The Edenred Barometer, conducted by Ipsos among 7,200 European workers, including 800 UK workers, found that less than one in three (30%) of employees were satisfied with their variable pay and only one in four (39%) were happy with their fixed pay. Just 37% were happy with their benefits package.
The survey found pay levels outstripped job security and work-life balance with nearly half (47%) of employees saying it was their biggest worry in 2013.
Satisfaction with purchasing power fell at the fastest rate of all the European countries surveyed with 44% saying they were unhappy how far their wages went compared to 37% in 2012.
The Edenred Barometer also found the UK has the highest number of employees currently looking at moving jobs in Europe (48%) with just over one in ten (12%) actively planning their next move and 36% saying they were considering each opportunity that came up.
Andy Philpott, sales and marketing director of Edenred UK said:
“After five years of economic squeeze, we are now really starting to see the pressure our employees are feeling.
Employees think they are getting a raw deal when it comes to pay as the cost of living rises.
This looks set to translate into an exodus of talent as nearly half say they are ready to move jobs right now.
It is clear as optimism in the UK economy increases that employers need to rethink the way they engage and reward their people if they are to improve employee loyalty and retain the talent they need to sustain their organisations through the economic recovery.”