Staff switch jobs for 10% rise
Beckett Frith, October 31, 2017
Employers underestimate the number of their employees who are open to new positions
UK employees are happy to leave their jobs for less money than their European peers, according to a study by the ADP Research Institute.
The Evolution of Work 2017 report, which surveyed over 8,500 employees and employers across 13 countries, found that UK employees would leave their roles for a 10% pay rise. This compared to a European average of 12%.
Employers were found to underestimate the number of their employees open to new positions. While 42% of workers in the 13 countries said they were open to the idea of switching jobs, employers predicted only 21% of their workforce would feel this way.
Globally more than half (56%) of employees agreed with the statement that 'there is no such thing as job security today.' However UK employees were slightly more likely to believe in job security (38%), compared to their European counterparts (36%).
Employers were also likely to assume their workforce felt more purposeful and valued than they actually do. While 61% of British employers said their staff feel purposeful, only 46% of workers agreed. When it came to feeling valued, 56% of organisations said they made their staff feel this way, compared to just 38% of employees who agreed.
Annabel Jones, HR director at ADP UK, said that organisations need to review wages if they want to retain their best employees. “Salary stagnation is a real issue in the UK,” she said. “With a record number of job vacancies now available in today’s market, employers need to ensure their employees have regular opportunities to progress in their careers whether this is through regular pay reviews, appraisals or training and development.”
She added that Brexit may be having an impact on employees’ choices. “Inflation has risen rapidly since the Brexit vote last June,” she said. “This means that UK consumers are suffering a sustained fall in living standards as the real wage falls further. This may well be why UK employees need a smaller salary increase to motivate them to change jobs.”