Soaring inflation could spark a “Great Reshuffle” in the UK’s job market as workers are increasingly prioritising higher salaries in seeking to manage rising living costs, a survey of 2,000 workers shows.
More than half (55 per cent) of UK workers are actively looking for jobs with a view to securing higher salaries due to the financial pressures posed by the UK’s cost-of-living crisis, the research by jobs website Reed shows.
Reed chairman James Reed said: “Due to runaway inflation currently at 9.4% and outstripping wage increases across many industries, millions will be on the move from this September onwards to secure a pay bump.
Almost half (47 per cent) of those surveyed cited low salaries as the main reason to leave their current jobs.
However, two-fifths (40 per cent) of workers said they would be willing to stay with their current employer if they outbid a new job with a higher counter offer.
The survey shows women and younger workers – between the ages of 18 and 34 – are more likely than any other groups to be looking for a better a paid job.
“During these challenging times, it’s clear that many workers – particularly those feeling the pinch from the cost-of-living crisis – deserve a pay rise. For most, the best way could be to secure a new job,” Reed said.