Research by Ipsos has found that in the last three months 47 per cent of British workers have either looked for another job (29 per cent), thought about quitting their job (26 per cent), applied for another job (13 per cent) or spoken to their employer about resigning (6 per cent).
The research suggests that 2022 will be a turbulent year in the jobs market, putting pressure on employers to do more to retain staff. More than a quarter of workers (27 per cent) have either asked for a pay rise (12 per cent), a promotion (9 per cent) or spoken to their employer about changing their role (13 per cent). Worryingly for employers, 51 per cent of workers who did not receive a pay rise last year have subsequently thought about leaving or actively looked to leave – but so have 44 per cent of those who did receive a pay rise.
Younger workers are the most restless – 56 per cent of those aged 16-34 say they have considered quitting or are looking or applying for a job outside their current company. They are also the most likely to demand a pay rise or promotion – 42 per cent of 16-34-year-old workers have tried to negotiate improved job conditions compared with 24 per cent of those aged 35-54 and 11 per cent of those aged 55 or over.
Men are more confident than women about asking for a pay rise, promotion or change of role (32 per cent compared to 22 per cent), although there was no gender difference in the percentages looking for a new job or considering quitting.
For those who are happy with their job, salary, while important, is not the main cause of job satisfaction. More important factors are the type of work they do (43 per cent), work/life balance (38 per cent), colleagues (36 per cent), how interesting their work is (35 per cent) and how secure their job is (35 per cent). Thirty-four per cent say salary was a factor in job fulfilment.
However, amongst those who are dissatisfied with their current job, more than half (55 per cent) cite pay as the main reason. This is easily the most significant factor – other reasons given are issues with their line manager (28 per cent) or senior management (24 per cent); their workload (27 per cent); how interesting their work is (27 per cent); the type of work they do (24 per cent); and the overall culture at work (26 per cent).
Almost half of British workers (49 per cent) say they did not receive a pay rise, or any increase in their income, in 2021. Even amongst those fortunate enough to have received a pay rise, two in five say it was less than the rate of inflation (40 per cent), whilst 33 per cent received a raise of about the same as inflation. Only 20 per cent received a pay increase higher than inflation.
Men fared much better than women – 55 per cent say they received a pay rise, compared to 39 per cent of women.
Across the workforce, there is widespread pessimism about financial prospects in the coming months. Almost six in ten workers (57 per cent) think it is unlikely they will receive a pay rise higher than inflation – which is estimated to peak at 6 per cent in April – whilst only 31 per cent believe they are likely to receive an inflation-busting pay rise.
“A new year might make workers take a fresh look at their job, and our data suggests many are at least thinking about this – although they are more likely to consider leaving their job than asking for a pay rise or promotion at their current place of work,” said Trinh Tu, managing director of public affairs at Ipsos UK. “People who are dissatisfied with their job are, of course, particularly likely to consider leaving, with pay a key driver of this. But it should be noted that they are in the minority – most people are at least fairly happy at work, and for reasons that extend beyond pay, such as for the type of work they do, their work-life balance, their colleagues and job security.
“That doesn’t mean there is much hope among workers that their pay will outstrip the cost-of-living crisis,” Tu added. “Only a minority are optimistic that they will get an inflation-busting pay rise this year, and even fewer report receiving one last year. This, combined with continued gender differences in pay rises and asking for promotions, suggests British employers shouldn’t take job satisfaction among their workers for granted.”
