New research has shown that the UK health and social care sector has the lowest redundancy rate of any sector.

Data from Money.co.uk shows that there were only 12,000 redundancies in health and care in 2023, a rate of 2.7% – joint lowest with the professional, technical and technical activities sectors.

Other industries in the list included wholesale, retail, hospitality, financial, construction and transport.

Rounding out the list in 10th place with a redundancy rate of 12.8% was the information and communication industry.

Hypothesising as to the reasons for this number in health and care, the research document said: “The critical nature of health and social services could be why redundancy rates for these jobs are so low. This is especially true in crises, such as the cost-of-living crisis and the COVID-19 pandemic, when more people need support from this sector.”

Kyle Eaton, Money.co.uk business bank accounts expert, offered his tips on how business owners can survive difficult periods and help reduce the likelihood of redundancies: “Leverage technology: no matter your chosen industry, technology will likely play a key role in your operations. Explore how you can use technology to streamline processes, enhance customer experiences, and improve efficiency.

“Network and seek advice: build a network of mentors, advisers, and peers within your chosen industry. Their insights and experiences can be invaluable in navigating difficult times and avoiding common pitfalls.

“Prepare for flexibility and adaptation: the business landscape is constantly changing, so it’s crucial to remain adaptable. Be prepared to pivot your business model, products, or services in response to market changes or new opportunities.”