Recent research indicates a significant shift in the UK job market.
- A quarter of UK workers aim to change jobs due to cost-of-living pressures.
- Younger employees, particularly Gen Z and Millennials, are the most eager to move.
- Some sectors, like sales and IT, show higher turnover intentions.
- Regional variations reveal London as a hub of job-seeking activity.
Recent findings highlight a noteworthy trend in the UK job market, as a quarter of workers are actively considering a shift in their employment. This movement is predominantly driven by ongoing cost-of-living pressures that compel workers to seek better financial prospects elsewhere.
A poll conducted by HR software provider Ciphr, involving over 1,200 employees, reveals that younger workers, especially those at the beginning of their careers, are the most inclined to seek new opportunities. More than half of Gen Z employees and a significant portion of younger Millennials express a desire for higher-paying jobs. This eagerness diminishes with age, as fewer older employees indicate intentions to change roles.
The study finds that over half of the job seekers have resorted to taking on additional hours or shifts, and two in five have pursued extra jobs or side hustles to augment their income. This highlights the financial strain experienced by many, despite a decline in inflation rates.
Notably, the data suggests a geographical disparity in job-seeking behaviour. London emerges as a primary location where workers are more inclined towards changing jobs, with over a third actively job hunting. Comparatively, fewer people in the East Midlands are engaged in seeking new positions.
Certain industries are facing potentially higher levels of employee turnover than others. Notably, sales, business and management consulting, hospitality, and IT see around a third of their workforce considering a change. In contrast, sectors such as the legal profession and transport and logistics report lower turnover intentions.
Claire Williams, Ciphr’s chief people and operations officer, emphasises that myriad factors beyond salary influence employee retention. “Work-life balance, career opportunities, and management practices play critical roles in job satisfaction,” she asserts. Employees factor in various elements when deciding whether to remain in their current employment.
HR departments are encouraged to analyse workforce trends and understand turnover motivations to strategise retention. Implementing improved work environments and creating a compelling employee value proposition are key strategies suggested by experts.
The current employment climate in the UK reflects a dynamic and competitive job market, urging organisations to adapt retention strategies.
