Over a Third of UK Employees to Quit if Denied a Pay Rise in 2015
A new study has found that at least 39% of UK workers will start looking for a new job if they don’t receive a pay rise in the next 12 months causing a cost to the UK of up to £360 billion.
Expectations of a salary increase have held steady for a year, with 35% of employees confident that they will see a rise in their pay. As for how UK employees feel about how their company’s business will perform in the next six months, most employees appear to be cautiously optimistic.
55% of employees believe their company’s outlook will stay the same – a decrease from last quarter. One in three (34%) employees, including those self-employed, believe that the business outlook of their company will improve in the next six months – up from 32% last quarter, with only 11% believing that it will get worse.
Just under half of employees (48%) who are expecting a pay rise are expecting an increase of 2% or less. However, this is four times the UK’s current rate of inflation at 0.5%.
With around 50% of employees not expecting a pay rise and 33% stating that they will start looking for a new job if they don’t get one, it seems like many employees are prepared to move on. If these 12 million workers are on the lookout for better opportunities, a flurry in job moves should be expected.