Research reveals that 45% of workers have been waiting more than 12 months for a pay rise, as inflation hits 10.1%.
As the cost-of-living crisis puts pressure on household finances, research from Aspire – a recruitment agency – has found that 32% of workers will look to change roles in the next 12 months, with nearly half of those surveyed having not received a pay rise in over a year.
More than 500 candidates from a range of industries – including marketing, sales, technology and the creative industries – responded to Aspire’s survey which explores trends in the UK jobs market and what’s driving those trends so far this year.
The study reveals that almost half of respondents (45.5%) have not received a pay rise in more than 12 months, while a third (33.5%) of respondents cited salary as the most important job factor.
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Of those who had received pay rises, 46.7% have had pay rises of between 0-5%, which is below the 10.1% inflation rate and falls well short of the forecasted 18% rate of inflation in 2023.
Paul Farrer, chairman and founder of Aspire, commented on the findings: “The UK continues to grapple with a skills shortage, with the record 1.3m job vacancies evidencing just how difficult employers are finding it to hire the right talent.
“But with half of candidates not having received a pay rise in the last 12 months – and with significant wage growth in the sectors Aspire specialises in – we’re seeing what many candidates see: that they stand to benefit from changing jobs right now.
“With inflation pushing up energy and fuel costs, it makes sense that people are looking for new roles that offer them a competitive salary or a pay rise that can protect them from the rising cost of living.
“Employers need to be acutely aware and sensitive towards how wider societal trends feed into the motivations of workers. Achieve this and employers won’t just be better placed to attract the right talent – they’ll be able to retain it too.”