According to the latest report titled “The Evolution of Work 2.0” from APD Research Institute®, UK workers job hop for less of a salary increase compared to Europeans. The report who asked 8,500 employees and employers across 13 countries found that UK workers will leave their current job for a 10% pay rise compared to the 12% in which Europeans hop for. The responses from the report highlighted a disconnect between workers and their employers around key factors such as talent management, recruitment, retention and corporate performance.
Two thirds of employees are actively looking, or open to a new job. Engagement has been the priority for many businesses to improve and this figure should encourage more to do so. Employers continue to suggest that they struggle to find ‘top talent’ despite the large amount of people willing to discuss a new opportunity and leave their current employer. Employers think that to keep a member of staff requires a 11% pay rise, so these new findings surprise them.
Annabel Jones, HR Director at ADP UK, commented on the results:
“Salary stagnation is a real issue in the UK. 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.”
When it comes to moving jobs, one in three employees in the UK will consider sourcing a job in a new industry or sector compared to only one in five in France, but did admit that this would be harder to do (67% versus 64%).
“Inflation has risen rapidly since the Brexit vote last June,” Jones continued, “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.”
APD stated that:
Employees concentrate on the day-to-day—what’s important for them today, and will impact them at work. Employers focus on the bigger picture and long-term view—what’s the health of the business and how well developed is long-term career pathing?
Although employers understand that performance management and career planning will be the top drivers for talent going forward, employees remain wary about the meaningfulness and fairness of these initiatives. Companies that can connect management and employee expectations will be better positioned in an ever-increasing competitive world of talent acquisition.