Nearly half of all Brits have been hunting for a new job in the past three months, according to data City A.M. can share today.
While around a third have mulled quitting their current position, research by Ipsos has revealed.
The temptation to hand in a resignation letter is stronger among younger workers, aged between 16 and 34, amid a cost of living squeeze which has workers looking for pay rises amid controversial calls for ‘wage restraint’.
Some 27 per cent of those polled by Ipsos, the third largest market researcher in the world, have asked for a pay rise or role change in the last quarter.
However, almost half of Brits were turned down the pay rise they were after, or any increase to their income, according to the data.
Ipsos chief executive of UK and Ireland, Kelly Beaver told City A.M.: “Unsurprisingly, pay rises, or a lack of, remains a significant factor, particularly amongst younger workers.
“While the latest wage figures are at their highest level, the harsh reality is that we are rapidly approaching a tipping point and heading towards a cost-of-living crisis, which will be felt by vast swathes of the population.”
Even among those fortunate enough to have received a pay rise, two in five said it was less than the rate of inflation, while 33 per cent received a raise of about the same as inflation. which is currently at 5.5 per cent – a near 30-year high.
Just 20 per cent of Britain’s workforce snagged a pay increase higher than inflation.
And men fared much better than women, the data revealed – with 55 per cent having received a pay rise in comparison with 39 per cent of women.
Managing director of public affairs at Ipsos, Trinh Tu added: “A new year might make workers take a fresh look at their job, and our data suggests many are at least thinking about this – although they are more likely to consider leaving their job than asking for a pay rise or promotion at their current place of work.
“Only a minority are optimistic that they will get an inflation-busting pay rise this year, and even fewer report receiving one last year. This, combined with continued gender differences in pay rises and asking for promotions, suggests British employers shouldn’t take job satisfaction among their workers for granted.”