The 2019 Job Exodus research developed by Investors in People has demonstrated that in an age of job uncertainty, growing competition and rising workplace stress and anxiety, one in three workers report being unhappy at work and 45 per cent are looking to move jobs in the next year. While this means there has been a slight reduction in the proportion of those considering a job move, there are still nearly 1 in 3 unhappy workers in our workforce.
IIP CEO Paul Devoy comments: “Despite a decade or more of research looking at the economic benefits of happiness, it’s frustrating that all too often, wellbeing at work focuses on reducing stress not increasing happiness. Yet we know that humans want to be engaged in meaningful relationships, feel valued and useful. And that in this environment people are both happier and more productive.”
He continues: “Empirical analysis and experience have shown that increasing happiness has anything from a 12 per cent to 14 per cent effect on productivity. Some estimate that for every £1 that an organisation invests in mental wellbeing support, they can expect £9 return on investment. If organisations are to attract and retain talent, then leaders need to act on this area of employee experience and increase the happiness of their people.”
Overall, 54 per cent of job seekers are looking for an increase in salary but paying your people more isn’t the best way to retain talent. Instead workers stay in jobs where there is a good work-life balance (37 per cent) and a good team (34 per cent).
Despite economists’ predictions that the gig economy is the way of the future, the research indicates that job security is what nearly half of all workers are looking for. Both the Taylor Report and subsequent Good Work Plan highlight the value of flexi-time to UK workers, something 25 per cent of workers here agree with. However, in addition to job security, UK workers are demanding good teams (34 per cent) and want to feel valued at work (16 per cent). Indicating that people are prepared to give up some flexibility to re-establish a social contract with employers.
With only 5 per cent of workers reporting trust in their leaders it’s no surprise that workforce is willing to look elsewhere for security.
The top three reasons for people wanting a new job are:
- They feel they can get more money elsewhere (33 per cent)
- They feel they can get more satisfaction elsewhere (30 per cent).
- They don’t feel their skills are valued by current employers (21 per cent)
Investors in People results revealed that 26 per cent of people believe that Brexit will negatively impact their job security, which is a 3 per cent increase from last year indicating that until there is more certainty about the post- Brexit deal, it is likely to continue to be a cause for concern for the workforce.
The Job Exodus 2019 research clearly outlines 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.