New year, new job: Almost three-quarters of UK workers are looking to switch positions this year

A staggering two-thirds of those within the human resources sector wanted to change jobs, while those in the tourism & leisure sector were the least likely to want to make the switch.

The findings, which combined two separate consumer research studies of a total 4,314 working UK adults in December 2022 and January 2023, show that people are willing to change industry in a bid for a higher salary, despite the current economic uncertainty.

Over half (55%) said they need or want more money in 2023, suggesting the cost-of-living crisis could be having an impact on their lifestyles.

The study, by Reed Recruitment, said that outside of requiring a bigger salary, one in five (20%) are looking for a better work-life balance, whilst over one in ten (13%) currently do not enjoy their job, are worried about job security, or are looking for a role with better career opportunities, such as promotions and mentorships.

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For those wanting something new within their sector, human resources is the industry most likely to see the biggest movement, as 67% stated they would like a new challenge. Following closely behind is IT (62%), Financial Services (62%) and Banking (59%). 

Only 27% of those within the Leisure & Tourism sector said they are looking for a new job this year.

Safety & Security and Marketing & PR are also set to see the least movement, as only 36% and 37% of workers within those industries respectively are looking to make a change. 

Nearly one in ten (9%) workers reveal they are not only looking for a new role but want one within a new industry. Financial Services are most likely to benefit from this change, with over one in ten (13%) looking for a new career in this industry, followed closely behind by the Education and Health & Medicine sectors, both at 12%.

When broken down by generation, employees have different priorities when looking for a new role.

Salary remains the top priority regardless of age but especially for those between 26-45 years old.

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Nearly two-thirds (63%) of this age group reveal they want or need a pay rise, which is considerably higher than those who don’t fall within this bracket. With prominent life stages, such as getting married and having children typically falling within this age range, this could well be the reason many people would benefit from an increased salary. 

Similarly, over half (59%) of Gen Z (18-24 year-olds) feel the same, and state wanting or needing a higher salary is the top reason for changing jobs.

People aged 56+, value having a better work-life balance (16%) as a priority for job searching. 

Younger generations are also much more worried about job security than their older counterparts, as 16% of 18-24-year-olds say they are worried about this in their current role – compared to only 7% of those over the age of 55. This disparity also applies to getting a job with better career opportunities, such as promotions and mentorships, at 15% and 4%, respectively. 

Interestingly, despite over 100 UK companies signing up to trial the four-day working week initiative, research suggests people favour a higher salary over flexibility as less than one in ten (8%) employees say they are looking for a role that offers this as an option.

Only one in five (19%) say the offer of working a four-day week would make them more likely to stay with their current company. It’s those aged between 46 and 55 (21%) who would be most likely to take their current employer up on the offer in comparison to only 17% of Gen Z – the lowest of all age groups asked. 

Simon Wingate, Managing Director of Reed said: “It’s no surprise that our research shows that people’s work priorities for the new year centre around finding new roles that provide a higher salary. We know people love their job and love Mondays when they’re paid what they deserve.

He added: “Although salary is important, it’s not the only factor that will keep people in their jobs, even during a cost-of-living crisis. People are searching for better career opportunities, a better work-life balance, and more stability within their roles. If businesses are unable to provide higher salaries, we’d encourage them to tailor their benefits packages to their employee’s needs where possible as this can go a long way to help retain staff.”