Amidst the ongoing cost-of-living crisis, a significant portion of the UK workforce is considering a job change.
- Research reveals that one in four employees is actively searching for new job opportunities in the current economic climate.
- The younger demographic, particularly Gen Z and Millennials, are more inclined towards seeking better compensation.
- Additional work hours and side hustles are common among those looking for new employment.
- Sector-specific job hunts are prevalent, with sales and IT industries showing the highest turnover intent.
In light of continued economic pressures, around 25% of the UK workforce is contemplating a job change this year, as highlighted by a recent survey conducted by HR software provider Ciphr. This comprehensive poll, involving over 1,200 employees, underscores a growing trend of job mobility within the UK labour market.
Particularly among younger employees, the tendency to seek alternate employment is notable. Over half of Gen Z employees, aged between 18 to 24, are considering new roles to secure better pay. Similarly, 34% of Millennials aged 25 to 34 are also exploring newer, potentially more lucrative opportunities, contrasting with just 28% of employees aged between 35 to 44, and a mere 9% of those over 55.
An increase in working hours and the pursuit of additional jobs or side hustles are prevalent among those looking for change, with 53% of respondents either taking on more shifts or securing a second job to bolster their income. This highlights a proactive effort by many to counterbalance the high cost of living.
A regional perspective indicates that Londoners are most actively seeking new employment, with over one-third of the city’s workforce engaged in job hunting. Meanwhile, the South West of England, Northern Ireland, and Scotland also report significant activity in this regard, unlike the East Midlands where only 12% are job searching.
A distinct pattern emerges among various sectors with high turnover intentions. About 37% of employees in sales, along with those in business consulting, hospitality, and IT, are particularly prone to changing jobs. In contrast, legal professions and transport sectors show a lower propensity for job hunting, with only 15% and 17% respectively intending to switch roles.
The findings underscore the impact of economic challenges on job mobility, necessitating strategic HR interventions to improve employee retention.
