Workers are being warned that moving jobs in the New Year in search of a higher salary to fight the cost-of-living crisis may end up little more than wishful thinking.
According to research by employee benefits company Unum, one in five workers are planning to look for a new job.
Yet despite predicting that 5.4million workers will be looking for a better job, the findings do not take into consideration what experts fear could be a sharp recession lasting a couple of years.
Change of scene: According to research by employee benefits company Unum, one in five workers are planning to look for a new job
The Recruitment and Employment Confederation says that while the jobs market may look buoyant – with an unemployment rate of just 3.6 per cent – the reality is that as workers stare into a recession it may well be a case of battening down the hatches and sticking with the devil they know rather than gambling on finding a new job.
It adds: ‘While it is totally understandable that people feeling the squeeze might be looking for better alternatives – and in certain areas, such as healthcare, it is true there is a shortage of staff so better employment opportunities may arise. But the predicted rush for new jobs should be treated with caution.’
Unum’s research also confirmed a majority of people are prioritising their personal finances as the cost-of-living crisis bites. Some 16 per cent of those surveyed also said they expected to take on a second job to help boost their household income.
Mark Till, chief executive of Unum, says: ‘Between employees planning to seek new jobs for better benefits – and those saying they will look at a second job – more than ten million workers may make big employment decisions next year. It is important employers understand the need for better employee benefits if they wish to keep hold of existing staff.’
