UK Job-Market Shake-Up: Half (49%) Employees Poised for Career Moves in 2024
- New research from employee benefits and engagement leader Pluxee UK shows that more than a third (37%) of UK employees would reconsider a job change if their current employer offered them improved financial benefits and incentives; 17% would reconsider on the basis of confirmed flexible working policies
- More than half (54%) of UK employees believe that there is a gap between their expectations and their organisation’s HR priorities for the new year
LONDON UK, TUESDAY 5 DECEMBER 2023: While unemployment in the UK has reached record lows, labour shortages are still impacting the job market, driving up wages and giving employees more leverage to prioritise their salaries, benefits, and wellbeing. Within this context, new research from Pluxee UK reveals that though 72% of UK employees are satisfied with their current work conditions, half (49%) are likely to actively seek out new job opportunities in 2024.
The intention to search for a new role is particularly prevalent among 18-24-year-olds (63%) and 25-34-year-olds (66%). As many prepare to buy their first homes and start families, both age groups (Generation Z and Millennials, respectively) tend to value financial wellbeing and work-life balance above other generations.
Overall, when asked what current employers might offer to influence UK employees' decision to change jobs next year, more than a third (37%) of respondents cited improved financial benefits and incentives, followed by confirmed flexible working policies (17%). With the cost-of-living crisis still being felt among UK workers, many are looking for extra income to cover day-to-day spending. And against the backdrop of stressful working environments and an uncertain economic climate, employees are also prioritising their wellbeing by allocating time to family, personal activities, and self-care.
This data is consistent with what UK employees believe should be the top priorities for HR teams over the next 12 months; 44% of respondents have reward and recognition programmes front of mind. Following closely is prioritising employee health and wellbeing (40%) and fixed flexible working policies (38%).
Graham James, Director at Pluxee UK, said: “Employers are under increasing pressure to retain their staff, who are enticed by higher salaries elsewhere. While not every business can afford to offer significant pay rises or bonuses, many organisations can take steps to ease financial stress and help employees manage financial worries.”
He continued: “Pluxee UK’s research has shown that employees can potentially benefit by up to £1,679 through cashbacks and savings offered by employer-provided schemes. Investing in initiatives like employee assistance programmes and providing access to independent financial advice is essential. These measures not only reduce employees’ stress, but also significantly contribute to attracting, retaining, and engaging skilled talent.”
Pluxee UK’s research also found that more than half (54%) of UK employees feel there is a gap between their expectations and their organisation’s HR priorities for 2024.
- The reasons cited include:
- Low wages in relation to current cost-of-living
- Lack of support with financial planning
- Challenges around work-life balance
- Need for improved employee wellbeing plans
- Lack of a tailored approach to benefits
Graham added: “When considering benefit provisions, it's essential to listen to employee needs. Regularly reviewing and enhancing benefit offerings based on employee feedback is key. Anonymous employee engagement surveys and one-to-one conversations provide valuable insights that help HR teams understand the issues at hand. Beyond pay increases, organisations can support employees by educating them in financial literacy, or offering other benefits like the option to purchase annual leave, which may also align with their needs.”
When planning employee benefits, it is important to have a trusted partner to help HR teams navigate any challenges and create tailored programmes that meet the needs of their employees.
For more information on this, visit Pluxee UK.
ABOUT THE RESEARCH
The research was conducted by the independent market research consultancy, Censuswide. 1,000 Employed Respondents in the UK (aged 18+) were surveyed via an online link between the 23rd and 25th of November 2023. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of the British Polling Council.
ABOUT PLUXEE UK
Pluxee is the global leading employee benefits and engagement partner that opens up a world of opportunities to help everyone enjoy more of what really matters to them. Through a full range of innovative and digital solutions deployed in 31 countries, Pluxee creates meaningful, engaging, and personalised experiences to contribute to the well-being of individuals at work and beyond.
In the UK, Pluxee offers award-winning employee benefits, rewards and recognition all designed to bring more value to people. Globally, Pluxee supports the purchasing power and promotes the well-being of more than 36 million consumers. Pluxee accompanies 500,000 clients to develop more meaningful relationships with their employees and improve their engagement. Pluxee simplifies the life of 1.7 million merchants every day. Strengthened by its historical ties with Sodexo, Pluxee with its 5,000 employees is committed to increase its influence as CSR leader by giving its clients, partners and consumers the means to make more sustainable choices every day.
For more information: www.pluxee.uk