Cost-of-living crisis expected to spark the ‘Great Resignation’ of 2023

New research commissioned by leading employee benefits provider Unum UK² has revealed nearly a fifth of the UK workforce (19%) plan to look for new jobs next year with higher salaries or better employee benefits in light of the cost-of-living crisis.

The research also found that 16% expect to have to take on second jobs just to stay afloat. That’s 4.5 million workers seeking further employment outside their current employer at a time when UK job vacancies fell by 3.6% in August to October — the fourth consecutive fall according to the latest ONS data.³

Unum’s survey of employees’ biggest concerns captured many of the work/life adjustments that people are planning to make next year to cope with the rising cost of living. Despite inflation rising to 11.1% in the year to October,⁴ the survey also found that 35% of employees have had no cost-of-living support from their employer this year.

It’s no surprise that 60% of employees say managing financially with the cost-of-living crisis is one of their biggest concerns for next year. Work/life balance is the next concern (37%), followed by:

• Dealing with debt/mortgage interest rate rises (33%)
• Mental health concerns (29%)
• General health concerns (27%)
• Threat of war against the backdrop of the events in Ukraine (27%)

Many employees plan to counteract the rising cost of living by limiting or switching off their heating entirely (57%), reducing food bills (43%) and cancelling holidays (26%). Another 24% will be forced to use their savings.