Concerns over job security are expected to slow down the ‘January jobs rush’ in 2023, with just 8% of us planning on looking for a new role as they start the year. According to the latest report by Totaljobs, which surveyed over 2,000 UK workers, this contrasts significantly with previous years, despite the number of job vacancies remaining high.
While under a third (31%) of workers plan on finding a new job at some point in 2023, this is drastically down from 89% reported this time two years ago.
With news of an economic recession on the horizon, Totaljobs’ research suggests that fears for job security are weighing heavily on the minds of UK workers, with one third (32%) stating that they feel greater concern for their job security than they did during the pandemic.
62% said that, in light of the cost-of-living crisis, they are more likely to ignore a job advert that doesn’t disclose salary. Over two-thirds (68%) said they are more likely to pay closer attention to the benefits listed in a job description and more than half (52%) said they are more likely to take greater interest in company performance.
Almost three in four (74%) Brits said that they are worried about their financial situation, because of the rising cost of living.
These fears are playing out amongst jobseekers in next 12 months, as the number one motivation behind those seeking a new job in 2023 is a higher salary (57%). This was followed by a lack of job satisfaction in their existing role (39%), wanting a better work life balance (33%) and seeking better growth and training opportunities (25%).
Flexible working options still remain a priority, with 1 in 4 (25%) expecting employers to offer more flexible working options as well as a similar demand (16%) for fully remote working altogether.
Steve Warnham, Senior Researcher at Totaljobs said: “The key factors impacting the recruitment market in the New Year include employees’ want and need for a higher salary to ensure their financial stability, coupled with a recession-fuelled hesitancy to change jobs.
“However, the employment market remains resilient, with historically high levels of job vacancies. So, despite understandable caution from candidates, our research suggests that businesses need to ensure they are doing their best to promote their job vacancies and engage potential hires.
“Alongside this, setting fair and transparent salaries, and promoting the support and non-monetary benefits available to staff, will be key to ensuring businesses can continue to plug skills gaps and bounce back when the economy recovers.”
