Four-in-10 UK workers (40 percent) are planning to stay in their current job for the next 12 months, the highest level in five years. At a time when the uncertainty around Brexit intensifies, job security and stability are growing in importance for UK workers, according to new research from CEB (NYSE: CEB), a best practice insight and technology company.
Findings from CEB’s Global Talent Monitor shows that as intent to stay increased throughout Q4, active job-seeking activity has declined, with over half of UK workers (52 percent) taking a passive approach to job hunting, making it increasingly difficult for recruitment teams to source and place new candidates.
Despite planning to stick with their employers, workers are not content in their jobs. A lack of future career opportunities, development and recognition for their work continue to be cited as the top reasons why UK workers leave their organisations, making these areas particularly important for recruiters to highlight to potential hires. People are particularly dissatisfied with meritocracy in the workplace with just 23 percent of workers saying that they were happy with the way in which people were rewarded or promoted based on the quality of their work.
Commenting on the findings, Brian Kropp, HR Practice Leader at CEB, said:
“High intent to stay combined with job dissatisfaction means the UK is at risk of becoming a nation of inactive and uninspired workers. Currently many people are choosing to stay with their current employer due to political uncertainty and general market volatility, preferring the stability they offer rather than feeling engaged in their day-to-day work. Companies would be well-advised not to make promises of stability that they ultimately won’t be able to keep. This can drive down employee commitment by as much as 17 percent. Organisations should instead set realistic expectations for stability and focus more on differentiating their Employment Value Proposition around elements they can control.”Employers should also continue to invest in long-term engagement strategies to avoid dips in productivity, including simple measures such as making sure that individual work is duly praised and creating a clear development plan for each and every employee.
“Employers need to counter job dissatisfaction by investing in sustained engagement strategies and looking at the ways they recognise and reward employee contribution. It should not be limited to bonuses and promotions, but rather offering new experiences and opportunities that will keep people truly engaged. This is most important during times of uncertainty. ”
Global Talent Monitor data is drawn from CEB’s larger Global Labour Market Survey, which is made up of more than 18,000 employees in 40 countries. The survey is conducted quarterly and is reflective of market conditions during the quarter preceding publication.