Survey Shows Economy Forcing Britons to Choose Money over Job Satisfaction

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22nd June 2012 14:13 - Financial Services

A survey by the Chartered Institute of Personnel and Development (CIPD) has found that better pay and benefits have overtaken job satisfaction as the most important reason for switching jobs in Britain.

The study of 2 000 UK employees discovered that more than half of the respondents at 54 % voted higher pay and benefits as the main reason for moving jobs, compared to 42% rating satisfaction at work.

These figures show a rise in people focussing on maintaining their living standards during the current economic climate. The CIPD survey last year measured 61% of employees putting job satisfaction first, while the minority of 48% rated pay and benefits as top priority.

In addition, 36% of those surveyed this year said their standard of living had fallen over the previous six months, compared with 29% a year earlier. Since the start of the global financial crisis in September 2008, the Consumer Price Index has risen more than twice as fast as the increase in average weekly earnings

Senior Public Policy Adviser at CIPD, Ben Willmott, commented:.“The survey shows the ongoing impact of the economic downturn in the workplace... Employees are feeling the squeeze as a result of pay freezes or low pay settlements that fail to keep up with inflation.”

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