A quarter (25%) of employed people in the UK will look for new, or additional, work in 2023 to combat the cost of living, research from Barnett Waddingham finds.
More than two-fifths (43%) of those aged 18-34 said they would look for a new job in the next year.
A staggering one in five (20%) are taking on additional work on top of their current job, and around one in ten (11%) are leaving to look for a higher salary.
Also, 8 percent of employees said they have actively stopped looking for a new job, with some deeming it too risky (5%) and others doubtful whether they would be able to find more work (3%).
Benefits are of least concern for those searching, with just 5 percent considering finding a job that offers better benefits than their current employer.
Figures may point to the ‘Great Resignation’ trend still being felt across the market, but also reveals younger workers struggling to make ends meet with a single job.
Julia Turney, Partner and Head of Platform & Benefits at BW, said:
“These are concerning findings for businesses in 2023. Not only are employers faced with potentially losing a significant proportion of their workforce, but the data also demonstrates a lack of confidence among younger workers that their employer will support them during these difficult times.
“The fact one in five young employees are now looking to work more than one job, and one in ten are seeking higher salaries, highlights just how important remuneration will be for employers to retain staff and improve employee satisfaction this year. With fewer employees now seeking jobs with better benefits, it could suggest the ‘War for Talent’ we saw last year has paid its dividends, or perhaps more likely it has simply become less of a priority for people amidst rising costs.
“While it’s clear businesses should be reviewing salaries and remuneration packages if they are to support younger staff, they should also seek to reassure them and understand the financial pressures faced by this demographic. We often find employees are simply unaware of the benefits and financial support their employers provide, so transparency and education must be a priority. With further economic turmoil likely on the horizon, it should be the imperative of every business to support and guide their staff to minimise anxieties and improve trust, loyalty, and retention.”
