As employees across the UK are being impacted by the cost-of-living crisis, over a third (34%) admit they are looking to move jobs in the new year which amounts to over 10 million employees in the UK.
This huge shift is being driven predominantly by individuals looking for higher salaries as 37% admit they want to leave because they feel they are not paid enough.
The leading Recruitment and Employment Technology Company, CareerWallet has recently published an extensive workplace survey to give a true overview of working life in the UK and how the jobs market is being impacted by economic factors including the cost of living.
What are the other main reasons behind the resignations?
The extensive survey also showed other reasons so many employees are looking for a new role with contempt for colleagues (23%), negative culture (20%) and disliking line managers (18%) topping the list and driving the surge for new roles.
With over 1.2 million roles available in the UK from Aug to Oct this year, plenty of options are going to be available for employees in the new year.
The results however should be concerning for employers across the UK as nearly a third of the workforce is unhappy in their current role and losing key employees can have huge impacts on businesses, especially with vast skill shortages across many industry sectors.
Craig Bines, CEO of The CareerWallet Group, commented:
“Our new workplace survey highlights how many employees are struggling financially at the moment as rising bills and inflation start to bite. For many employers, losing key members of staff by underpaying them can end up costing the firm much more in the long run. Recruitment is tough at the moment and finding the right employees can be hard so businesses need to look after employees more than ever.
“As we can see many candidates will be looking to move jobs, especially in the new year and in this buoyant job market, plenty of roles are available. At CareerWallet we have millions of vacancies available across the UK so it is an ideal time to register and find your next position.”
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 the 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.