Confidence in job market is high and less people satisfied with their work-life balance, new research finds

New research has found that confidence in the jobs market is high, with more people job searching due to being dissatisfied with their work-life balance and support / progression opportunities offered by their employers.

Lancaster based Eventus Recruitment’s annual survey of over 750 professionals within the professional services sectors explores trends regarding employers, employees’ preferences, employee benefits, work-life balance, career progression and emerging themes in the job market.

A key finding is that confidence has increased in the job market in the last 12 months. Over 70 per cent professionals are either actively or passively job searching.

In addition, 50 per cent can’t see themselves working for their current employer longer than 12 months, an increase of 18 per cent from the last survey.

Although, it’s good news for companies that are expanding, it’s bad news for retention strategies. The survey found that only 40 per cent of people are fully engaged in their work, a decrease of 15 per cent from last year.

This could partly be due to less people working their ideal working pattern and an increase in people feeling unsupported in their job and with their career goals.

On top of this, ineffective support / management, poor work-life balance and lack of progression opportunities were voted as the main motivators for job searching.

Another key finding is that only 40 per cent are satisfied with their work-life balance, a decline of nine per cent from last year.

In addition, 62 per cent said their employer could do more to support their work-life balance.

Furthermore, there’s an increase in people wanting some hybrid working.

An increase in hybrid working was voted as the main improvement that employers could make to improve work-life balance.

Today, only seven per cent would like to work in the office full-time, a decrease of five per cent from 12 months ago.

This comes at a time when more firms are wanting employees back in the office.

Currently, 70 per cent of people can work from home at least one day a week.

The most common hybrid pattern is working two days a week from home, with just under 25 per cent of respondents working this pattern.

In addition, only 35 per cent said their employer implements a home working policy fairly across all teams.

The top five benefits ranked most important in a benefits package are salary / bonus, flexibility over working hours, holiday allowance, flexibility over working location, and pension contributions.

56 per cent of people are satisfied with their current pay, which has increased from last year.

However, only 43 per cent have had salary reviews in the last 12 months, a decrease of 11 per cent.

Also, when it comes to holidays, only 18 per cent of companies within professional services are offering statutory holidays.

The most common holiday pattern is 25 days holidays.

Interestingly, 62 per cent of people who can’t buy and sell holidays would like to be able to.

As a result, if companies don’t offer the option to buy and sell holidays, it could be a great additional benefit, offering flexibility to both employees and the company.

The employment trends survey also asked about a four-day working week, which is still being trialled internationally.

Overwhelmingly, 69 per cent of people said that they would benefit from working a four-day working week and that they feel they would be able to work a four-day working week in their role.

Interestingly no-one who works a shorter week voted that they don’t see any benefits. This suggests that everyone who works a shorter week benefits in some way from it.

In addition, when it comes to progression 49% feel the need to move companies for their career goals.

43 per cent of people said they would like to progress into a higher position and a further 24 per cent said they would like to change positions or enter a new sector.

From the research, it is clear there is a lack of communication about progression opportunities which is causing confusion among professionals.

With 44 per cent feeling there’s no progression opportunities within their current firm and a further 25 per cent unsure, it’s important that employers are open and clear about progression and promotion opportunities within their firm.

However, this year there’s less people wanting to progress – 31 per cent said they are happy at their current level or position.

This could be because people are valuing job security, salary, flexibility and a work-life balance more than in previous years.

As a result, employer’s focus needs to be on retaining these individuals and implementing ways to support them day-to-day within their role.

Amy Watson, director of the Eventus Recruitment Group, said: “People’s confidence in their sector and the jobs market has increased and they are not being deterred from progressing with their career goals or seeking a rewarding work environment.

"The survey found that 70 per cent are either actively or passively job searching at present, an increase of 12 per cent from last year.

"As a result, in order to retain your top employees, it is vital to have regular conversation with employees about well-being at work, work-life balance and progression, make use of employee development plans for those wanting to progress, and have annual reviews of salaries and benefits packages.

"By listening, rewarding and creating environments where people are satisfied will enable your recruitment and retention strategies to succeed.”

To read the full report, Eventus Recruitment’s recommendations and what the survey findings mean for your recruitment and retention strategies, please email [email protected] to request the report.