Around one in seven workers predicted they would have different job in six months time - which will make for an even more competitive labour market in the UK - and deepen the ''war for talent".
The combination of the "war for talent" and a cost of living crisis in 2023 could present a unique set of challenges for employers and job seekers alike. Here's how these two factors might intersect:
- Increased competition for talent: The war for talent typically implies a competitive job market where companies vie for skilled and qualified individuals. In a cost of living crisis scenario, where workers are seeking better-paying opportunities to combat rising living expenses, the competition for top talent can intensify. Employers may need to offer more attractive compensation packages, including higher salaries, bonuses, and additional benefits, to attract and retain talent.
- Location and relocation factors: The cost of living crisis can influence talent mobility and relocation decisions. This can drive an increased demand for flexible work arrangements, such as remote work or flexible hours. Workers may prioritise jobs that allow them to save on commuting costs or provide a better work-life balance.
- Changing industries or sectors: Some workers may consider transitioning to industries or sectors that are less affected by the cost of living crisis. They might look for employment in sectors with more stable or higher wages, such as technology, finance, or healthcare.
- Skills and talent scarcity: Despite the cost of living crisis, certain industries or professions may continue to face talent shortages. The war for talent may persist in these sectors, where the demand for specific skills outweighs the available supply. Employers will need to be proactive in identifying and attracting talent, and providing opportunities for career growth and development.
Millions of Britons and around one-in-six Londoners are looking to change jobs in the next six months according to new research, in a sign that the UK’s labour market could get even more competitive.