One in four workers looking for a new job – London Business News | Londonlovesbusiness.com

New research suggests that over a quarter of UK workers are looking to move jobs this year, with Londoners among the most likely to be considering it.

The poll of 1,238 employees, by HR software provider Ciphr, found that one in four (26%) have been ‘actively job hunting’, due to continuing cost-of-living pressures. While one in seven (15%) had already started a new job in the last six months or so.

Workers at the beginning of their careers – who tend to be among some of the lowest earners – are the most likely to be primed to leave.

Over half (53%) of Gen Z employees, aged 18-24, and a third (34%) of younger Millennials, aged 25-34, said they were looking for better-paying roles. This contrasts to around a quarter (28%) of 35-44-year-olds, a fifth (22%) of 45-55-year-olds, and a tenth (9%) of those over 55.

Notably, over half (53%) of respondents who are, or have been, looking for a different job this year have also taken on more hours or extra shifts to supplement their income, and two in five (40%) have taken on an additional job or side hustle.

Based on Ciphr’s data, Londoners are comparatively more likely to be in the market for a new position than other UK workers, with well over a third (37%) reportedly ‘actively job hunting’.

Nearly a third of employees in the South West of England, Northern Ireland and Scotland (32%, 31% and 31% respectively) have also been seeking a change.

Employers in the East Midlands, however, may be more relieved to hear that ‘just’ one in eight (12%) people living there have been looking for a new job.

Some industries may also be facing more of an exodus than others.

As many as one in three people currently working in sales (37%), business and management consulting (35%), hospitality and events (35%), and IT (32%) are likely to switch jobs this year (if they haven’t already).

As are one in four people working in healthcare (28%), accountancy, banking and finance, including pensions and insurance professionals (28%), recruitment and HR (27%), and property and construction (26%).

In comparison, only around one in seven (15%) solicitors, lawyers, and others in the legal sector, have been making steps to change jobs this year. Transport and logistics workers are also less likely to be job hunting than most (17% of people employed in this sector vs the survey average of 26%).

Claire Williams, chief people and operations officer at Ciphr, said, “It’s still a highly competitive job market, and I’m sure most employers are very aware that retention continues to be a challenge. Especially when so many people are continuing to feel financial pressures. Inflation may have come down from the double-digits of recent years, but the cost of living and the cost of doing business remains high.

“We know from previous research that salary is rarely the only aspect of a job that governs whether people stay or leave an organisation. Work-life balance, workload demands, career and development opportunities, management behaviour and practices, job autonomy, feeling appreciated, sense of belonging, being treated fairly, job security, and good benefits, among many other things, all have an influence too.

“HR’s role is to understand what is driving employee turnover – to utilise people data to look at the trends, compare that with the market, and be realistic about what constitutes a healthy level of turnover. They should be creating strategies to improve retention where needed – listening to employee feedback to shape the broader EVP [employee value proposition] and working with the C-suite and management to deliver on that.

“Importantly, we need to be clear that high turnover is not solely ‘HR’s problem’. The C-suite, and cascading management team, also needs to take responsibility for the role they play in helping to ensure a great employee experience. So people feel valued and supported and, ideally, want to stay with your organisation for longer.”

Ciphr commissioned a nationally representative survey of 2,000 UK adults in August 2024. Nearly two-thirds (62% or 1,238) of these respondents are currently in full- or part-time employment.

Ciphr is the go-to HR software and solutions partner for medium and large organisations in the UK. Its integrated HR, payroll, learning and recruitment software, services and content provide invaluable insights to HR teams to inform their people strategy and grow and develop their organisations. Based in Reading, Ciphr is on a mission to amplify the voice and value of HR through intelligent people data solutions that help HR be heard – in the boardroom and across the business.