3 in 4 employees considering a new job in the second half of 2022
While macro-economic shifts may be dampening business confidence, worker confidence in the labour market remains strong, according to new research from specialised recruiter Robert Half.
The research found 44% of employees are currently or planning to look for a new role in the second half of 2022. A further 31% of employees are not actively looking for a new job but would consider a new role if approached with the right offer.
Salary driving candidate turnover
According to the study, there is fierce competition between employers to fill vacant positions and grow headcount, and candidates are aware of their bargaining power. While 44% of all respondents indicated active job search plans for the second half of 2022, this goes up to 58% amongst Gen Z and 50% amongst Millennial workers, suggesting that junior to mid-level employees are leveraging their bargaining power to fast-track career goals through a new role.
Skilled talent from industries that have experienced strong post-pandemic growth are subject to high demand and fierce competition to secure their skills, which is contributing to a higher frequency of turnover with Human Resources (62%) and Technology (54%) professionals the most likely to look for a new role in the next six months.
Those most likely to pursue a new role are:
Human Resources professionals - 62%
18-24 year olds - 58%
The main reasons professionals are looking for a new job are:
Salary is too low - 48%
Lack of career progression opportunities - 37%
Unhappiness with job content - 30%
Lack of flexibility (teleworking, hybrid work, flexible working hours) - 25%
High workload - 23%
"The labour market still favours the worker and it is a great time to explore the job market and take advantage of opportunities that offer better pay, a greater challenge and more flexibility," says Andrew Brushfield, director Robert Half.
"While rising inflation rates position remuneration as an employees primary concern as it relates to their work life, salary alone is a fragile reason to take on a role, particularly for a lateral move," he says.
"Career progression can often accelerate remuneration faster than job hopping between incremental offers, while the negative impact of poor work-life balance, toxic company culture, or repetitious workload will quickly outweigh the perks of a salary bump."
Flexibility and positive relationships a barrier to turnover
Just one-quarter (25%) of respondents have no plans to change roles in the next six months. This threat of a tenured talent exodus reaffirms the strategic importance of retention and talent management to business continuity.
The main reasons these professionals are intending to stay with their current company are:
Flexibility - 53%
Relationship with managers and co-workers - 42%
Competitive salary - 37%
Job content - 35%
Company culture - 35%
"We are at the juncture of extreme labour markets from the disruption of the pandemic, to one of the tightest labour markets on record, and the threat of a cyclical downturn on the horizon but the core principle of strong talent management remains the same: listen to your employees," says Brushfield.
"If you know why people stay with your organisation, you know what to emphasise when recruiting new talent. Likewise, why people leave is the fastest way to understand how to improve the employee value proposition in future," he says.
"In this market, even passive jobseekers are at flight risk, so it's crucial for companies to understand and address employees' priorities before they even contemplate a career move.
"Our research highlights the value of intangible or low-cost efforts to cultivate an engaged employee, such as fostering a positive workplace through fulfilling working relationships and company culture, challenging employees through exposure to new projects or responsibilities, and respecting employees through the autonomy of hybrid work," Brushfield says.
"While the war to attract talent is pushing up remuneration, a satisfied employee cant be bought in the long-term."