One in five UK workers expect to change jobs in the next 12 months amid the cost of living crisis

Leading recruitment agency, Aspire, has expanded on new research from PwC, which suggests that one in five UK workers expect to change jobs in the next 12 months.

Aspire’s own study, which is focused on the creative, digital and technology sectors, indicates that 60.8% of candidates are looking for a job right now, with the cost of living crisis the main driver of this.

The research, in which 832 candidates participated, showed:

• 60.8% of survey respondents are looking for a new job now, with the rising cost of living leading 49% to start the search
• 59.8% are of the view there are lots of roles open
• 69.4% of candidates believe they are likely to be paid more if they move jobs, rather than stay in their existing role and wait for a pay review (10.1%)

Aspire’s founder and chairman, Paul Farrer said, “According to PwC, one in five employees expect to change jobs in the next year. But Aspire’s own research – focused on the creative, digital and technology sectors – suggests that it’s 60% in the markets we serve.

“And it isn’t going to take a year for it to happen – people just aren’t waiting that long. They’re looking now, with half of candidates citing the cost of living crisis as the main motivating factor. Our study also shows that nearly 70% think they are more likely to earn more by changing jobs rather than staying put and waiting for a pay review.

“With 1.3m job vacancies in the UK and pay in some industries rising by more than a third year-on-year, arguably there’s never been a better time to change jobs. For employers battling staff shortages, the record number of people switching roles – 994,000 in the past quarter – is a double-edged sword. On one hand, it’s proof that confidence has returned following the pandemic. On the other, it represents the challenges businesses face when looking to retain existing staff.

“The report released by PwC is right – employees want to work for companies that offer flexibility and better pay, and if they don’t feel valued, they’ll find a workplace where they are. With just 14.1% of Aspire’s survey respondents planning on staying in their current role and 25.1% expecting to start the search soon, it’s clear that employers need to react quickly to the changing demands of their staff.”