69% of UK workers will come to you if you offer more money
This is a modified section from Workable's comprehensive new survey report on the Great Discontent in 2023 in the United Kingdom. Visit here to see the report in full.
What are UK workers interested in right now when it comes to jobs? This time, we have data for you on the value of compensation for workers in a job right now and how that’s changed since 2021.
Contents
Top 3 takeaways
- Salary / perks / benefits remains a top attractor in a new job at 68.8%
- It’s growing as a major reason why active jobseekers are hunting for new opportunities, to 66.4% from 53.5%
- It’s also an area for improvement in current roles – up to 63% from 60.7%
This much is clear: money talks, and it always has – including in the UK.
And it probably will always talk. It does put food on the table and pay the bills, after all.
Compensation was already a clear priority for most UK-based workers in our 2021 dataset – and it remains so in 2023. The percentage of those who picked salary / perks / benefits as one of the major factors that would attract them to a new role remains at the top of the heap, albeit declining slightly to 68.8% from 70.1%.
And of those who say their current job could be improved, 63% say salary / perks / benefits is a top area for improvement – up from 60.7% in 2021.
But here’s the huge differentiator this time: of those who are actively looking for new opportunities, two-thirds (66.4%) say the need to make more money is the reason why. That’s up hugely from 53.5% in 2021.
What more need we say? The data resoundingly points to the importance of compensation across the board. Well-compensated employees will be happier, and jobs are more attractive when they pay well.
What can you do?
1. Reevaluate compensation packages
With the increased focus on salary, perks, and benefits, employers should periodically reassess their compensation packages to ensure they remain competitive and attractive.
This can involve benchmarking against industry standards and considering factors such as cost of living and inflation.
2. Enhance benefits offerings
Besides salary, the emphasis on perks and benefits calls for a more comprehensive and enticing benefits package.
This could include health benefits, retirement plans, wellness programs, flexible work schedules, remote work options, and professional development opportunities.
3. Create attractive offers to lure passive candidates
With a significant rise in the number of passive job seekers, employers need to craft compelling offers to attract this group.
This could mean not just offering a competitive salary, but also demonstrating the potential for career growth, a positive work culture, and a strong commitment to employee well-being.
Frequently asked questions
- What is the primary factor attracting UK workers to new jobs?
- Salary, perks, and benefits continue to be the major factors, with 68.8% of UK workers considering them essential in a new job.
- How has the importance of compensation changed for active job seekers?
- For those actively seeking new roles, the need for better compensation has significantly risen to 66.4% in 2023, up from 53.5% in 2021.
- Is compensation also a concern for employees in their current roles?
- Yes, 63% of employees believe salary, perks, and benefits in their current roles could be improved, indicating a growing concern about compensation.
