Nearly three-quarters (71%) of UK workers are going to be looking for a new job this year, with nearly one in ten (9%) hoping to move into an entirely new industry, new research reveals.
The findings from Reed.co.uk, one of the UK’s leading jobs and careers sites, show that despite the uncertainty that comes with starting a new job, regardless of whether they are changing industry, people are planning to make the move this year in a bid for a higher salary. Over half (55%) state they need or want more money in 2023, suggesting the cost-of-living crisis could be having an impact on their lifestyles.
Outside of requiring a bigger salary, one in five (20%) are looking for a better work-life balance, whilst over one in ten (13%) currently do not enjoy their job, are worried about job security, or are looking for a role with better career opportunities, such as promotions and mentorships.
Industries that will see the most movement
For those wanting something new within their sector, Human Resources is the industry most likely to see the biggest movement, as over two-thirds (67%) state they would like a new challenge. Following closely behind is IT (62%), Financial Services (62%) and Banking (59%).
On the flip side, the Leisure & Tourism sector is least likely to see staff move between roles, with only 27% saying they are looking for a new job this year. Safety & Security and Marketing & PR are also set to see the least movement, as only 36% and 37% of workers within those industries respectively are looking to make a change.
Nearly one in ten (9%) workers reveal they are not only looking for a new role but want one within a new industry. Financial Services are most likely to benefit from this change, with over one in ten (13%) looking for a new career in this industry, followed closely behind by the Education and Health & Medicine sectors, both at 12%.
Different priorities for different generations
When broken down by generation, employees have different priorities when looking for a new role. Salary remains the top priority regardless of age but especially for those between 26-45 years old. Nearly two-thirds (63%) of this age group reveal they want or need a pay rise, which is considerably higher than those who don’t fall within this bracket. With prominent life stages, such as getting married and having children typically falling within this age range, this could well be the reason many people would benefit from an increased salary.
Similarly, over half (59%) of Gen Z (18-24 year-olds) feel the same, and state wanting or needing a higher salary is the top reason for changing jobs. People aged 56+, value having a better work-life balance (16%) as a priority for job searching.
Younger generations are also much more worried about job security than their older counterparts, as 16% of 18-24-year-olds say they are worried about this in their current role – compared to only 7% of those over the age of 55. This disparity also applies to getting a job with better career opportunities, such as promotions and mentorships, at 15% and 4%, respectively.
Interestingly, despite over 100 UK companies signing up to trial the four-day working week initiative, research suggests people favour a higher salary over flexibility as less than one in ten (8%) employees say they are looking for a role that offers this as an option. Only one in five (19%) say the offer of working a four-day week would make them more likely to stay with their current company. It’s those aged between 46 and 55 (21%) who would be most likely to take their current employer up on the offer in comparison to only 17% of Gen Z – the lowest of all age groups asked.
Commenting on the research, Simon Wingate, Managing Director of Reed.co.uk, says:
“It’s no surprise that our research shows that people’s work priorities for the new year centre around finding new roles that provide a higher salary. We know people love their job and love Mondays when they’re paid what they deserve.
“Employers can take advantage of an active job market and attract those people looking for better pay by displaying salaries on their job. Our website data shows that a job ad will receive 37% more applications if it discloses the salary.
“However, although salary is important, it’s not the only factor that will keep people in their jobs, even during a cost-of-living crisis. People are searching for better career opportunities, a better work-life balance, and more stability within their roles. If businesses are unable to provide higher salaries, we’d encourage them to tailor their benefits packages to their employee’s needs where possible as this can go a long way to help retain staff.”