Many workers say they’ll quit if they don’t receive pay rise this year

A new survey has revealed that 30% of employees say they’ll be looking for a new job if they’re not given a pay rise this year.

The Totaljobs’ 2024 edition of its Salary & Benefit guides shows that although as many as 67% of UK workers have received a pay rise in the last 12 months, the cost of living crisis is causing many to remain concerned about their salary.

According to the survey, 34% of the national workforce are unhappy with their current pay, with the main reason (cited by 41%) being that they feel their salary doesn’t reflect the time and effort they put into their job.

Some workers are willing to forgo a pay rise for more specific workplace benefits, such as:

• Full-time remote working (cited by 49%)
• Flexible working (35%)
• Generous pension contributions (27%)
• Bonuses and paid holiday allowances (26%)
• Private health insurance (24%)

Julius Probst, European Labour Market Economist at Totaljobs, commented on the findings, “Whilst inflation has fallen in the past six months, its effects continue to drive shifts in both wages and the labour market, but it is essential to recognise that money is not the sole factor, businesses listening to the needs and wants of employees is vital.

“Setting fair and transparent salaries and promoting both workplace support and non-monetary benefits available to staff, are a key in ensuring businesses can continue to plug ongoing skills gaps.”

Julius added, “Employers should consider what further information they can add to their salary details, additional benefits such as the amount of annual leave offered, pension contributions or a robust career trajectory.

“Recruitment and retention should go hand in hand, necessitating a review of engagement strategies and benchmarking salaries will help achieve successful recruitment objectives over the course of 2024.”

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