The Great Resignation Continues: 1 in 5 Workers are Likely to Change Jobs within the Next Year

A survey conducted by PwC in March 2022, which involved 2,000 UK workers from a variety of industries, discovered that:

• 18% said they were “very” or “extremely likely” to find a new employer within the next 12 months, and 32% said they were “moderately” or “slightly likely” to switch employers within the next year.
• 16% were planning to leave the workforce temporarily or permanently. Since the start of the pandemic, there has been a surge in the number of people leaving the workforce and being classified as economically inactive.

Overall, PwC found that Gen Z (those aged 24 and under) and Millennial workers (25 to 40-year-olds) were most likely to be seeking new jobs, raises or promotions. People in management positions were found to be more content with their current jobs, than those in non-management roles.

The main motivators for changing jobs are an increase in pay (72%), wanting a more fulfilling job (68%) and to “truly be themselves at work” (63%). However, having the choice to work from home is also a priority for workers, although a majority want to mix it with at least some time in the office.

The current candidate-driven market means that employers need to reassess what they are offering employees to be able to attract and retain the best talent. This could be through reassessing salaries and benefits or offering opportunities for hybrid/ flexible working which shows care for employees’ work/life balance.

However, Microsoft’s 2022 Work Trend Index has found flexible working can lead to longer working hours. So, while work flexibility and work-life balance are both increasingly important, the first doesn’t guarantee the second. Therefore, for businesses to attract more candidates and retain their employees, they should ensure that company culture encourages flexibility while simultaneously discouraging overworking and burnout.

Steve, Director at T2M Resourcing comments: This doesn’t present any great surprises, although the reality of how markets are moving against a back-drop of economic uncertainty and rising costs will (in my opinion) level out what is currently an over-heated employment market where candidates believe they can ‘call the shots’. My main concern is that some candidates are influenced to make career move decisions based on the highest salary on offer or the most flexibility to ‘work from home’ as opposed to what opportunities present the best long term career development. The boom in demand for quality talent has been greater than many anticipated post pandemic, but I urge candidates to think carefully about the longer term rather than ‘cashing in’ on current high demand salary inflation.