64% of workers will resign if not paid more in 2022
According to new findings in Robert Walters’ 2022 UK Salary Guide, two thirds of professionals have stated that they will actively be seeking work in the New Year, with 59% feeling ‘very confident’ about job opportunities in their sector. This, despite calls to return to working from home.
Robert Walters believes that the large majority of white-collar workers have held onto their December bonuses and January pay increases and that the Great Resignation is still on its way.
According to the findings in the survey conducted of 6,000 white collar workers, January appraisals could trigger a mass employee exodus if workers are not duly rewarded for their loyalty and hard work during the pandemic. It found that 72% of professionals are expecting a pay rise in the new year, where are a poll of 500 companies by Robert Walters revealed that less than 28% of employers plan to make changes to existing pay packages.
The stark difference between employee’s expectations compared to what employers are willing to pay – dubbed The Great Pay Divide – could result in the Great Resignation peaking in February/March 2022.
Toby Fowlston, CEO of Robert Walters & Walters People commented: “For firms that have performed well in 2021; the talks of your organisation ‘bouncing back,’ hitting record profits, or hiring in certain areas rapidly, will all be front of mind for employees in their upcoming appraisal. This conversation is a sensitive one – but it is exactly that, a conversation. Companies need to prepare their management teams on how to best articulate their company’s narrative around remuneration and career opportunities. Meetings should be face to face (where COVID-19 rules allow) to maximise a human connection. If this process isn’t managed correctly businesses will be faced with the challenge of high staff turnover in the first quarter of the year.”
Pay or we’ll leave
The survey revealed that two thirds (64%) of professionals have stated that they would leave their job if they are not offered a pay rise in 2022.
Toby continued: “Employers should not rest on their laurels assuming that an employee of 5+ years will not leave their business in times like these.
Professionals with the most in demand skill sets across legal, accounting and finance are achieving 20 to 30% pay increases when moving roles. In technology the pay rises are even higher, sometimes up to 50% for those with software development or cyber security experience.
More than ever organisations need to take the time to make detailed assessments of market rates and competitor pay to ensure their January pay and bonus meetings are aligned with their industry.”