Employers fear staff leaving due to cost of living

Most employers in the UK [58%] believe that they will lose staff in the next six months as they seek to earn more by moving jobs, according to new research.

According to research for Morgan McKinley’s 2023 Salary Guide, 56% of employees in the UK are looking to move jobs in the first half of the year, with 49% selecting ‘higher salary’ as the primary reason, followed by ‘better career growth and development opportunities’ (17%).

The survey revealed that 72% of employers have had to offer higher than anticipated salaries to attract new employees over the last year. Furthermore, 74% of employers in the UK think that salaries in their specific sector will rise in 2023, with over half (56%) planning on increasing base salaries across all teams.

55% of employees in the UK are expecting their salaries to increase this year, with 59% also expecting some form of bonus payout.

More than half (56%) of businesses plan to hire new permanent or contract employees in the next six months.

David Leithead, Chief Operating Officer of Morgan McKinley UK, said: “Despite companies looking cautiously to the future, pressure remains to find new talent in response to staff turnover, driving ahead with change agendas, satisfying new regulatory and legal regimes, and maximising the commercial opportunities that continue to exist. Employers need to ensure what they are offering is aligned to expectations, encompassing salaries and benefits. This is even more crucial considering the skills shortage that remains across many industries. Top talent will always be in demand, and 2023 will be no different in that regard.”

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