Home Business Insights & Advice Salary demands driving talent exodus

Salary demands driving talent exodus

by LLB Finance Reporter
23rd Jan 23 11:06 am

Over half of Birmingham workers are seeking a new job, with more money and flexibility 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.

The company’s Candidate Sentiment Survey reveals that despite the tough economic climate, job seeker confidence is at an all-time high with 54% of those surveyed in Birmingham saying they were looking for a new job.

This suggests that, while historically times of uncertainty have made workers cautious about moving roles, the huge pressure the cost-of-living crisis is having on households is actually prompting people to explore new roles.

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 have the resources they need to thrive in today’s tough talent landscape.

The research reveals that while salary is the main motivator to switch roles, with 45% of those surveyed saying this was prompting them to look elsewhere, workers are also seeking more flexibility (24%) suggesting that job seekers are also prioritising the flexibility they have become accustomed to post-pandemic.

James Paget, Market Director, Midlands Region, at Robert Half said, “The fact that candidate confidence is so high – particularly in a period of uncertainty when we would normally expect to see the opposite – should come as a stark warning to employers. It’s clear from our research that while salary is certainly driving workers’ appetite for a new job, in a post pandemic era, workers are placing a greater emphasis on work-life balance with flexibility a key desire.

“We’ve seen time and time again companies mandating workers back to the office, however with flexible working patterns seemingly a must have for many people, employers should consider their offerings based on the wants and aspirations of today’s candidates who are certainly in the driving seat.

“Failure to do so, at a time of mass skills shortages will put employers on the back foot in today’s war for talent.”

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