Great dissatisfaction could trigger the next ‘Great Resignation’ – London Business News | Londonlovesbusiness.com

Workers are experiencing the ‘Great Dissatisfaction’ as scope for career progression dips, according to new research by Hays. 

In a sluggish jobs market, workers are finding it increasingly difficult to advance their careers, both within and outside their current roles.

Nearly half (48%) now report a lack of career progression opportunities within their organisations, increasing from 32% last year.  

The research, based on a survey of over 10,600 responses from professionals and employers, found that optimism about career prospects has waned too, with only 43% of workers feeling positive about their career outlook this year, down from 53% last year.  

Hays, who have been tracking career optimism for over a decade, found that the only two years with worse career positivity were post-Brexit in 2016 (42%) and the first year of the pandemic (37%).

As many workers struggle to progress their careers within their current organisation, over half (57%) intend to look for a new job in the coming 12 months – with over a third (37%) intending to do so in the next six months.  

A third of workers (33%) say they have changed jobs in the last 12 months, and over a third (35%) considered it. Just under a third of workers didn’t move jobs or consider doing so. Among those who moved jobs last year, the primary reasons were a lack of career progression (29%) and that their salary was too low (21%). 

Besides personal reasons, the top factor preventing workers from changing jobs in the past year was the fear of leaving a secure position (23%), followed by concerns about the cost of living (12%) and the current economic climate (12%). 

Pam Lindsay-Dunn, COO of Hays UK&I, said, “Workers are clearly feeling stuck as they have limited opportunities to progress their careers both within and outside of their organisations. Our research highlights a critical issue for employers: as soon as workers feel more confident to move jobs, we’re likely to see part two of the Great Resignation. 

As employers continue to grapple with skills shortages, now is the time to address dissatisfaction among your workforce before it’s too late. Employers must prioritise transparent career mapping, provide continuous learning opportunities, and foster a culture of mentorship and support. By investing in their employees’ growth, companies can not only boost morale but also enhance productivity and retention. 

Employees can take advantage of this pivotal moment by proactively seeking development opportunities within their organisations. They should discuss career aspirations with their managers, seek feedback, and participate in available training programmes and mentorship initiatives. By actively engaging in their professional growth, employees can position themselves for advancement and keep their networks open for new opportunities.”