New research conducted by personal financial experts Wealth of Geeks has unveiled the regions in Great Britain least likely to experience elevated rates of redundancy in 2024.

The study, based on HR1 forms, also known as Redundancy Notification forms, from January to October 2023, provides insights into the job security landscape across various U.K. areas.

According to the study, employees in the South West region are the least likely to face redundancy in 2024. With 11,941 potential redundancies recorded between January and October 2023, this equates to 209 per 100,000 people.

Notably, September 2023 emerged as the most low-risk month, with 590 HR1 forms submitted—50.59 percent below the regional average.

North West and South East Follow Suit

The North West region secured the second spot, with 16,006 potential redundancies and a rate of 216 per 100,000 people. June 2023 stood out as the best month, with 1,352 redundancy notifications, marking a 15.46% reduction from the regional average.

The South East claimed the third position, recording 20,741 HR1 forms and 223 potential redundancies per 100,000 people. September 2023 witnessed the lowest number of redundancies at 1,306, representing a significant 37.03% drop compared to the regional average.

Wales and North East in the Top Five

Wales ranked fourth among the regions with low redundancy risk in 2024. With 7,516 HR1 forms submitted, the region reported 242 potential redundancies per 100,000 people. October 2023 displayed a notable decrease in redundancies, with 412 potential job losses—50.66% below the regional average.

The North East rounded out the top five, with 6,528 potential redundancies and an average of 247 per 100,000 people. September 2023 marked the safest month, with only 250 redundancy notifications—61.70% below the regional average.

Michael Dinich Comments on the Study

Michael Dinich, a representative from Wealth of Geeks, commented on the study, saying, “In 2023, around 1.4 million people were unemployed in the U.K., and one of the reasons for unemployment was redundancy. The study examines job security per Great British region based on the number of HR1 forms submitted, revealing the South West as the least likely to experience redundancy in 2024, followed by the North West and the South East.”

Dinich also highlighted the significance of the timing of potential redundancies, stating, “Moreover, the study also revealed the month people are least likely to be made redundant. September is on top in the South West, the South East, and the North East, taking the majority. It will be interesting to see if this pattern will continue in 2024.”

Great British Regions Least at Risk of Redundancies in 2024

Rank U.K. Areas Total Possible Redundancies Redundancies per 100,000 People
1 South West 11,941 209
2 North West 16,006 216
3 South East 20,741 223
4 Wales 7,516 242
5 North East 6,528 247

*Final redundancies are rounded to the closest whole number.

 

 

 

 

Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at the University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.