Inflation has impacted nearly every aspect of living, and professionals are left twiddling their thumbs to see how employers will support them during this time.
According to new data from recruitment company Phoenix, just 22% of UK employees have actually received a pay bump to offset the growing cost of living. However, because many companies are also facing their own set of challenges on the eve of a recession, most are in cost-saving mode.
“The cost of living squeeze continues, and employees will be searching further for employers that are conscious of the current difficult time the workforce are facing, be that by financial means or other benefits,” said Ed Rossiter, founder and co-CEO of Phoenix.
“Businesses should continue to be cognizant of this to retain their talent as the desire for flexible work and other competitive benefits will continue. All firms should prioritise innovation and adaptation as we head into an unsure period, but there is cause for optimism as the future of work continues to evolve.”
The clear discrepancy between employees (94%) believing they deserve a pay raise in 2023 and the number of workers actually receiving one is wide, leading some to rethink their employment. In fact, half of respondents said they would look to new jobs at some point this year.
To avoid a Great Resignation 2.0, companies will be once again faced with the ultimatum of the last few years: provide well-rounded employee support, or lose talent. With 61% of respondents already working under a hybrid model, leaders will be challenged to do more as the economy takes a downturn.
