NEARLY half of the UK workforce (47%) will be looking for a new job in 2018, with nearly 1 in 5 people already actively searching for opportunities, according to new research produced by Investors in People (IIP) in their annual Job Exodus Survey 2018.
These findings highlight an improvement in satisfaction across the UK job market, representing a fall of 12% on last year’s figure, where 59% of respondents stated the intention to seek a new job. However, despite the reduction in the proportion of those considering a job move, there are still nearly 1 in 4 unhappy workers.
IIP CEO Paul Devoy comments: “In a year where unemployment has reached its lowest level since 1975, but wages have stagnated, the improvements to the labour market have failed to translate to the pockets of UK workers. With research suggesting that employee disengagement costs the UK economy £340 billion annually, bad leadership is eroding UK productivity. With 49% of workers citing poor management as the main reason they’re considering looking for a new job next year, management strategies must evolve to meet the demands of employees if organisations are to retain staff.”
The statistics also revealed that nearly a third (31%)of people would rather have a more flexible approach to working than a 3% pay rise, suggesting thatby offering simple schemes like remote working,employers canimprove job satisfaction.
The top three reasons for people wanting a new job are:
- They feel they can get more satisfaction elsewhere (48%)
- They feel they can get more money elsewhere (43%)
- They don’t feel their skills are valued by current employers (29%)
The poll also asked respondents how they thought Britain’s decision to leave the EU would affect their jobs. IIP’s results revealed that 23% of people believe that Brexit will negatively impact their job security. This result suggests that until there is more certainty about the post- Brexit deal for the UK, it is likely to continue to be a cause for concern.
The findings of Job Exodus 2018 show that if employers wish to attract and retain staff, they must not only offer pay at a competitive level for their sector, but they must also ensure good quality, enjoyable work.
Notes to editors:
A poll of 1000 employed people in the UK was launched on 21 November 2017, closing on 27 November 2017. A poll of 1000 unemployed people in the UK seeking work was also undertaken over the same period. Data was captured via an online survey carried out by research organisation One Poll.
About Investors in People
Investors in People is the Standard for people management. The international Standard defines what it takes to lead, support and manage people well for sustainable results.
Investors in People works with thousands of top businesses across the country, from Allianz Insurance, McDonald’s restaurants, to Brompton Bikes. With a community of 10,000 organisations across 58 countries, successful accreditation against the Standard is the sign of a great employer, an outperforming place to work and a clear commitment to sustained success.
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Download the full report here