A new survey conducted by global talent services company Morgan McKinley as part of its 2024 Salary Guide, revealed that 86% of organisations in the UK have found hiring ‘quite’ or ‘very’ competitive in 2023.
46% have lost out on hiring new talent in the last six months as they ‘can’t compete on salary and benefits’, and 40% expect ‘lack of skilled candidates available’ to be their greatest 2024 recruitment challenge.
Despite this over half (52%) of UK businesses still plan to hire and 51% in the UK professionals plan to actively look for new jobs in the next six months.
Reasons for change jobs:
- ‘Higher salary’ remains the most valued reason for wanting to move jobs at 42%;
- ‘Meaningful and impactful work’ at 13%.
49% of professionals in the UK are optimistic that they will receive a salary increase in 2024 and 70% of employers plan to increase salary offers in 2024 for certain in-demand roles.
- 59% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their bonus packages.
The top five desired benefits British workers look for in a job are:
- Work from home
- Bonus
- Pension
- Health insurance
- Flexible working hours
David Leithead, Chief Operations Officer of Morgan McKinley UK, commented: “The underlying economic gloom caused many employers to slow recruitment; the frenzy to secure new hires has been replaced by companies taking time and care to ensure the best hiring decisions are made. Despite this, the pressure to find new talent has remained, as companies look to drive ahead with change agendas, satisfy new regulatory and legal regimes, maximise commercial opportunities, and respond to turnover.”
“Many employers offered inflated salaries to secure talent throughout 2021 and 2022, so it’s unsurprising that salary offers have largely normalised with fewer opportunities available.”
Leithead concluded: “No matter the macro climate, it remains true always that the right talent – that can drive progress and improvement – will remain in demand and companies will pay well to secure them. With the shortage of skilled professionals available, take steps to keep your people engaged, supported and happy; offering benefits that are meaningful to the individual’s specific situation will help here. Benefits around wellbeing and flexibility remain top of the pile.”