To move or not to move

Recent contradictory surveys paint a picture of an undecided workforce with one saying that 72% of workers are not looking to move jobs this year, whilst another stated that 40% plan to move jobs in 2024. Couple this with businesses saying that retention is an issue, and you have a confused picture of what is motivating employees right now.

Stick or Twist
Post Covid issues, which will no doubt be with us for a few more years yet, such as job security, the cost of living, pay rises, home working, work-life balance, flexible hours and career advancement have certainly been big factors in motivating employees to stick or twist. These all affect people differently in different occupations and sectors so no wonder the market seems confused in today’s changing employment market.

Losing Staff
It must be hard for employers to get their ‘offering’ right as the cost, in terms of time and financial, to replace staff is at an all-time high, without factoring in if they can even find someone to replace them, with a skills shortage being acknowledged across most industries. In fact, a recent survey has shown that nine in ten HR leaders worry about losing staff due to being unable to meet their demands for pay and benefits increases.

The Age Gap
As expected, the age of a worker and the career stage that they are at all play a part in their relative stability. Younger workers are more likely to move for financial and career reasons whilst mature workers value job security and loyalty within the workplace.

The rise of the second job, or side hustle, is also a factor here as well.

Reasons for Moving
The three most prevalent reasons cited for wanting a change were career advancement, more flexible working arrangements and a greater salary and benefits package.

Whether employers can address any of these issues, or even afford to do so, remains unclear. Large corporations can often provide great benefits and salary packages, but could an SME, bearing in mind that they employ huge numbers collectively and provide over 50% of the UK’s GDP?