New research* shows that fears over pay and job security are the biggest worries of employees in the UK right now – and are curtailing their career ambitions.
Half surveyed (49%) are concerned or very concerned about reduction in pay value and pay freezes, to the extent that they are unwilling to risk taking career risks. Despite the recent narrative that it’s a candidate driven market, candidates are feeling less confident that they are in the driving seat. Half (48%) say they are concerned or very concerned about trying to make a move in the current climate. A fifth (21%) are worried that they will lose their job – the equivalent of 6.8 million employees fearing for their livelihood.
Two in five (37%) of those surveyed were previously considering a new move but have chosen to stay in their current role, showing the impact of the recession and cost of living crisis on career progression. This attitude was more likely to be held by younger generations – 43% under 44 year-olds say that they were considering moving jobs, but now think it’s safer to stay where they are, whereas half (49%) of over 45s had never even considered a move. One in three (30%) of all surveyed want to move but say that they can’t find anything better.
It’s the older generations who are most confident. Secure in their roles, perhaps with a long tenure behind them, they are not feeling the impact of the recession as much as those entering the employment market or in the early stages of their career. A third (33%) in entry level jobs are concerned they will lose their jobs, going down to only one in five (21%) in senior leadership positions.
“We are creating an environment where young people are going to be set back years. It will be difficult to get a job unless parents can afford an internship, and these people can’t afford to stay at uni and study like previous generations. Salaries aren’t keeping up, and positions are precarious. Younger people are losing hope – of a job, a career, a home – and their high expectations can’t be matched by reality. People in lower income jobs want to move to progress their careers, but can’t afford to take the risk, keeping them stuck in jobs that aren’t fulfilling or supportive. The chasm between old and young, rich and poor is just getting bigger.” says Dean Sadler, CEO.
Whilst hybrid and flexible working remains important, it is currently far less of an issue when it comes to the real pay pocket impact of wages and money right now, with only a quarter (26%) stating they are concerned about losing hybrid working.
Dean Sadler says: “With the recession looming, business owners are starting to worry about whether people are performing and contributing to the bottom line. At the same time presenteeism is increasing, as worried staff are coming into the office just to ensure their face is seen rather than risk any kind of job loss. We mustn’t let the recession undo the work that has been done during the pandemic around flexible working, which has helped us create a more diverse and inclusive workplace.”
*Research from Tribepad here.