Nearly half (46%) of UK professionals are worried about their current employer’s ability to hold onto staff this year. Amid high inflation, continued cost-of-living pressures and NI tax hikes, anxiety is at an all-time-high in the market. Regardless, new data* has revealed that 65% of professionals are responding to this by making plans to actively apply and take interviews for new opportunities in 2025.
Chris Eldridge, CEO of Robert Walters UK & Ireland comments: “Employers should take note that professionals are actively pursuing new job opportunities despite their confidence in the market being low.
“The new year has introduced a new wave of economic pressures for professionals – and it’s clear if they don’t feel confident enough with their current employer, they’ll respond with their feet.
“For employers, this trend presents something of a double-edged sword. Those who remain agile will give themselves the opportunity to attract top talent away from their market competition. Whilst companies who fail to pivot their operations run the risk of losing key players in their teams.”
Professionals taking action
In addition to the over three-fifths of professionals actively applying, over a quarter (28%) will be keeping an ear close to the ground for potential new opportunities.
Indeed, despite 48% of professionals not feeling confident about the current opportunities on offer in their sector – 76% plan on finding a new job this year.
According to recent data, last year saw record numbers of senior lawyers move jobs in the capital – as pay wars still rage on for key roles despite market instability.
Uncertainty rules
Adding to disappointments, Robert Walters found that 45% of UK professionals will not be receiving bonuses this period, even though 44% were confident they’d secure one by the end of 2024.
This lack of year-end bonuses has intensified concerns among professionals when it comes to their current company’s growth prospects. Only 27% of professionals feel confident about their company’s projected growth in 2025.
Chris comments: “Salaries being stretched further due to living costs, annual bonuses either lacking or non-existent and a slew of external factors such as policy changes, high interest rates, inflation and continued economic instability have dealt blow-after-blow to business confidence going into the new year.
“This places a real threat on the employee-employer relationship. Highlighting an imminent need for employers to be doing more to ensure employee confidence in their operations doesn’t decrease and result in driving out top talent.”
Blundering budgets
Conversely, over a third of UK employers (37%) believe that ‘budget constraints’ will be their main hiring challenge this year.
However, addressing this issue isn’t solely about financial investment. Over three-fifths (65%) of professionals’ state that company values are an extremely important factor to them when considering a new job role.
The top three workplace benefits valued by professionals are:
- Private health insurance (80%*)
- Bonus schemes (77%*)
- Pension contributions (69%*)
*Percentage of white-collar professionals who would consider a job offer based off this benefit.
Chris comments: “In challenging markets, it’s crucial for businesses to hold onto their top-tier employees. Ensuring bonuses are paid to those who significantly contributed to last year’s success. Neglecting this will only encourage high performers to seek opportunities elsewhere.
“While ramping up workplace benefits, continuing to facilitate both employees’ growth and clearly aligning company profile with a social agenda and set of core values are other ways employers can maximise value and increase confidence when budgets are tight.
“This year will see top companies prioritising and investing in employee experience. Doing so will ensure they are best placed to attract and retain top talent, which could mean the difference between them thriving or diving in 2025.”
