Channel businesses would be well-advised to keep an eye on their staff because workers have revealed they are more likely to change jobs for better pay rather than more job satisfaction as they try to overcome the rising cost of living.
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The annual survey of employees by the Chartered Institute of Personnel & Development (CIPD) has revealed that improved job satisfaction has been relegated to second place behind better pay as the main reason for changing jobs. More than half of those surveyed cited better pay, compared to 42% for more job satisfaction.
Other findings revealed that the standard of living has worsened for 36% of employees over the past six months. As many as 18% said keeping up with bills was a constant struggle and the same number admitted to running out of money at the end of the week or month always or most of the time.
CIPD senior policy adviser Ben Willmott said the results demonstrated "the ongoing impact of the economic downturn in the workplace. Employees are feeling the squeeze as a result of pay freezes or low pay settlements that fail to keep up with inflation".
As well as being more likely to leave for more pay elsewhere, workers with financial difficulties were more likely to report being under stress at work and were typically less satisfied with their jobs, he added.
Employers would be well-advised to support workers in tough times by ensuring line managers were equipped with effective people management skills and by providing advice and support on debt management and financial planning.