Three quarters of UK workers looking to move jobs for higher salary due to inflation
CV Library have revealed that over 75% of professionals in the UK are considering changing their job due to the rise in the cost of living.
4000 UK workers were surveyed, with the results revealing that when changing roles, the once enticing option of remote working has now been replaced with a need for a higher salary. Over 69% of respondents stated this was the deal-breaker when moving to a new position.
The problem is, even without the 30 year high level of inflation, salaries for jobs posted on CV Library are already lower than they were a year ago.
Retail salaries have seen the biggest reduction with a 5% drop, which in an industry that has already been heavily impacted by not only Covid but Brexit too, has resulted in major staff shortages.
On the flip side, there are sectors which have raised salaries by over 4%, but even this increase has been swallowed by the 7% hike in inflation.
Increasing salaries in line with inflation is not an option for every employer, especially those still bouncing back financially after Covid. 38% of businesses have said they will have to raise their prices to offset new pay rises this year.
In lieu of a pay rise – some companies are offering retention bonuses, which enables the employees to have a financial incentive without the employer committing to a permanent salary increase. This, as well as improvements in company culture and employee well-being are all implemented to retain employees in the hope they won’t jump ship for a higher salary.
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