Marvin OnumonuA quarter (24%) of UK employees want to change jobs this year, according to a recent survey from Ciphr.
Out of 2,000 workers surveyed, 32% of under 34s and 30% of 35-44-year-olds were either actively job hunting or planning to leave.
This compared to 22% of 45-55-year-olds, 14% of 55-64-year-olds and 7% of those over 65.
Pay was the main reason for moving on, with 36% feeling underpaid.
Feeling undervalued was reported by 28% of women and 17% of men.
Lack of job growth also featured, with 24% of women and 18% of men saying they had to look elsewhere for career progression.
Other reasons included wanting a more fulfilling job (23%), not enjoying their current job (22%), feeling bored or unengaged (17%), wanting a better work-life balance (17%), wanting to reduce stress (16%), and poor leadership (16%).
Gaining new skills and working from home more often were both mentioned by 15%.
Claire Hawes, chief people and operations officer at Ciphr, said: “These findings should be a wake-up call for employers.
“Around a third of workers under 45 want to switch jobs, with many saying they’re feeling underpaid and undervalued.
“That’s highlighting problems that are very fixable. People aren’t leaving because they hate the work… they’re leaving because they don’t feel recognised or seen.”
Hawes added: “These things can’t be fixed overnight, however, and need a deliberate and sustained effort to improve over time.
“Employers would benefit from identifying the two or three things they can do in the next year and creating tangible plans that they can communicate to their workforce about how they plan to change and improve their pay and recognition models.
“For example, audit your pay – you don’t need to match market rate overnight, but you should understand where the gaps (and risks) are, and be honest with your people about your pay strategy and plans.”
She said: “Think about how you can better build recognition into the rhythm of your business – not as a one-off initiative, but as a management culture.
“Recognition is all about acknowledging someone’s contributions and giving credit.
“People want to know that their employer appreciates and values them.”
She added: “It doesn’t always need to be big financial gestures. Internal shout-outs, an early Friday finish, or a coffee voucher, can have a big impact.
“Aim for frequent, consistent and genuine recognition.
“And, finally, ensure there’s space for career conversations. One in five people who are planning to leave are doing so because they can’t see a future career path.”
She said: “Work with them to ensure they are being heard, and that they understand what career options they have inside your organisation.
“Retention is rooted in getting the basics right: fair pay, genuine recognition, and a credible career and growth story that employees can buy into.”
