Concerns about job security and fewer opportunities, rather than company loyalty, are keeping many employees in their current jobs, according to the Chartered Institute of Personnel and Development’s (CIPD) quarterly Employee Outlook survey.
The YouGov survey of over 3,000 employees found that the vast majority (75%) have no plans to change employers in the foreseeable future, with two thirds (64%) citing difficulties in the current market. However, when asked if they would like to change jobs in an ideal world within the next year, over a third (34%) of respondents said they were considering this option.
Many of these are considering drastic measures, with a quarter (24%) looking to work in a different sector and a similar proportion (25%) wanting to change their line of work altogether. Respondents in banking and finance (41%) and construction (40%) are the most likely to want to change their jobs in the next year. Of those who would ideally like to change job in banking and finance and construction, 34% and 28% respectively would like to change sector.
Redundancy-hit private sector employees in general are more likely to consider changing sectors, with a quarter (25%) indicating this intention. This is compared to 19% and 17% in the public and voluntary sectors respectively.
Of those who will be looking for a job in a different sector from their current job, the most popular sectors appear to be the public and voluntary, with 28% looking for work in community, social and personal services activities, 20% wanting to move into education and 17% looking for health and social work opportunities.
For the quarter ideally seeking a different line of work altogether, people working in wholesale and retail (33%) telecommunications and postal services (31%) and education (28%) are most likely to be looking elsewhere. Claire McCartney,
Talent and Resourcing Adviser, CIPD comments: “What is striking is the high proportion of people wanting to change sector or even change their line of work altogether. Concerns over job security and finding new work are prompting people to re-think their career aspirations and ambitions. This will also have a big impact on trends in the labour market.
“It’s clear from this quarter’s findings that the poor state of the labour market is acting like a dam holding back the normal flow of talent. Once job opportunities increase, however, dissatisfied employees will vote with their feet and leave, making it important for employers not to take the loyalty of their people for granted.
“Employers need to be careful to avoid complacency. The recession may keep your best people with you for now, but you need to take the time to focus on building employee engagement by providing employees with clarity around career paths and setting work that is meaningful to them, if you want them to stay put when better times return.”