In the wake of the pandemic, the professional landscape experienced a period of uncertainty known as the Great Resignation.
While 2023 brought a temporary calm, a new trend is emerging on the horizon, as revealed by the latest survey conducted by Tiger Recruitment.
The survey, which engaged 1,836 individuals across the UK, sheds light on the workforce’s dynamics in 2024.
Surprisingly, the survey found that 49 percent of workers in the UK expressed being “quite happy” in their current roles. Despite this satisfaction, a significant 40 percent of professionals are planning to change their jobs in 2024. This raises the question: What motivates professionals to seek new opportunities?
Top Reasons for Changing Jobs
- Career Advancement: The lack of personal and career development opportunities is the primary driver for a job change, cited by 51 percent of respondents. Those employed in large organisations are particularly inclined to consider other roles due to a distinct lack of progression.
- Salary Stagnation: Over 43 percent of individuals contemplating a job change have not received a salary increase in the past year, emphasising financial recognition as a crucial factor in job satisfaction.
- Flexible Working Desires: The pursuit of improved flexible working arrangements emerges as the third major motivator, reflecting evolving expectations of work-life balance.
Rise in Secondary Employment
A striking revelation from the survey indicates that half of the surveyed professionals are either contemplating or have already taken on second jobs. This surge in secondary employment is primarily attributed to economic challenges posed by the increasing cost of living, affecting women aged 25 to 34 earning between £30,000-£35,000 the most.
Employer Response to Financial Challenges
Encouragingly, the survey signals a positive shift in employer support to mitigate these financial burdens. Currently, 54 percent of employers are extending benefits to alleviate the cost of living for their employees, showcasing an increase from 48 percent in the previous year. Large organizations, in particular, are leading by example, offering salary enhancements, flexible work options, and one-time payments or bonuses to assist their workforce during economically uncertain times.
Addressing the Wave of Job Changes
As employees set their sights on new horizons, employers are urged to adapt and proactively engage with the evolving needs of their workforce. Tiger Recruitment experts recommend several key strategies:
- Competitive Salaries: Regularly assess industry benchmarks and adjust compensation structures to remain appealing in the competitive job market.
- Wellbeing Initiatives: Go beyond traditional benefits by implementing comprehensive wellbeing initiatives, including flexible work schedules, mental health support, and wellness programs.
- Addressing Cost-of-Living Challenges: Acknowledge the impact of cost-of-living pressures on professionals’ decisions to explore new opportunities. Consider offering financial wellness programs, cost-of-living adjustments, or other supportive measures to alleviate economic strains.
The wave of job changes emphasises the importance for employers to adapt and proactively address the evolving needs and priorities of their workforce. As the Great Reshuffle continues, organisations that prioritise employee satisfaction and well-being are likely to navigate these shifts more successfully.
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.
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