Workers Hunt Salary Increases During Cost of Living Crisis
No sign of the Great Resignation abating as more than half of UK respondents (52%) say they are looking to change jobs in the next 12 months.
London, 17 March – Almost half (47%) of UK workers say bonuses and salaries are not rising enough to compensate for the increasing cost of living, according to the latest Talent Index research from Beamery, the leading talent lifecycle management platform.
In a shift of opinion from Q3 2021, when 1 in 4 workers cited a desire for work-life balance as their top priority, 55% of respondents now say that an increase in salary will be what helps them determine whether or not they stay in their current role.
Whilst respondents felt that higher pay would encourage them to stay with their current employer, they also added it would be commensurate with the longer hours they are now working, with as many as 3 in 5 employees (59%) commenting that they feel some pressure to always be online or available outside of contracted hours.
When asked where this pressure comes from, 21% said it was self induced, due to notifications on their phone, a fifth (18%) said being available outside contracted hours was expected by senior management, and 18% said it was in response to their own general anxieties and insecurities about work.
Abakar Saidov, Co-Founder and CEO at Beamery, said “The shift to hybrid work has clearly brought many benefits, but it has also created unforeseen issues like an always-on culture. Employers should be mindful of this and encourage managers to take a more proactive role in determining best practices that work for the business, the teams and the individual.
“Adopting a skills based approach to filling new roles and opportunities within the business, for example, leads to increased interest and understanding from staff on the value of internal movement across departments. Encouraging employees to be part of new projects that will boost their skill-sets will also increase levels of motivation and commitment. The Great Resignation has, in part, been driven by an employee's lack of fulfilment from their work but talent-focused businesses are in a powerful place to proactively tackle this issue.”
Eager to develop and learn new skills, UK employees are already starting to take up gig jobs within their organisations. 35% of men, and 22% of women, said they have already taken on an internal project within the company they are employed by, whilst 67% overall said they are considering doing so. This data certainly suggests that talent mobility is a valuable area for businesses to invest in.
One way to gauge employee sentiment about a role and a company is a ‘stay interview’; an open conversation about an employee's career path, and their feelings towards it. Beamery’s data indicates, however, that more than half (55%) of employers do not yet have a stay interview process in place, which suggests businesses are missing a critical step in employee retention best practices.
The Talent Index findings also share a cautionary word about making a new career choice in a hurry; with almost half (49%) of UK respondents admitting that they had left a company in the past and later went on to regret it - specifically, 55% of males said this, versus 45% of females saying the same.
An online survey was conducted by Atomik Research among 8,021 respondents from the UK, USA, Netherlands, Nordic region, and Germany, all of whom were office workers. The research fieldwork took place on 25th February – 7th March 2022. Atomik Research is an independent creative market research agency that employs MRS-certified researchers and abides to MRS code.