What makes the British workforce tick? Is it job satisfaction or pay and benefits?
Last year, the number one reason for changing jobs was job satisfaction, but that has now been overtaken by a desire for better pay and conditions and that could lead to more people choosing to live the life of an umbrella company contractor.
The CIPD recently surveyed members of the UK workforce and discovered that employees now place greater emphasis on salary increases and benefits. 2,000 employees took part in the research and 54% cited better pay and benefits as their main reason for looking for a new position. 42% said they were looking for greater job satisfaction.
Last year, enjoyment of their role was cited by 61% of the employees looking for a change and 48% were motivated by more cash.
The CIPD’s senior public policy adviser, Ben Willmott, said employees are still feeling the impact of the economic crisis. Salary freezes or low pay increases mean their remuneration is not keeping pace with inflation.
As well as wanting to leave for better pay elsewhere, employees with financial problems are much more likely to suffer stress at work and generally feel less satisfied in their post. Too much stress is associated with a higher incidence of mental ill health, prolonged absence from the workplace and higher levels of accidents, Willmott pointed out.
It is in an employer’s best interests to support the workforce during tough times and make sure line managers have effective people management skills. They should also offer advice and support on financial planning and debt management, he added.
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