A recent survey conducted by travel franchise company, Travel Counsellors, has unveiled high levels of job dissatisfaction among UK workers, with half of Brits expressing intentions to leave their current jobs within the next year.
The survey, which polled 2,000 individuals, revealed that 41 percent of respondents regret their choice of career, leading to a significant 50 percent of Brits planning to switch jobs in the coming year.
The primary drivers behind this mass exodus include the desire for better pay and benefits (41%), improved work-life balance (26%), and the need for more flexible working hours (19%).
Interestingly, the prospect of entrepreneurship appears to be gaining traction, with nearly two-thirds (59%) of respondents contemplating starting their own business.
Younger demographics, particularly those aged 16-34, exhibit the highest inclination towards entrepreneurship, highlighting a generational shift in career aspirations.
Desires for more autonomy
Financial gain and autonomy emerge as the primary motivators for starting a business, with 41 percent citing increased income as a driving factor. However, significant barriers such as lack of finance (54%), fear of failure (36%), and inadequate support infrastructure (21%) hinder many from pursuing entrepreneurial endeavours.
In response to these findings, Travel Counsellors has announced plans to support aspiring entrepreneurs, aiming to establish over 300 new businesses following its record performance in 2023.
Matt Harding, Director of Franchise Sales at Travel Counsellors, emphasized the company’s commitment to nurturing entrepreneurial ambitions, particularly among the younger demographic.
Which industries are least satisfied?
The research also shed light on the varying levels of job satisfaction across different industries. The travel sector emerged as one of the happiest job sectors, with a satisfaction rate of 61 percent, while industries such as IT & Telecoms reported significantly higher turnover rates.
Also, the survey identified key factors influencing career decisions, with good work-life balance (48%) ranking as the top priority for respondents. Additionally, disparities in job satisfaction based on gender, age, and geographic location were observed, underscoring the complex landscape of employment preferences and challenges.
As the workforce landscape continues to evolve, addressing issues of job dissatisfaction and fostering entrepreneurial opportunities will be crucial in ensuring a resilient and fulfilled workforce across the UK.
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.
