A new Salary and Benefits Review reveals a high level of happiness among the workforce – with 49% of participants stating they are ‘quite happy’ in their current positions and yet this satisfaction does not reflect the fact that 40% of UK professionals plan to change their job in 2024.
The latest Tiger Recruitment survey, which polled 1,836 UK professionals, reveals an insight into the workforce in 2024 and highlights why employees are motivated to change jobs. Key findings include;
Career Advancement: A lack of personal and career development opportunities is the main reason for a job change, cited by 51% of respondents, with individuals working for large organisations being a factor to consider other roles due to a lack of progression.
Salary Stagnation: 43% of those surveyed are contemplating a move and have not received a salary increase in the past year, pointing to financial recognition as a key factor in job satisfaction.
Flexible Working Desires: The search for improved flexible working arrangements reflects the evolving expectations of work-life balance. Half of the surveyed professionals are either contemplating or have already taken on second jobs. This surge in secondary employment is attributed to the economic challenges, indicating a proactive approach to meet financial needs. The study further highlights that it’s predominantly women aged 25 to 34, earning between £30-35k, who need additional employment the most.
The study further highlights that it’s predominantly women aged 25 to 34, earning between £30-35k, who need additional employment the most.
The survey also signals a positive shift in employer support to mitigate these financial burdens. Now, 54% of employers are extending benefits to alleviate the cost of living for their employees, marking an increase from 48% in the previous year. Large organisations are leading by example, offering salary enhancements, flexible options for working from home to reduce commuting expenses, and one-time payments or bonuses to assist their workforce during these economically uncertain times.
On the back of the survey, Tiger Recruitment compiled a top three list to help organisations retain top-tier talent;
Competitive Salaries – Employers need to recognise the pivotal role of competitive salaries in attracting and retaining top employees. They should regularly assess industry benchmarks and adjust compensation structures to remain appealing in the competitive job market.
Wellbeing Initiatives – By implementing comprehensive well-being initiatives, employers should go beyond traditional benefits and offer flexible work schedules, mental health support, and wellness programs to address the needs of their workforce.
Addressing Cost-of-Living Challenges – Companies should consider offering financial wellness programs, cost-of-living adjustments, or other supportive measures to alleviate economic strains.
