Nearly a fifth of the UK workforce or 19 per cent plan to look for new jobs next year with higher salaries or better employee benefits in light of the cost-of-living crisis, according to research from Unum.
The research found that 16 per cent say they anticipate needing a second job to make ends meet. That amounts to 4.5 million workers looking for new employment outside of their current company when UK job openings decreased by 3.6 per cent from August to October, marking the fourth consecutive decline, per the most recent ONS data.
The study also revealed that 35 per cent of employees had not received cost-of-living help from their employer this year, despite inflation increasing to 11.1 per cent in the year to October.
Nearly 60 per cent of workers say one of their main worries for the upcoming year is how they would manage their finances given the cost-of-living crisis. The second issue is work-life balance, followed by rising debt and mortgage interest rates, mental and general health issues, and the threat of conflict in light of the developments in Ukraine.
Around 57 per cent of employees plan to counteract the rising cost of living by limiting or switching off their heating entirely, 43 per cent say they will reduce food bills and 26 per cent will cancel holidays while another 24 per cent will be forced to use their savings.
Unum UK CEO Mark Till says: “There’s no doubt the outlook for 2023 will concern many people. Between employees planning to seek new jobs for better benefits or a higher salary and those saying they’ll look at the prospect of a second job, more than 10 million workers may make big employment decisions next year.
“It’s important for employers to understand these workers’ needs which include better employee benefits. Given employees’ concerns for next year, an employer with a benefits package that includes highly valued services such as 24/7 remote GP appointments and mental health support will be well positioned for recruitment and retention in 2023.”