As the cost of living skyrockets and inflation hits record highs, a new survey from Michael Page shows that salary has become the most important factor for workers.
The survey of 2,000 UK office workers shows that 43% of 18 to 34-year-olds are seeking new jobs, with 40% of all respondents stating that salary has been the biggest driver in this decision.
In comparison, just 30% listed flexible working as their top priority, which indicates that employee sentiment is being altered by the growing cost of living.
In addition to these factors encouraging workers to seek new jobs, 26% stated they were not recognized for their contributions and 22% said their position lacked job security.
“These findings reflect the fast-moving times we are living in. The pandemic got people thinking about their newfound workplace expectations and, a year ago, flexibility might have overtaken salary in the checklist of job priorities,” said Doug Rodge, Managing Director of UK and Ireland at Michael Page. “However, with inflation rising and the cost-of-living crisis putting pressure on workers across the country, it’s clear that the tables have turned once again.”
Rode adds that businesses looking to attract new talent need to be on top of worker demands. Employee needs may ebb and flow depending on the state of the world, so leaders have a responsibility to address all issues accordingly.