Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest NewsInflationLabour marketRecruitment & retentionPay settlements

A third consider job move due to cost of living crisis

by Jo Faragher 17 Aug 2022
by Jo Faragher 17 Aug 2022 Employees are viewing higher salaries as a key priority in a new role
Shutterstock
Employees are viewing higher salaries as a key priority in a new role
Shutterstock

The cost of living crisis has driven one in three workers to consider moving employers, according to a survey by job site Reed.co.uk.

A third of employees have considered or applied for a new job, the company found, while 65% now feel a salary increase is their main priority when looking for a new role. It has increased in importance for 34% of workers, according to Reed.co.uk.

In terms of future plans, more than a fifth (22%) plan to begin job hunting, while over half are actively considering looking for a new job.

The site’s research follows news this week that real-terms wage growth has dropped by a record 3%, while inflation hit 10.1% in July.

Women are more likely to be motivated by a salary increase than men, according to Reed.co.uk, with 30% citing this as a priority compared with 27% of men. Younger workers are also more likely to be seeking out higher pay.

Retention & cost of living

Hiring boom set to slow as employers come under wage pressure

Two thirds say high attrition is damaging workplace culture 

Letter informing workforce of pay rise to keep up with cost of living 

Four in 10 of all respondents said they would be more likely to stay with their current employer if a better salary counter offer was made.

For workers aged 55 to 64 and over 65, most (32% and 38% respectively) salary increases of less than £1,000 would be enough to convince them to stay.

Younger workers in the 18 to 34 range and 35 to 44 age range said a salary increase of between £2,500 and £4,900 would encourage them to remain loyal.

Chairman James Reed said September could be a crunch time as workers begin to seek out new opportunities.

“Although the current economic landscape is challenging, amidst warnings of a looming recession from the Bank of England, UK workers should feel empowered to capitalise on the current labour market which continues to show high volumes of jobs being created,” he said.

“However, with inflation potentially rising to 13%, it could increasingly feel like workers are chasing after a galloping horse, with some workers having to take on a second or third job to keep up with the soaring cost-of-living increases.

“This could lead to a two-speed workforce with workers in some sectors falling behind others.”

Reed warned that businesses unable to keep up with inflationary pay rises would struggle to attract and retain staff.

“Offering desired pay rises costs less than replacing workers and our research shows that the vast majority of candidates are poised to accept a counter offer from their current employer provided it meets expectations,” he added.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

“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.”

Performance and Engagement opportunities on Personnel Today


Browse more performance and engagement jobs

Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

previous post
Government plans to slash Civil Service redundancy pay
next post
Police officers who are violent towards women should be dismissed

You may also like

Gen Z are in ‘work situationships’ with employers

19 May 2025

Remote working isn’t bad – it just needs...

1 Apr 2025

Jobcentres battle with shortage of work coaches

31 Mar 2025

CFO turnover at six-year high as pressure builds

31 Mar 2025

Redefining employee relations for the future of work...

27 Mar 2025

Acas report on neurodiversity: all workplaces can be...

6 Mar 2025

Number of female doctors overtakes male

6 Mar 2025

Pay awards restrained as inflation climbs

19 Feb 2025

HR Predictions: What’s ahead in 2025? (webinar)

23 Jan 2025

Working well together: Supporting neurodivergent employees (online masterclass)

12 Dec 2024

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+