Amidst ongoing economic uncertainty, a third (30%) of professionals are worried about their job security, leading more than half (54%) to lean on their professional networks more. The research, released today from leading events business, Hyve Group, indicates that a notable proportion of the UK’s 30 million strong workforce* is nervous about the months ahead. The concern about job security peaks among younger workers (61% 25-34 year-olds) dropping to 42% in among the over 55s.
Looking ahead, three fifths (59%) of those polled think their professional network will help them find a new role in the future, this figure peaks at three quarters (72%) among 25–34-year-olds. Over half (54%) of all respondents’ report valuing their professional networks more as they move through their careers.
The emphasis on the power of networks for future roles compares to just a fifth (19%) who have used their professional connections to help find a role to date.
For those currently experiencing job insecurity, the importance of a network is in the spotlight more than ever, with crucial opportunities resulting from well nurtured connections. There are multiple ways to grow your network – from forming bonds with current and former employees to industry peers at events or through mentoring opportunities – it is important workers start forging these connections early on in their careers and that we all maintain them throughout.When asked about what factors would motivate them to move roles, 54% stated an increased salary would motivate them, followed by 31% who said an improved work life balance would be vital. Just over a tenth (13%) said they would be motivated by finding an employer more aligned with their personal beliefs. This figure is higher among millennials, with 19% saying they’d be motivated by ethics when looking for a new job. This compares to just 8% of the over 55s.
Mark Shashoua, CEO of Hyve Group, added: “We know that what motivates people to want to work for companies differs through the generations and the trends around work life balance and value-based decisions has accelerated in recent years. Younger workers are more likely to seek out employers that align with their ethics while all, irrespective of age, are most likely to move for increased wages.”
About the research:
Hyve’s polling of 2,009 UK workers aged over 25 who work 2.5 or more days per week was conducted by Censuswide. Fieldwork ran from the 24th August 2023 to the 29th August 2023. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles.
For media enquiries, please contact:
Sophie Canetti, [email protected]
*Figure taken from Labour market overview
.png)