Contribution
This content is contributed or sourced from third parties but has been editorially reviewed by Finextra.
As traditional working models evolve, attitudes towards part-time work are also changing.
For some, it’s about work-life balance or health, others focus on further education or even formal training. For many part-time workers, it’s about balancing care and domestic responsibilities.
Whatever the reason, according to a recent report examining the share of full-time and part-time job postings since 2020, there has been a significant shift since 2022.
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In May 2024, 62.3% of all job postings analyzed were full-time positions, while part-time positions accounted for 31.7% of the total.
This represents a significant shift from previous years. Although the number of part-time job postings increased by only 2.5% compared to May 2022, part-time job postings began to increase in early 2022 and have largely remained at elevated levels since then, about 10% above pre-2022 norms.
Interestingly, job postings that specify both full-time and part-time options account for 12.7% of all postings, suggesting that employers are increasingly open to flexible working arrangements.
It is also worth noting that the increase in part-time jobs has in many cases come at the expense of the number of full-time jobs.
Industry focus
Although the trend towards part-time work is widespread, it is not uniform across all sectors.
Those looking for part-time jobs are more likely to find opportunities in fields such as beauty and wellness, personal care and home health, retail, food preparation and service, and sports. Conversely, full-time positions are more likely to be preferred in industries such as insurance, legal, child care, accounting, and construction.
The exact reasons for the trend towards more part-time work are complex, but several factors may be at play. One possibility is that employers are offering more flexible options to attract workers in a competitive job market.
This is particularly relevant in the fintech sector, where demand for skilled professionals often exceeds supply and job advertisements are often advertised as “full-time or part-time contractors”, which covers a broader spectrum.
The recent collapse of the US stock markets has raised concerns in the US that America could soon enter a recession. And although the risk of a recession in the UK is not currently considered to be particularly high, many companies are still playing it safe.
In times of economic uncertainty, companies are typically more cautious about hiring full-time employees, opting instead for the flexibility offered by part-time and contract workers.
However, these drivers were not explicitly examined in the report and further research is needed to definitively determine the causes of this change.
The disadvantages
More free time sounds fantastic, but like anything else, part-time work has its drawbacks.
Switching to a part-time position can affect your financial stability and career prospects. It can also make you less visible within a company and, as a result, reduce your job security.
Part-time workers often have to do the same amount of work as their full-time colleagues, but they have to do their work in compressed hours and with little flexibility. This can be exhausting and stressful on workdays.
As you consider how you would spend your days off, consider whether switching to a part-time position is compatible with your long-term career goals, family priorities and financial needs before making a final decision.
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