Why the traditional corporate career is 'effectively dead' for a quarter of workers

The appeal of a corporate career is fading, as new research shows one in four Britons claim it is ‘effectively dead’.

Six in 10 adults believe traditional jobs are less secure than they used to be, while just one in five expect to follow a career path with one employer, according to BusinessForSale.com’s Business Ownership Index.

The findings show that confidence in what was once considered the safer option is fading as workers question whether it can deliver financial security and earning potential. 

More than three-quarters of respondents believe wage growth failed to keep pace with inflation, while 52 per cent say working for someone else limits their earning potential.

Instead, more than half believe owning a business is the best way to maximise earnings, rising to 65 per cent among 18 to 24-year-olds.

It comes as the number of youngsters not in education, employment or training (NEETs) nears one million. 

Companies have warned that higher labour costs and a growing tax burden make it harder to hire young people for part-time work.

The overall jobless rate has reached 4.9 per cent, with concerns that artificial intelligence threatens to further upend the jobs market.

Nearly three quarters of those surveyed believe the technology will threaten jobs, and eight in 10 believe skilled trades, such as electricians, plumbers and builders, offer a safer long-term career than office jobs.

Andrew Markou, CEO and co-founder of BusinessesForSale.com, said: ‘We're living through a period of profound change. Artificial intelligence, rising living costs, wage growth failing to keep pace with inflation, and greater economic uncertainty are all causing people to question whether traditional employment can still deliver the financial security it once promised.

‘We've spent years talking about side hustles and earning extra income. 

'But our research suggests more people are questioning whether an employer alone can provide long-term financial security and are increasingly looking to business ownership to build their own future.’

Despite a growing interest in self-employment, more than half believe the government fails to support entrepreneurs

Chancellor John Healey is under growing pressure ahead of this month’s Budget to lower the tax burden for business owners amid fears of changes to capital gains tax (CGT). 

‘Britain hasn't lost its appetite for work or success,’ said Markou. ‘What we're seeing is a growing entrepreneurial spirit, with more people determined to create their own opportunities rather than rely entirely on someone else's business.’

He added: ‘If we can give people the confidence, knowledge and support to act on that ambition, the rewards will extend far beyond individual success. More businesses mean more jobs, stronger local economies and a stronger country.’

John Preston, who moved from the City to scale education business Mathsnasium, says there are an increasing number of options for those who do not want to start a business from scratch.

‘The corporate world feels a lot more fragile these days. There’s less security than there used to be, particularly for those in their 40s and 50s. 

'I’ve seen more people leave the City and other corporate roles to buy or build businesses. They want greater control over their own future.

‘With a franchise, the business model and support are already there, so you’re not having to work everything out from scratch. 

'You have the opportunity to build something of your own, creating wealth you can pass on to the next generation.’

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