A staggering 45 percent of workers have been waiting more than 12 months for a pay rise as inflation hits 10.1 percent.
The new research from Aspire shows that 32 percent of workers will look to change roles in the next 12 months, as the cost-of-living crisis puts pressure on household finances.
Also, a third (33.5%) of respondents cited salary as the most important job factor.
Of those who had received pay rises, 46.7 percent have had pay rises of between 0-5 percent.
This is below the 10.1 percent inflation rate and falls well short of the forecasted 18 percent rate of inflation in 2023.
Paul Farrer, chairman and founder of Aspire, commented on the survey findings:
“The UK continues to grapple with a skills shortage, with the record 1.3m job vacancies evidencing just how difficult employers are finding it to hire the right talent.
“But with half of candidates not having received a pay rise in the last 12 months – and with significant wage growth in the sectors Aspire specialises in – we’re seeing what many candidates see: that they stand to benefit from changing jobs right now.
“With inflation pushing up energy and fuel costs, it makes sense that people are looking for new roles that offer them a competitive salary or a pay rise that can protect them from the rising cost of living.
“Employers need to be acutely aware and sensitive towards how wider societal trends feed into the motivations of workers. Achieve this and employers won’t just be better placed to attract the right talent – they’ll be able to retain it too.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.