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.