Almost three in eight workers in the UK plan to switch jobs in 2015, a sharp increase from previous years, according to a survey by the Institute of Leadership & Management (ILM).
Pay is important, but it’s not the main reason employees are looking elsewhere for work: 59% cite a greater opportunity for career progression as the main motivation for seeking a new role.
Thirty-seven per cent of workers plan to leave their jobs, up from 19% in 2014 and 13% in 2013, according to the ILM. This change is in part tied to an improving UK economy, which has lagged a rebound in the US economy, where job changes have been more common the past few years. Hiring projections are up in a majority of regions globally, according to Manpower Group.
A survey of 6,200 members of the Chartered Institute of Management Accountants (CIMA) shows that 54% of global respondents plan to find a new role within the next two years.
More companies hiring means more options for workers. This also means that organisations must strongly consider making sure they are providing opportunities for employees to advance.
“The new year is always a popular time for workers to look ahead,” Charles Elvin, the ILM’s chief executive, said in a news release. “With an improving economy and more fruitful job market, it is important that employers realise that it’s likely they will have to work harder to keep their talented employees. This means prioritising managing the talent pipeline within the organisation to make sure staff have opportunities to develop and progress.”
One-quarter of employees who plan to leave said they were doing so because they felt unappreciated in their current role, compared with 16% who felt that way in 2013.
The reasons for looking elsewhere, according to the survey of more than 1,000 UK workers: more opportunity for progression (59%), better pay (56%), more interesting job (50%), better management (30%), more opportunity for training/development (27%), more opportunity for flexible working (18%),
nicer people (5%), and better options for parental leave (3%).
Several surveys in the US indicate more hiring plans. CareerBuilder’s annual job forecast shows that 36% of companies plan to increase full-time, permanent headcount in 2015, up from 24% that planned to do so at the start of 2014.
A survey in November of US finance executives shows companies are more likely to hire staff than they were the previous year. That survey also showed planned increases in salary and benefits.
Related CGMA Magazine content:
“Job-Hopping: Favoured by Younger Workers, Frowned Upon by Older Ones”: A majority of younger workers in a US survey think changing jobs regularly is a good career move, but older workers disagree. Accountemps said 57% of workers under 35 approve of job-hopping, while 78% of those 55 and older think it’s not a good idea to change employers regularly.
—Neil Amato (firstname.lastname@example.org) is a CGMA Magazine senior editor.