Home Business News Employers’ woes set to continue with talent exodus on the cards amid the cost of living crisis

Employers’ woes set to continue with talent exodus on the cards amid the cost of living crisis

by LLB Reporter
30th Jan 23 9:49 am

Over half of workers in Bristol are seeking a new job, with more money and benefits cited as the top two drivers, prompting fears of a mass talent exodus at a time when employers are already contending with acute skills shortages. That’s according to new research by specialist recruitment firm, Robert Half.

Candidate confidence at an all-time high despite tough economy

The company’s Candidate Sentiment Survey reveals that despite the tough economic climate, job seeker confidence is at an all-time high with 56% of those surveyed saying they were looking for a new job, up from 31% last year. This suggests that the cost-of-living crisis is prompting people to explore new roles despite the usual trend noted during uncertain times of caution around career moves.

At a time of widespread skills shortages, this talent exodus will put increasing pressure on employers to reassess their attraction and retention strategies to ensure they are fit for the changing wants and aspirations of today’s workforce.

The research also reveals that while salary is the main motivator to switch roles, workers are also seeking better benefits (25%) suggesting that job seekers are placing greater emphasis on overall remuneration packages in the current climate. This is in stark contrast to the 2022 Candidate Sentiment Survey where better benefits only ranked as the sixth biggest push factor.

Oliver Price, Market Director at Robert Half said, “The fact that candidate confidence is so high – particularly in a tough economic climate – should come as a stark warning to employers. Companies across Bristol are already contending with acute skills shortages and unless steps are taken to address the changing wants of today’s workforce, they face the very real prospect of losing existing workers, as well as struggling to attract new employees.

“It’s clear from our research that candidates are in the driving seat, and while salary is certainly king, in a tough financial market, workers are looking at the overall package they can secure.

“Consequently, firms must look at what other elements they can offer – from private healthcare and flexible working practices, through to tangible career development opportunities – to ensure they are appealing to professionals’ wants and aspirations. Failure to do so will put firms on the back foot in what is undoubtedly going to be a challenging employment landscape”.

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