Sixty per cent of all workers are currently looking for a new job, with as many as just under half of them searching for a new role due to the cost of living crisis.
That is the warning from Paul Farrer, the founder and chairman of recruitment giant Aspire.
According to research carried out by his firm 60.8 per cent of survey respondents are currently looking for a new job, with 59.8 per cent having the view there are lots of roles open.
Just under 7 in 10 candidates believe they are more likely to be paid more if they move jobs, rather than stay in their existing role and wait for a pay review, at 10 per cent.
Farrer told City A.M. today that “with 1.3m job vacancies in the UK and pay in some industries rising by more than a third year-on-year, arguably there’s never been a better time to change jobs.”
He added that “for employers battling staff shortages, the record number of people switching roles – 994,000 in the first quarter – is a double-edged sword.”
“On one hand, it’s proof that confidence has returned to the job market. On the other, it represents the challenges businesses face when looking to retain existing staff,” Farrer explained.
Cost of living crisis
The largest group, just under 40 per cent, see the cost of living crisis as the biggest external factor affecting the jobs market.
The UK’s cost of living crisis has impacted workers across the country, with energy prices, food bills and fuel costs all climbing higher.
As inflation rises to 9.1 per cent – its highest rate in 40 years – many candidates are looking for better-paid roles that offset the increase in costs.
“Employees want to work for companies that offer flexibility and better pay, and if they don’t feel valued, they’ll find a workplace where they are,” Farrer continued.
“With just 14 per cent of Aspire’s survey respondents planning on staying in their current roles, it’s clear that employers need to react quickly to the changing demands of their staff,” he concluded.