A new survey has revealed that more than one in three UK employees will be looking for a new job if they don’t receive a pay rise in the next year.
The Glassdoor UK Employment Confidence Survey calculates that almost 12 million people could potentially change jobs in 2015, which could add up to a possible recruitment bill of £360 billion for businesses.
35 per cent of employees, however, are confident about getting a pay rise, with almost half of these (48%) expecting an increase of 2 per cent or less, which is around four times the UK’s current rate of inflation (0.5%)
Career and work expert for Glassdoor, Jon Ingham ,said: “With around half of employees not expecting a pay rise and a third saying they’ll be looking for new jobs if they don’t get one, it seems like many employees are prepared to move on.
“If these 12 million workers are on the lookout for better opportunities, expect this to spark a flurry of job moves, which is good for recruiters, but bad for employers’ bottom lines.”
Part of the survey asked about negative workplace changes, with 36% of those affected said their employer had reduced pay and bonuses. On positive workplace changes, 49% cited new company benefits such as flexible working.
Penna head of career development Steven Ross commented on the results saying that retention was becoming a major issue with employers.
“With reports of more vacancies than those job hunting at the moment, the pendulum seems to have swung back in the employees’ favour,” he said.
Separate research from Penna found that ‘lack of career opportunities’ is the main reason for employees leaving, with more than 50% resigning due to perceived lack of development.
Ross added: “Businesses need to consider what they can be offering employees as an incentive to stay – and it doesn’t always mean pay rises. Could you offer a mentoring scheme or invest in learning and development technology? Salary isn’t usually the sole reason for talent to leave, so it’s important to consider what else can be done to encourage the best people to stay.”