RSS Feed

News

More Articles: Latest Popular Archives

Higher pay trumps job security right now

David Morel, CEO, Tiger Recruitment

A declining UK economy has done little to dampen the Great Resignation spirit among British workers. with four in 10 employees* plan to quit their role in the next 12 months, including a third of people (35%) who have been in their job for less than a year. Rather than stay in their current role because it offers them more security, a third of workers say the threat of a recession makes them more inclined to look for a higher-paid job.

The data, based on an online survey of more than 1,500 workers, shows that while half of UK office workers (51%) received a pay rise in the past 12 months, less than 8% saw their salary increase above the rate of inflation. And almost as many (45%) saw their salary go down or stay the same.

However, rather than try to secure a raise from their current employer (cited by 20%) or stay put until the economy rebounds (cited by 28%), a third of workers (35%) say they’d rather look for a better salary elsewhere. This is even though a quarter (24%) worry it could take them longer than usual to find a new role.

Commenting on the research findings, David Morel, CEO of Tiger Recruitment said, “Our data is a red alert for employers. As the economic outlook worsens, people may not be as keen to change jobs in the New Year – but the fact remains that many employees feel shortchanged.

“The message for employers is clear. Their priority should be to ensure they’re offering their staff a fair and competitive compensation package. Those that have already increased pay over the past year may not be able to afford further rises, but there are other low-cost ways to make employees feel valued. Our research consistently shows the extent to which employees value hybrid working, with a fifth saying that working from home is a way for them to save money.”

After salary (cited by 80%) and work-life balance (cited by 68%), Tiger’s data reveals that the other top-five priorities for job seekers are:

  • Job location (60%)
  • Benefits package (59%)
  • Job security (50%)

*Tiger Recruitment’s Research

*Survey was 1,531 workers in the UK. The survey was conducted online as part of Tiger’s annual salary and benefits review.

    Receive more HR related news and content with our monthly Enewsletter (Ebrief)