- Confidence in labour market reaches new high with 10 per cent rise in new job seekers
- Investors in People head Paul Devoy calls this a “stark wake-up call” for businesses
The New Year jobs rush could see an unprecedented high this year as 57 per cent of the UK workforce – 17.4 million people* - are considering moving jobs in the year ahead, according to research by Investors in People (IIP), the leading people management accreditation service.
In its annual Jobs Exodus survey tracking employee sentiment, IIP found that 60 per cent of people are not happy in their current roles, leading to a 10 per cent increase in people considering moving jobs since the start of 2014. ** As the economy gains pace, Investors in People is warning British businesses they need to invest in their people or face a potential exodus of talented staff.
Lack of job satisfaction is being cited as the number one reason for the desire to change roles, with almost half (48 per cent) believing they would be more satisfied elsewhere. Interestingly, job satisfaction is deemed more important than pay (44 per cent), while feeling valued at work by leadership teams is also rated as one of the highest factors (30 per cent) influencing perceptions of current employment.
The number of workers who think the jobs market has improved in the past year, with more opportunities for new employment, now stands at 32 per cent, up from 28 per cent in 2014. 16-24 year olds are the most optimistic about their job prospects in 2015, with 39 per cent believing that the job market has improved, compared to an average of 32 per cent for all age ranges. Men are more likely to move jobs in the next 12 months, with 59 per cent considering a job change, compared to 56 per cent of women.
The professional services industry is the most at risk sector, with 68 per cent of staff considering moving, a notable rise from 55 per cent last year. Businesses in London, Brighton and Bristol face the highest risk of staff departures, with 66 per cent, 64 per cent and 63 per cent considering moving respectively.
Paul Devoy, Head of Investors in People, said: “This latest report highlights an increasingly fluid employment market. As the UK economy warms up staff are thinking about where their career is headed and are aware of the opportunities out there. The research should be a stark wake up call to many businesses. These companies must work hard to retain the staff they have and also put the effort into attracting top quality talent from elsewhere.
“This exodus is driven by workers that value the wide range of professional and personal benefits that a good employer can bring: career progression, job satisfaction and development of expertise. Employers must carefully consider what they offer their staff; an active jobs market can be a blessing to those who raise the standard of how they treat, train and develop their people.”
Lacking proper internal management can put people off applying for jobs, as having a reputation as a good employer is one of the top three considerations for prospective employees (cited by 39 per cent of respondents). This is alongside competitive pay (64 per cent) and enjoying your work (62 per cent).
The survey shows that there is growing optimism around job opportunities amongst the UK workforce. As the leading accreditation for people management, IIP provides a world recognised management standard that helps business continuously develop their staff and get the very best from their people. Employers offering this standard of people management and staff engagement are, as the survey shows, best placed to take full advantage of the current jobs market. Separate research from the UKCES Employer Skills Survey (2011) found that 76% of IIP accredited organisations provided training in the previous year, compared to only 56% of non IIP organisations, and that IIP organisations provide 8.2 days of training per annum compared to only 7.1 days for non IIP organisations.
For more information, please contact Eulogy:
James Steward/David Cohen/Radhika Popat
0300 303 3033
*Figures taken from ONS Labour Market Statistics, June 2014. 30.54 million people are in work. 57 per cent are considering moving jobs = 17.4 million people
** Survey carried out by OnePoll. 2000 employed adults in the UK were surveyed online between 11th and 16th December 2014