More London workers eye job change as cost-of-living crisis makes them restless
Millions of Britons and around one-in-six Londoners are looking to change jobs in the next six months according to new research, in a sign that the UK’s labour market could get even more competitive.
Around one in seven workers questioned by Barnett Waddingham, the professional services consultant, predicted they would have different work in six months time. That’s around 14%, and would add up to about 4.2 million people nationally, in a jobs market with just over 1 million live vacancies.
The proportion of London workers looking to move was slightly higher – at 16% –, with the capital’s famously competitive workforce accustomed to being on the look-out for new opportunities.
The cost-of-living crisis is a major factor, with 34% of the confirmed jobseekers nationwide saying they are motivated by a higher salary. Pensions are important too, with 7% seeking better retirement benefits.
It could add up to a headache for hard-pressed employers who may face a staff exodus when the jobs market picks up and vacancies start to rise, just as while inflation-related wage demands are kicking in.
But Barnett Waddingham points out that restless employees can also be retained via better or more flexible ways of working. It found over a fifth of people looking out for a move want more flexibility with 15% wanting to work from home.
Julia Turney, a partner at Barnett Waddingham, pointed that “there are dissatisfied employees with nowhere to go … but the labour market conditions may be keeping them still.
“Last year’s war for talent is not over; it has just evolved from the grounds of recruitment to retention and progression. Employers have an opportunity to tackle this problem head on. Some employees are looking for better salaries; this may be feasible financially, or it may not, but it’s down to employers to have those conversations transparently and openly.”
The survey was conducted among over 3,000 employees aged over 18 in late January.
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Source: Evening Standard