One in two UK workers plans to move jobs to increase their pay this year, despite grim employment forecasts.
A survey of 4,500 people carried out for online recruitment firm Jobsite found that 47% were confident enough in the market to look elsewhere for better pay.
The Bank of England this morning warned of a sharp rise in unemployment, saying that firms’ ’employment intentions’ were at their lowest ebb for 11 years.
Employers are already cutting hours, leaving vacancies unfilled and turning to temporary staff as the credit crunch begins to bite, the bank said.
However, seven in 10 workers told Jobsite they were confident in their ability to remain in or get a job, although 18% said rising inflation kept them awake at night and 17% suffered insomnia due to soaring interest rates.
Those changing jobs this year are set to increase their salary by an average of £750 per year, with two in five gaining more than £1,000, and one in four more than £2,000.
Keith Potts, chief executive of Jobsite, said: “Traditionally recession is associated with decreased job security, and in previous economic downturns many workers have been worried about losing their jobs.
“However, it seems that UK jobseekers are still feeling optimistic about their future job prospects and are even looking to improve their salaries.”