Career Committing
New research conducted by Instantprint has found that 2024 is shaping up to be a year in which the majority of employees elect to remain with their current employer and not to change jobs (a trend dubbed as 'career committing').
The trend is in marked contrast to a few years ago, where research found that a much higher percentage were looking for a job change (the so-called 'great resignation'), but that quickly led to the ‘the great regret’ in which various surveys found that between 72% - 80% regretted their job change
The new survey on career committing found the following:-
- 72% of workers are looking to remain with their current employer, and "a third of them shared that they plan to remain in their current job for a good few years." This finding follows earlier research by LinkedIn which found that given economic uncertainty, 56% of employees in the UK have implemented constructive changes in their current workplace, in anticipation that they will be staying with their present employer for the foreseeable future
- The older the employee, the higher the probability that they will remain with their current employer and engage in career committing
- More than 75% of workers are happy in their present role, and of those that are happy, just 3% are considering a change of job
- Over 50% of workers are of the view that their current salary is "fair", with 69% stating that their salary is sufficient to enable them to survive the cost of living crisis. Just 10% stated that the cost of living crisis would force them to change jobs this year for a higher salary
The Instantprint research concluded in relation to career committing that: "It’s clear to see that the working landscape has changed a lot in the last 12 months. UK office workers are more focused on building a career where they are, only uprooting if needs must."
Previous research in relation to career committing found that there is a growing desire amongst workers generally to fully commit to a specific career path and invest in long-term development within that field. The traditional notion of job hopping has given way to a more focused approach with career committing, where workers are now prioritising skills acquisition and specialised expertise.
The research findings suggest that the shift towards career committing is being driven by several factors, including the need for stability and security in an uncertain economic landscape, as well as the recognition that deep knowledge and experience within a particular domain can lead to greater long terms success and career advancement opportunities.
Moreover, the research highlights that career committing is not limited to any specific industry or occupation. It has been observed across various sectors, from technology and finance to healthcare and the creative fields. This trend is also seen observed amongst both millennials and older generations, indicating a broader societal shift in attitudes towards career committing and long-term career planning.
Increased Confidence Amongst Small Businesses
New research just published by Moore UK has found that 80% of owner managed businesses anticipate hitting their profit targets this year, and 88% believe that they will hit their revenue targets. This is the highest level of confidence reported amongst such businesses since 2021.
Furthermore, 91% of these firms report that they believe that their profits will increase in 2025, and 49% are planning to recruit new staff in the next 3 months.
Commenting upon the findings, Chair of Moore UK, Maureen Penfold, states: "UK small businesses clearly see light at the end of the interest rate tunnel. Business owners are confident that 2024 is going to see a better economic landscape than 2023 and their businesses will see increased profits as a result. It’s promising to see that reducing headcount is far from the minds of many, even with a lot of economic black clouds still present. The coming year will see staff recruitment and retention remain a key priority as businesses continue to invest heavily in their talent."
