Marketing businesses are being warned to brace themselves for an exodus of talent in the first six months of 2022, with nearly a third of all employees planning to look for a new job as the impact of the ‘great resignation’ continues to hit hard.
Across all sectors, some 9.4 million people want a new job, according to new research from recruitment agency Robert Half, which reveals London (54%) and the South East (32%) are at the highest risk of losing their top talent, with employees in the North East the least likely to consider making a move (19%).
Analysis of Robert Half’s own internal data reveals that job applications have surged in Q1 for the past five years and this year it looks set to rise once more. Nearly a quarter (23%) will begin their new job search in the next three months – with trend data suggesting that the uptick usually begins in the third week of January.
As there are currently 1.2 million vacancies in the UK, many employers are already short staffed – and the competitive market means it could be difficult and expensive to replace outgoing team members. With this in mind, business leaders should do all they can to retain existing staff.
Around two fifths (42%) of workers seeking new employment are looking for a higher salary, but money is not the only factor to consider. Aside from pay increases, employers may be able to retain staff by focusing on career opportunities and benefits, which are triggers for 25% and 21% of jobseekers respectively.
Following the rise of hybrid working throughout the pandemic, 24% of those looking for a new role are seeking more flexibility in their working arrangements on a permanent basis. Across all employees, three quarters (76%) agree that access to flexible working and hours is essential if employers want to be able to both retain and attract talent.
However, dissatisfaction with remuneration, opportunities and working arrangements are not the only factors. Nearly a quarter (23%) of job-seekers say lockdown gave them time to re-evaluate priorities, with a similar proportion (22%) saying they want to change career path or move into an entirely different field.
Robert Half’s 2022 Salary Guide reveals that nearly three-fifths (56%) of businesses already expected recruitment to become more of challenge this year.
Commenting on these findings, Robert Half UK managing director Matt Weston said: “While we always experience a sharp increase in job applications at the start of each year, we are anticipating unprecedented levels of UK workers looking for a new job this year.
“Despite an uptick in the number of employees looking for a new role, demand from employers will still outstrip supply – placing the cards firmly in the hands of candidates.
“Competition for top talent is fierce, with salaries for some roles jumping by as much as 30% in the past year alone, so replacing top talent will certainly not be cheap or easy.
“Employers need to pull out all the stops to retain skilled workers and understanding employees’ motivations is a crucial first step, as it enables employers to take effective action.”
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