Stability and a livelihood is an essential for many people, with 26% of working Brits revealing they have stayed in their role for longer than they would like due to economic conditions, even if they’re unhappy with their current position or workplace.
60% of employees are also concerned about financial pressures when thinking about the job market and UK economy, and this is reflected in what employees look for in their roles. 86% said salary is a contributing factor when moving jobs, more than work-life balance (84%) and even job security (83%).
26% of employees reveal they have stayed in their role for longer than they would like due to economic conditions
- 19% are planning on leaving their role as they need a higher salary and compensation package in light of economic conditions
- 17% have stayed in their role for longer than they’d have liked to make use of work-provided benefits
- 11% are planning on leaving their role due to a lack of work-provided benefits
- 11% are planning on leaving due to a lack of progression
When thinking about the job market and UK economy, 60% of employees are concerned about cost-of-living/financial pressures
- 56% are concerned about the overall economy
- 51% are concerned about the need for stability
- 46% are concerned about job availability
- 44% are concerned about the lack of suitable jobs right now
- 41% are concerned about losing benefits
- 32% are concerned about probation issues if they move
This is reflected in what people look for in their work:
- 86% say salary contributes to their decision to work with a new employer
- 84% say work-life balance contributes to their decision to work with a new employer
- 83% say job security is a contributing factor
- 81% say location is a contributing factor
- 75% say benefits and perks is a contributing factor
- 75% say company culture is a contributing factor
- 70% say flexible/remote working is a contributing factor
- 67% say career progression is a contributing factor
Chris Britton, People Experience Director at Reward Gateway | Edenred, comments: “Traditionally, long tenures and high retention rates have been a sign of a good place to work, whether that meant pleasant work culture, generous benefits or quick progression. In recent years, this is no longer the case. In a time where stability is ‘more important’ than wellbeing, employees are holding onto their jobs as a solution to rising costs and economic uncertainty rather than exploring what else is available to them. This can lead to an unmotivated, burn-out workforce rather than a creative, innovative and productive one.
“Businesses are in the unique position to transform the lives of their workforce, especially in uncertain or difficult times. Not only will employees feel happier, they will feel more valued in their roles – so businesses can benefit from a workforce fired up to produce the best results. Whether this is introducing new low-cost benefit schemes, or adopting new strategies to improve the workplace culture, even the smallest of steps can make a significant difference in the lives of employees.”