Over A Third Of Workers Intending To Look For New Job In New Year
New research conducted by CareerWallet has found that 34% of workers intend to look for a new job in the new year. This amounts to over 10 million workers, and the survey found that the main motivating factor behind the intention of workers to find a new job is the cost of living crisis and the desire for a higher salary (37% cited that reason).
As we highlighted is a previous article, other research from Qualtrics has also found that 34% of workers have looked for second jobs in order to boost their income on account of the cost of living crisis.
Respondents to the CareerWallet survey also cited other reasons for wanting to obtain a new job, which were as follows:-
- Problems with colleagues - 23%
- A 'negative culture' - 20%
- Problems with a line manager - 18%
As we highlighted in a recent article, the Office for National Statistics (ONS) reported in their November 2022 labour market survey that there were 1,225,000 vacancies in the UK economy. The latest ONS labour market survey reports that this has fallen back slightly to 1,187,000, but it remains the case that there are severe labour shortages in the economy and that there are plenty of alternative roles available for those that are looking to acquire a new job.
What this all means is that those employers who can ill afford to lose key members of staff should be urgently reviewing their positions to ensure that any concerns that those employees have are addressed before they seek to move elsewhere in terms of acquiring a new job.
Reaction
Commenting upon the findings of the new survey into those looking for a new job, the CEO of CareerWallet, Craig Bines, stated: "Our new workplace survey highlights how many employees are struggling financially at the moment as rising bills and inflation start to bite. For many employers, losing key members of staff by underpaying them can end up costing the firm much more in the long run. Recruitment is tough at the moment and finding the right employees can be hard so businesses need to look after employees more than ever."
Bines added: "As we can see many candidates will be looking to move jobs, especially in the new year and in this buoyant job market, plenty of roles are available."
Marketing & Advertising Budgets Likely To Be Hit By Recession
A new report from Accountant Online , in which 145 businesses were interviewed, has found that 25% of the respondents confirmed that advertising and marketing would be one of the first budgets that would be cut in the event of a recession. The reason for this is that most organisation view marketing and advertising spend as a luxery as opposed to a necessity.
Redundancies
Meanwhile, 21% of the respondents stated they would be looking to cut the amount that goes out in terms of wages should a recession hit, which essentially means that they will be making redundancies.
Commenting upon the findings of the survey, the CEO of Accountant Online, Larissa Feeney, stated: "Marketing & Advertising can be seen as a luxury for a lot of businesses – In the short term it can significantly impact your cash flow and can take a long time to take effect, so these numbers aren’t surprising."
Feeney adds: "Traditional advertising channels like newspapers, radio features, television spots and paid online ads can be viewed as an unnecessary expense in certain fields. This form of advertising spend that is not directly linked to the sale of a product is usually cut as it doesn’t lead to short term decline in revenue. Businesses also think they may be able to pick up their campaigns again in future quarters when confidence has returned . For some businesses however, it is an opportunity to invest more in advertising spend, if they have the cashflow available, if they can see immediate return."
