A survey by Robert Walters found that 77% of professionals now value job security more than pay. 53% of employers have noticed that job candidates have discussed job security more often this year.
The survey found that 71% of workers hesitate to change jobs due to concerns about job security in a new company. In comparison, 43% of workers say the economy is a significant factor in their decision to change jobs, with inflation, unemployment, and GDP growth being key concerns.
CIPD found that the job market is slowing down, leading to fewer people changing jobs. The report said that job turnover and vacancies have decreased after rising during the pandemic.
James Cockett, labour market economist at the CIPD, shared “Now, the so-called ‘great resignation’ is well and truly over and has been replaced by the ‘big stay’, with more people opting for job stability. Falling staff turnover and vacancies also mean the balance of power in the labour market is moving in the direction of employers and away from workers,”
Experts say job seekers prioritise job security and career opportunities due to economic uncertainty. Employers must offer clear information about benefits and plans to attract and retain talent.
The UK’s skills gap remains a challenge for businesses, and attracting the right talent is crucial for success.