Recent research reveals a significant shift in the UK job market, with one in four workers eyeing new opportunities amidst rising cost-of-living challenges.
- The survey by HR provider Ciphr indicates that younger employees, particularly Gen Z and Millennials, are most inclined to seek higher-paying roles.
- The data shows that over half of job seekers are increasing work hours or taking on additional jobs to boost income.
- Geographic trends highlight that Londoners and those in the South West, Northern Ireland, and Scotland are at the forefront of this job hunt movement.
- Certain industries, including sales, consulting, and IT, are experiencing higher turnover rates compared to others, like law and logistics.
Recent research conducted by HR software provider Ciphr has unveiled a significant trend in the UK job market: one in four workers are actively seeking new employment opportunities. This movement comes in response to ongoing cost-of-living pressures that many employees face. The survey gathered responses from over 1,200 individuals, revealing that 15% had transitioned to a new job within the past six months, while an additional 26% have been actively job hunting.
Young workers, particularly from Generation Z and Millennials, are prominently driving this change. More than half of Gen Z respondents, aged 18-24, and a third of younger Millennials, aged 25-34, expressed their intention to secure better-paying positions. This trend contrasts with the responses from older age groups, including 35-44 year-olds (28%), 45-55 year-olds (22%), and those over 55 (9%).
In an effort to cope with financial strain, over half of those seeking new positions have opted to work additional hours or take on secondary jobs. About 40% have acquired side hustles to supplement their primary income, highlighting the financial challenges impacting workforce decisions.
Geographic trends further illuminate the job-seeking landscape, with London witnessing over 37% of its workers actively exploring new job opportunities. Similarly, regions such as the South West of England, Northern Ireland, and Scotland report nearly 31-32% of employees considering employment changes. Contrarily, employers in the East Midlands are less affected, with only 12% of residents seeking new roles.
Moreover, industry-specific data point to a notable exodus from certain sectors. Sales, business consulting, and IT are among the hardest hit, with approximately one in three employees contemplating a job switch. Meanwhile, the legal sector and transport and logistics are experiencing lower turnover rates, around 15-17%, underscoring varying levels of job market stability across different fields.
According to Claire Williams, Ciphr’s chief people and operations officer, “It’s still a highly competitive job market, and I’m sure most employers are very aware that retention continues to be a challenge. Especially when so many people are continuing to feel financial pressures.” Williams emphasizes that while salary is a critical factor, other elements like work-life balance, career opportunities, and management practices significantly influence employee retention and decision-making.
Understanding and mitigating employee turnover is imperative. Employers are advised to analyze trends and align them with market realities, crafting strategies to enhance employee retention. Claire Williams notes the importance of a collaborative approach, involving HR teams and management, to foster a supportive work environment, ensuring employees feel valued and inclined to remain with their organizations.
The dynamic shifts in the UK job market underscore the need for strategic interventions to address employee retention and job satisfaction.
