42% cite ‘higher salary’ as the top incentive to change jobs

A recent survey reveals that 51% of UK employees are actively looking for new work in the next six months.

‘Higher salary’ remains the main reason for wanting to move jobs at 42%, followed by ‘meaningful and impactful work’ at 13%.

The research conducted by global talent services, Morgan McKinley, is part of its 2024 Salary Guide and reveals that UK workers were unhappy with the benefits they received: 59% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their packages. The top five desired benefits UK workers seek in a job are; working from home, bonus, pension, health insurance, and flexible working hours. Despite this, 49% of UK professionals are optimistic they will receive a salary increase in 2024 and 70% of employers plan to increase salary offers in 2024 for certain in-demand roles.

As for employers, the survey revealed that 86% of UK organisations have found hiring ‘quite’ or ‘very’ competitive in 2023. 46% have lost out on hiring new talent in the last six months as they ‘can’t compete on salary and benefits’, and 40% expect ‘lack of skilled candidates available’ to be their greatest 2024 recruitment challenge.  In addition, 52% of UK businesses plan to hire in the next six months.

David Leithead, Chief Operations Officer of Morgan McKinley UK, said: “The underlying economic gloom caused many employers to slow recruitment; the frenzy to secure new hires has been replaced by companies taking time and care to ensure the best hiring decisions are made. Despite this, the pressure to find new talent has remained, as companies look to drive ahead with change agendas, satisfy new regulatory and legal regimes, maximise commercial opportunities, and respond to turnover.”

For the full Morgan McKinley UK 2024 Salary Guide, visit: here