There has been a rise in the number of job resignations, what is going on behind the scenes?
The UK is experiencing even higher resignations post the ‘Great Resignation‘ peak back in 2022 and the trend continues with 25% of the UK workforce considering quitting their job.
In 2023 PWC carried out a global survey of almost 54,000 individuals (2000 in the UK workplace) looking at a range of industries, demographics and working patterns, and the survey demonstrated governments and business owners would have historically expected a cost-of-living crisis to stabilise the workforce, post Covid and high inflation, the situation is the exact opposite, and rather than people sticking to their current job, almost 25% expect to change their jobs in the next 12 months, with the motivation being to earn more money.
These figures are similar globally and have risen from 19% to 26% who would look to change jobs in the coming year.
The survey also acknowledged that financial stress harms emotional and physical well-being, which has an impact on productivity and engagement. It also found that globally 1 in 5 respondents had taken on a second job to support their main income. The report called for employers to better recognise how financial illiteracy can impact on its workforce, provide training and equip their staff to grow and earn more within their business. These are primarily the lower-paid workers who tend to have to have second jobs and also have the need to move jobs to provide more income to meet the financial stresses.
Lower-paid workers continue to face issues with zero-hour contracts, limited and expensive local travel, which can limit the options of job opportunities as they often have to walk to work. There is also the pressure of the 90-day sanction that doesn’t allow people to make a claim in the system if they have left a job without a ‘good’ reason.
The CIPD carried similar out research in 2022 and interviewed almost 6000 UK workers, finding that a third of them will be moving jobs to improve pay and benefits, nearly a third of respondents want to increase job satisfaction, almost a quarter are looking for a better work-life balance and 23% are looking for a new type of work. Poor leadership also contributes towards people looking to change jobs.
There is a lot employers can do to improve the retention of their staff and our team at Axiom works hard to fit the right people to the right jobs, supporting our employers in attracting staff who are looking to grow and develop with their businesses.
If you need help getting the right people for your company, get in touch for a free consultation with one of our expert recruitment consultants .