difficult time as wages fail to keep up with inflation and business manage higher operational costs and weakened consumer spending power. Despite this, there…

UK The Working Life Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s UK The Working Life Market Report 2023. Our full report is packed with consumer-led market intelligence, discussing the latest UK workplace trends and working behaviours affecting your business.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics

Future of Work – Market Outlook

The cost of living crisis is draining consumer finances and causing a shift in working behaviours. As a result of rising prices, a third of adults have supplemented their income with additional hours or a second job. Workers are feeling poorer each month despite employers’ efforts to increase wages. Average pay rose by 6.7% in the year to the period January-March 2023, but when adjusted for inflation, pay actually fell by 2% on the previous year.

  • Future of work trends: 35% of workers have supplemented their income with increased working hours or a second job.

Future of Work Trends and Opportunities

Nearly half of workers work from home at least some of the time

Working behaviours have been redefined since the COVID-19 pandemic with a significant shift towards more flexible and remote ways of working. Today’s workforce spends time in a range of spaces compared to traditional work locations, such as offices or a shop.

  • UK workplace trends: 13% of adults work entirely at home, 34% work at a variable mix of at-home and out-of-home locations.

Create a workplace and culture that is worthwhile for employees to return to

Recently, a number of companies have requested employees back into the office again, suggesting a scale back on the move towards more flexible working. If employers want to get employees back to the workplace, they need to make it an attractive place to be or risk losing talent. Cash-saving benefits would encourage workers to go into the workplace, such as free meals, help paying for the commute and discounted gym memberships.

  • Future of work opportunity: 47% of workers would be encouraged to go into the workplace if they were given free meals.

To learn how to connect with your audience, purchase our full UK The Working Life Market Report 2023.  Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.

Additional Features Included with Your Purchase

  • Interactive Data Book: This gives you unlimited access to a consumer confidence tracker that is segmented into 25 different demographic categories.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as Word and Excel.
  • Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.

Expert Insights from a Consumer Lifestyle Analyst

This report, written by Francesca Smith, a leading consumer lifestyle analyst, delivers in-depth commentary and analysis to highlight UK workplace trends and add expert context to the numbers.

Workers and employers are facing a difficult time as wages fail to keep up with inflation and business manage higher operational costs and weakened consumer spending power. Despite this, there remain huge opportunities for employers to define a new way of working, with possibilities going as far as shorter work weeks, self-defined working schedules and achieving ultimate work/life balance. However, this risks widening the disparities between workers able to embrace these opportunities and those unable to.”

Francesca Smith
Senior Research Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
  2. Executive Summary

    • The market
    • Unemployment remains very low despite difficult economic environment
      • Figure 1: Unemployment rate (aged 16 and over), seasonally adjusted, 2013-23
    • High inflation dampens growth in wages…
      • Figure 2: Average weekly earnings annual growth rates, seasonally adjusted, Great Britain, 2013-23
    • Adults working from home have the strongest finances
      • Figure 3: Financial wellbeing, by employment location, 2023
    • The consumer
    • Nearly half of workers work from home at least some of the time
      • Figure 4: Current work location, 2023
    • Rising prices and a fall in real earnings is impacting working lifestyles
      • Figure 5: Impact of rising costs on working behaviours, 2023
    • Create a workplace and culture that is worthwhile for employees to return to
      • Figure 6: Perks of the workplace, 2023
    • The wellbeing benefits of remote working are noteworthy
      • Figure 7: Perks of remote working, 2023
    • Flexible hours and 4-day week are of most interest to workers
      • Figure 8: Interest in flexible and remote working initiatives, 2023
    • The possibilities of the future of work are divided
      • Figure 9: Attitudes towards the future of work, 2023
  3. Issues and Insights

    • High inflation spells out a difficult year for workers and businesses
    • Post-pandemic work trends highlight disparities between workers
    • A culture of trust and personal autonomy will be essential in the future
  4. Market Drivers

    • High inflation and rising interest rates will compound the impact of the slowing recovery
    • Inflation remains the biggest concern for consumers, brands and employers in 2023
    • Low unemployment is helping underpin financial wellbeing
      • Figure 10: Unemployment rate (aged 16 and over), seasonally adjusted, 2013-23
    • The number of long-term sick adults not working is at record high
    • Real wages are lagging behind inflation
      • Figure 11: Average weekly earnings annual growth rates, seasonally adjusted, Great Britain, 2013-23
    • Financial wellbeing is highest among full-time home workers
      • Figure 12: Financial wellbeing, by employment location, 2023
    • The steep rise in living costs will impact working lifestyles
    • Greater rights to flexibility could become law in England, Scotland and Wales
    • Development of AI poses opportunity and threats to the future of work
  5. Work Location

    • A third of workers adopt a hybrid approach
      • Figure 13: Current work location, 2023
    • Four in 10 workers work entirely at their work location
      • Figure 14: Location of workers who work out of the home, 2023
    • Growing opportunities for public and co-working spaces
    • Workers are happier working from home
      • Figure 15: Satisfaction with current working location, by current working location, 2023
  6. Work in a Cost-of-living Crisis

    • Over a third of workers have had to earn more to keep up with prices
      • Figure 16: Impact of rising costs on working behaviours, 2023
    • Young males feel the pressure
      • Figure 17: The Working Life – CHAID – Tree output, 2023
    • Changes in commutes can help lower carbon emissions
      • Figure 18: Workers that have changed their commute to work as a result of rising prices, by area, 2023
    • The workplace can provide a helping hand with rising food costs
      • Figure 19: Workers who have relied more on their employer for free food as a result of rising prices, by age, 2023
  7. Perks of the Workplace

    • The workplace needs to be worthwhile for employees
      • Figure 20: Perks of the workplace, 2023
    • Work culture is key for young adults
      • Figure 21: Perks of the workplace, by age, 2023
    • Re-think office space to meet evolving needs of hybrid workers
  8. Perks of Remote Working

    • Remote working boosts exercise…
      • Figure 22: Perks of remote working, 2023
    • …and a number of wellbeing benefits
      • Figure 23: Hybrid workers that are able to do more of selected activities on days they work remotely compared to days they work at their work location, by age, 2023
    • Remote workers have newfound time to pursue hobbies
    • Women spend their WFH days doing more housework
      • Figure 24: Procter & Gamble’s ‘Come Clean to Close the Chore Gap’ campaign, 2023
  9. Interest in Flexible and Remote Working Initiatives

    • Flexible hours would be preferred by over half of workers
      • Figure 25: Interest in flexible and remote working initiatives, 2023
    • Non-linear work days could boost productivity
    • The 4-day work week gains momentum
      • Figure 26: Interest in flexible and remote working, by age, 2023
    • More workers on the pursuit of the digital nomad lifestyle
    • Brands can get on the front foot and meet digital nomads’ needs
    • Offer a third space for colleagues to collaborate
      • Figure 27: Interest in meeting up to work in a public space with colleagues, by out-of-home work location, 2023
  10. The Future of Work

    • Real-life barriers to fully embrace remote working remain
      • Figure 28: Attitudes towards the future of work, 2023
    • Young workers want to be able to work and vacation flexibly
      • Figure 29: Agreement with “I think combining a holiday with work is an appealing way to travel the world while working”, by age, 2023
    • A backtrack on flexible work?
  11. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology
    • Methodology

Why Mintel?

Gain access to high quality market research with every purchase of Mintel’s consumer reports. Here's what else you can expect when buying from us:

Mintel’s Clients Portal

After your purchase is completed, you’ll receive an invitation to join Mintel’s Clients Portal which provides instant access to supplementary insights from Mintel’s industry experts.

Multiple Report Formats

Mintel’s reports are available in PDF and PPT formats, and arrive in your inbox alongside an excel datasheet, so you can share Mintel’s market intelligence with ease.

Interactive Databook

Mintel’s bespoke consumer data is presented as an interactive website, so you can deep dive into your chosen topic, explore demographics and download specific statistics.

Custom Presentations

Using Mintel’s custom presentation tool, you can easily incorporate selected research data and analysis into a tailor-made presentation to win over clients and stakeholders.

Browse our sample PDF report below:

Click to show report
2024 Sample Consumer Cover

Please Note: All of the figures, graphs, and tables in this sample report have been redacted.

Trusted by companies. Big and small.

Want to speak to us directly?

Contact us with your enquiry and our expert global team can help.

Get in touch