Companies must offer higher wages, a shorter work week or improved benefits to avoid an exodus of disgruntled workers over the next 12 months, according to a study.
A survey by Autonomy, a think tank specializing in the future of work, concluded that improving working conditions was vital for sectors suffering from severe labor shortages.
Following a report suggesting that nearly one in four workers plan to quit their job in the next few months, the Autonomy survey of more than 1,000 workers in the care, transportation and logistics and the hotel industry has shown:
- 41% were planning to quit their job in the next 12 months.
- Low wages, long working hours and poor mental health were often cited as reasons for dissatisfaction.
- The majority of those considering quitting had received no incentive to stay from their employers.
- Workers in these sectors have indicated that higher wages, shorter working hours for the same pay and better work-related benefits such as paid holidays and pensions would prevent them from resigning.
Jobs in the UK hit an all-time high, reaching 1.1 million in the latest data released by the Office for National Statistics, and Autonomy said labor shortages had had an impact severe on businesses, resulting in loss of customers and revenue due to an inability to provide services and products.
Will Stronge, research director of the think tank, said: “The good news is that the labor market crisis can be resolved quite easily by providing better working conditions.
“However, the response from companies is well below what is needed and unless they quickly come up with a better deal, our research suggests that the crisis will worsen over the next 12 months.
“The Covid pandemic has shone the spotlight on unjust and precarious labor practices in Britain and it seems workers are simply having enough. “
The Autonomy survey also contained new analysis from shareholder advisory firm PIRC which showed that three-quarters of the largest companies listed on the London Stock Exchange – with an overall workforce of 4.5 million people – cited shortages. workforce or staff retention as the main risk to their business. .
Tom Powdrill, Head of Stewardship at PIRC, said: “The job market is at a critical time that requires urgent action.
“Private sector companies have a duty to themselves, their investors and their workforce to take action to avoid further problems and costs down the road. Listening to workers is a good start.