ILC ARTICLE

A quarter of the workforce on the move

22nd February 2022

New research from LV= has revealed that a staggering nine million people in the UK have changed their jobs since the onset of Covid-19. That is the equivalent of about 28% of the entire workforce.

Meanwhile, 3.9 million people (12%) changed their entire careers.

According to data gathered in the LV= Wealth and Wellbeing Monitor, a quarterly survey of more than 4,000 adults, more than a quarter (27%) of those who changed jobs said they made the move because of higher wages. In fact, over half of people who accepted a new role said their incomes had increased, with 12% saying by more than £10,000.

Against this, 18% accepted a pay decrease to change positions, with a similar number (22%) saying they changed roles because they wanted a more enjoyable job.

Redundancy accounted for 19% of the job moves, with a further 18% saying they made the switch for a more reliable income.

Interestingly, despite widespread reports about a change in attitude around work-life balance brought about by the pandemic, only 16% of employees who accepted a new position did so because they wanted to work from home. The same number said they wanted a less stressful job, and only 15% said they wanted more flexible hours.

Clive Bolton, Managing Director of Savings and Retirement at LV=, said, “It’s understandable why many people have decided to change jobs or careers and it is good to see more people taking control of their lives and making career choices that work for them. The jobs market is relatively buoyant, and the opportunities available along with rising wages make it easier for people to manage the financial aspects of their lives. 

“The majority of people in our survey who have changed jobs are now on higher pay but a significant number took a salary cut. Taking a lower-paid job does not automatically mean your personal finances are affected, particularly if a new role does not include expensive commuting costs and lower child-care costs.”