A recent study has found that UK employees are willing to leave their current job for far less money than those in other parts of Europe. The report targeted over 8,500 employees and employers across 13 different countries. It was found that those working in the UK would move elsewhere for a 10% increase in pay. This was a drop against the European average of 12%.

Are employers aware of this?

When UK employers were asked how much of a pay rise they thought it would take for their staff to move, they estimated more than 11%. Compared to the findings above, it’s clear that many employers are overestimating what is required. As a result, it’s leading to employers being left surprised when a member of their workforce leaves for another opportunity.

What can be done to counter it?

With salaries in the UK stagnating currently, coupled with the vast amount of job vacancies on the market, it’s proving challenging for company’s to retain their best talent. One of the ways of reducing the probability of staff leaving is to ensure opportunities for growth and progression are provided. This can be in the form of pay reviews, appraisals or training. By offering these, employees will have less reason to accept another role quite so easily.

Why is this occurring?

One of the reasons which may explain why employees are moving for a smaller rise in pay could be the current inflation levels in the UK. It has been increasing since the Brexit vote last year, leading to a fall in the real wage. This is providing motivation for staff to move jobs.

Furthermore, it was also found that UK employees were more prepared to consider a job outside of the industry they were currently in. One in three employees are open to taking such a risk, compared to one in five in France. Despite this, UK workers feel it’s harder to move into a different industry compared to the rest of Europe.

Source: Recruitment Buzz