UK employees are happy to leave their job for noticeably less money than their European peers, according to a recent study by the ADP Research Institute®. “The Evolution of Work 2.0” report surveyed over 8,500 employees and employers across 13 countries. The findings show that UK employees say they will leave their roles for a 10% pay rise versus the European average of 12%.
UK employers, however, were found to overestimate how much of a salary increase employees would require to move jobs, estimating to be more than 11%. As a result, many employers are taken by surprise when members of the workforce leave.
“Salary stagnation is a real issue in the UK,” said Annabel Jones, HR Director at ADP UK. “With a record number of job vacancies now available in today’s market, employers need to ensure their employees have regular opportunities to progress in their careers whether this is through regular pay reviews, appraisals or training and development.”
A nation of risk takers
The research also revealed that UK employees are most likely to believe in job security (38%), compared to their European counterparts. As a result, UK employees are more willing to take greater risks in their careers.
“Inflation has risen rapidly since the Brexit vote last June,” Jones continued, “This means that UK consumers are suffering a sustained fall in living standards as the real wage falls further. This may well be why UK employees need a smaller salary increase to motivate them to change jobs.”
As well as taking risks with regard to pay, UK employees will also take significant risks in regards to the types of jobs they look for, with one out of three employees open to considering a job outside of their industry, compared to just one in five in France.
Despite this, UK workers felt it was harder to move to different industries and job functions compared to the rest of Europe (67% versus 64%).
To access a copy of the Evolution of Work 2017 report, please click here.