A new survey by Glassdoor, a jobs and careers community, reveals that 39 percent of UK employeeswill look for a new job if they don’t get a pay rise in the next 12 months. This means that potentially 12 million people could be changing jobs this year, which could have a huge impact on retention and recruitment costs for UK businesses. Recent research shows, each vacancy costs the average employer £30,000, primarily in lost productivity. If all 12 million employees moved jobs, this would be a total potential cost of £360 billion in recruitment and loss of productivity for UK employers.
Almost half of employees (48%) who are confident of a pay rise are expecting an increase of 2 percent or less. However, this is four times the UK’s current rate of inflation at 0.5 percent.
The Glassdoor UK Employment Confidence Survey, conducted online by Harris Interactive among UK employees, monitors four key indicators of employee confidence: job security, salary expectations, job market optimism/re-hire probability and business outlook optimism.