One in four people have been ‘actively job hunting’, due to continuing cost-of-living pressures.
A survey of 1,200 UK employees found that 26 percent are looking for a new job, while 15 percent had started a new job in the last six months.
People at the start of their careers, who are also more likely to be some of the lowest earners, are the most likely to want to switch jobs, said HR software provider Ciphr, which commissioned the survey.
Search for better pay
More than half (53 percent) of Gen Z employees, aged 18-24, and a third (34 percent) of younger millennials, aged 25-34, said they were looking for better-pay. Higher remuneration was a less common reason among older employees with 28 percent of 35-44 year olds, 22 percent of 45-55 year olds, and 9 percent of people over 55.
More than half (53 percent) of respondents who said they were looking for a new job have also taken on more hours or extra shifts to boost their income, and two in five (40 percent) have taken on an extra job or side hustle.
Regional differences
People in London are more likely to be in the market for a new position than other UK workers, with 37 percent ‘actively job hunting’.
The proportion was lower in the South West of England at 32 percent, and was also lower in both Northern Ireland and Scotland where it was 31 percent. The lowest number of people seeking new roles was in the East Midlands where 12 percent are looking for a new job.
National data for different roles and sectors revealed that this year 37 percent of people working in sales are looking to move roles. More than a third (35 percent) of job hunters are in business and management consulting roles, 35 percent work in hospitality and events, and 32 percent are IT employees.
People are also looking to move jobs in healthcare where 28 percent of respondents said they are looking for a new role, the figure is 28 percent for accountancy, banking and finance, including pensions and insurance professionals, 27 percent among recruitment and HR employees, and 26 percent in property and construction.
Solicitors, lawyers, and other workers in the legal sector are less likely to be job hunting with 15 percent saying they were actively looking to change jobs this year. Transport and logistics workers are also less likely to switch roles with 17 percent of respondents.
Claire Williams, chief people and operations officer at Ciphr, said: “It’s still a highly competitive job market, and I’m sure most employers are very aware that retention continues to be a challenge. Especially when so many people are continuing to feel financial pressures. Inflation may have come down from the double-digits of recent years, but the cost of living and the cost of doing business remains high.
“We know from previous research that salary is rarely the only aspect of a job that governs whether people stay or leave an organisation. Work-life balance, workload demands, career and development opportunities, management behaviour and practices, job autonomy, feeling appreciated, sense of belonging, being treated fairly, job security, and good benefits, among many other things, all have an influence too.”
Williams said it was HR’s role to understand what is driving employee turnover by using data to look at the trends and compare their results with the market. Then they can be realistic about what constitutes a healthy level of turnover.
“[HR] should be creating strategies to improve retention where needed – listening to employee feedback to shape the broader employee value proposition and working with the c-suite and management to deliver on that.”
She added: “Importantly, we need to be clear that high turnover is not solely ‘HR’s problem’. The c-suite, and cascading management team, also needs to take responsibility for the role they play in helping to ensure a great employee experience. So people feel valued and supported and, ideally, want to stay with your organisation for longer.”
