Covid-19 recession leads to spike in Welsh workers seeking a career change

• One in five employees are currently considering a new career as economic impact of coronavirus pandemic bites
• Finance, healthcare and education seen as ‘most secure’ sectors
• Research issued following latest ONS unemployment statistics 

With ONS (Office for National Statistics) figures today revealing a sharp rise in unemployment, new research has shown that 17% of Welsh workers believe their job is at risk due to the coronavirus (Covid-19) pandemic; while 22% have thought about a change of career this year. 

The research, conducted by AAT (Association of Accounting Technicians), surveyed over 1,000 current workers across the UK to ascertain their views on how the events of 2020 have made them consider their career. It also found:

• The healthcare and pharmaceutical sector is seen as the most secure by current workers in Wales (30%), followed by accountancy, banking and finance (28%) and education (26%)
• 44% said that job security will be a greater priority for them, once the pandemic comes to an end
• 24% believe that they will leave their current job within the next year

In addition, a second survey conducted by AAT of 500 UK adults who are currently looking for a new job found:

• 36% of those surveyed in Wales said that the Covid-19 pandemic was the reason that they are looking for a new job
• 50% say they are considering moving into a more secure sector than their previous role

• 91% say they would be willing to retrain in order to make a career change

With sectors including travel, hospitality and the arts hit especially hard by the pandemic, retraining opportunities, largely provided by vocational qualifications including apprenticeships, are rising in popularity.

Rob Alder, Head of Business Development at AAT, said: 

“The impact of Covid-19 has acted as an accelerator for important career decisions, with many people across a vast spectrum of industries facing the prospect of losing their jobs, and in some cases seeking employment in more secure sectors.

“This backs up what we’ve seen recently, with nearly one in three people who’ve contacted AAT about our accounting and bookkeeping qualifications telling us that they were looking for a career change into the finance industry.

“And while a significant chunk of this is due to people losing their job, with many using their redundancy money to fund their studies, others are viewing accountancy either as a more secure career path, or are hoping to gain new finance skills to improving their chances of employability.”

Case study: “I feel like accountancy has given me a second chance”

 Gareth Jones, 53 from Bristol, has worked on a production line for Ford Motor Company in Bridgend for nearly 20 years, assisting in the manufacturing of car engines.

But the plant where Gareth works is being closed at the end of September. As a result, Gareth is losing his job.

“After being told I was to be made redundant, I decided on a whole new change of career,” Gareth says. “I could have taken an easy route and trudged around looking for the same, uninspiring factory work. Instead, I chose accountancy.”

Gareth started studying at home for AAT (Association of Accounting Technicians) accounting qualifications in March, with Ford paying for his accountancy training as part of Gareth’s redundancy package.

He has averaged about 95% in the assessments he has sat so far, with further assessments taking place this month.

“I’m taking six months out when my redundancy kicks in, in order to study full-time to gain the full professional accounting qualification,” Gareth adds.

“Hopefully, despite my age, I’ll be able to secure a job and start a brand new career in accountancy. It’s quite rare to have such a sharp turn in your career path at 53, but circumstances have intervened, and I’m really looking forward to it.”

“I feel like accountancy has given me a second chance.”

Regardless of age, employment history or background, AAT welcomes anyone thinking about starting a career in accountancy or bookkeeping. Indeed over half of the people who get in touch about AAT’s accounting qualifications have never previously worked in the finance profession. For more information please visit AAT changing career.