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A recent survey of 5,000 workers, commissioned by Michael Page, revealed a striking trend: over half (51%) feel stagnant in their current roles. This stagnation is underpinned by a significant tension between employees’ desire for career growth and the fear of job insecurity, preventing people from seeking pastures new.
While the “Great Resignation” saw a surge of workers emboldened to resign, a new pervasive trend has emerged: workers are feeling increasingly trapped in their current roles, something we’re coining the “Great Job Stagnation”.
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The answer lies in a mix of factors. While 39% cite limited opportunities for promotion or pay increase as a key reason for feeling stagnated, only 11% are actively seeking new opportunities. So, why aren’t workers jumping ship?
It appears the UK workforce is caught in a catch-22. One standout trend is that economic uncertainty and a desire for stability are making workers hesitant to take risks, according to our latest research. A whopping 72% are nervous to leave their current roles due to the economic climate, while 76% find it difficult to leave the longer they stay in a job, having grown accustomed to the familiarity and security over time, and 12% are planning to hold off their job search until the economic landscape improves.
Employers looking to attract top talent face a significant challenge. How can they reassure and convince candidates that making a move is the right decision? To answer this question, we delved deeper into the reasons workers are hesitant to leave their current roles.
Our research revealed that the top concerns are:
As we return to pre-pandemic normality, there's a growing expectation gap between employees and employers. Bosses may be looking to reinforce productivity, but employees want to hold onto the flexibility they've grown to appreciate.
Among the interplay of factors, past negative experiences have led 34% to feel reluctant to leave their current jobs, leaving many workers are hesitant to make a career move due to the fear of making a wrong decision.
Businesses must be vigilant and respond to these warning signs. However, many workplaces may be moving in the opposing direction when it comes to what workers want.
Michael Page Talent Trends insights shows that:
Our research demonstrates that to improve turnover rates, employers must be transparent and consistent. If you offer flexibility and hybrid working during the job application and interview process, be cautious about making changes after onboarding. These changes could lead to losing the valuable talent you sought in the first place.
When it comes to salary alone, transparency is key, and the only way to get ahead of the competition is with accurate benchmarking using the latest salary data from resources such as Michael Page Salary Guides.
While compensation remains important, our research suggests workers are increasingly seeking a holistic rewards package that goes beyond base pay. This includes benefits, perks, and opportunities for growth and development. Employers who neglect to recognise this shift risk losing top talent to competitors who offer more comprehensive rewards strategies.
Organisations still have the power to create a workplace that attracts and retains top talent. The key to unlocking the Great Job Stagnation lie in creating a workplace that fosters growth, stability, and well-being. By investing in employee development, offering flexible work arrangements, and prioritising a positive work culture, employers can create an environment where workers feel valued, motivated, and empowered to reach their full potential.
Our eBook, "Understanding Career Moves," delves deeper into these trends and offers actionable insights and further resources to help you attract and retain top talent. Learn strategies to unlock movement in the labour market.
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