More than half of employees are considering quitting over poor pay, as cost-of-living shows no sign of slowing down
More than half (54%) of employees would consider quitting a poor paying job to pursue a pay rise, with just under a quarter (21%) planning to leave within the next six months. This is according to HireVue’s latest Candidate Experience Report – the global leader in video interviewing, assessments and AI recruiting tools.
Millions of people across the UK are reconsidering career opportunities to offset struggles with the cost-of-living crisis. Wages are not meeting rising inflation and just a quarter of companies are willing to increase pay as a result of soaring living costs.
HireVue’s annual ‘Candidate Experience Report’ surveyed more than 1,000 UK workers, exploring current attitudes to work and the workplace.
Lack of benefits, progression and flexible working are also driving resignations
In addition to pay, almost a third (31%) of employees stated poor benefits would be a reason to leave. Many businesses are looking to improve workplace benefits to help ease struggles, and also improve employee retention. Yet, as the smaller figure – in comparison to pay – businesses would be better off increasing pay brackets.
Almost a quarter (24%) of employees also suggested a lack of flexible working would play a part in choosing to leave their current employer. Over a quarter (26%) also referenced lack of progression as a reason to quit.
Richard Matthews, Head of Talent, Resourcing & Employee Relations, The Co-operative Bank said, “The UK labour market has been in a huge state of flux over the last few years when you factor in the impacts of IR35 tax legislation, Brexit, Covid and the ‘Great Resignation.’
“Candidates have a huge amount of choice so if you don’t have a compelling employer brand, diverse attraction methods, the latest market insight and a seamless assessment and onboarding experience you will get left behind. Ensuring your hiring process is authentic and consistent with the reality of your organisation is key, otherwise you will see attrition increase.”
Darren Jaffrey, General Manager of EMEA & APAC at HireVue added, “The combination of pay, progression, benefits and flexible working all play a part in helping businesses retain and recruit top talent. And for candidates, it’s clear they view these key areas as the main drivers to stay in roles. And rightly so.
“What’s interesting is that despite pay coming out on top as the leading factor for employees to quit, we’re still seeing businesses put more effort into other factors of the business. For example, ignoring soaring inflation and what truly matters – recognising their employees’ struggles and paying them fairly in this time of need.”
Demographic differences are also determining workplace satisfaction
The data revealed younger groups are more likely to change jobs based on company experience, with a fifth (20%) saying they would due to burnout, just 16% if they didn’t agree with the company vision, and over a tenth (14%) based on diversity and inclusion.