One in two (49%) workers plan to actively look for a new job next year, according to research.
A study by Pluxee UK showed that those most likely to seek new roles are employees aged 25 to 34 and 18 to 24, cited by 66% and 63% of respondents in these age groups respectively.
The employee benefits and engagement firm found that nearly two in five (37%) of those polled would reconsider changing jobs if their employer offered them better financial perks, while nearly one in five (17%) would do so if flexible working policies were confirmed.
When asked what about the key priorities for HR in the next 12 months, 44% of employees believe this should be reward and recognition programmes. This was closely followed by staff health and wellbeing (40%) and fixed flexible working policies, cited by 40% and 38% respectively.
Graham James, director at Pluxee UK, said: “Employers are under increasing pressure to retain their staff, who are enticed by higher salaries elsewhere. While not every business can afford to offer significant pay rises or bonuses, many organisations can take steps to ease financial stress and help employees manage financial worries.”
He added: “Pluxee UK’s research has shown that employees can potentially benefit by up to £1,679 through cashbacks and savings offered by employer-provided schemes. Investing in initiatives like employee assistance programmes and providing access to independent financial advice is essential. These measures not only reduce employees’ stress, but also significantly contribute to attracting, retaining, and engaging skilled talent.”
Among the employees surveyed, more than seven in 10 (72%) are satisfied with their existing working conditions, yet half (54%) think there is a disparity between their expectations and those of their organisation for 2024. The reasons for this include low pay in relation to the cost of living, a lack of support with financial planning, work-life balance challenges, a need for improved employee wellbeing plans and a lack of a tailored approach to benefits.
Graham concluded: “When considering benefit provisions, it’s essential to listen to employee needs. Regularly reviewing and enhancing benefit offerings based on employee feedback is key. Anonymous employee engagement surveys and one-to-one conversations provide valuable insights that help HR teams understand the issues at hand. Beyond pay increases, organisations can support employees by educating them in financial literacy or offering other benefits like the option to purchase annual leave, which may also align with their needs.”