Concerns about job security are keeping 71% of professionals from switching roles, new research shows

A significant majority of British professionals are increasingly reluctant to change jobs, with 71% expressing hesitation due to concerns about job security, according to a recent survey by global recruitment agency Robert Walters.

This trend, which the company has dubbed ‘The Big Stay’, suggests that many employees are prioritizing stability over career progression, a choice that could have far-reaching consequences for both their professional future and the wider economy.

The research shows that three-quarters of respondents consider job security a key factor when assessing new opportunities, with 16% admitting that fear of uncertainty in a new role has put them off applying completely.

Chris Eldridge, CEO of Robert Walters UK & Ireland, contrasts this with the wave of ‘The Great Resignation’ just a few years ago, when professionals changed jobs at record speed, lured by higher starting salaries. He notes: “While there were initial concerns about ‘The Big Stay,’ this may be a short-lived phenomenon as market confidence appears to be recovering post-election.”

Eldridge warns that a stagnant role can hinder both individual career development and economic dynamism. “Economic growth depends on labor mobility. Organizations need new perspectives to stay competitive, and employees who shy away from new opportunities risk having their careers stagnate. Statistically, those who change jobs more often tend to earn more over their working lives.”

Shift in priorities

The findings also show a notable shift in professional priorities. A significant 77% of UK workers now consider job security more important than pay, with 16% reporting that this concern has only recently come to the forefront of their minds. Employers have also noticed this shift, with 74% reporting that candidates are increasingly raising the issue of job security during the hiring process.

Economic factors are a major driver of this trend; more than two-fifths of respondents cite the state of the economy as a crucial consideration in their decision to change roles. Inflation, unemployment rates and GDP growth are among the top concerns influencing their hesitation.

Eldridge recognizes the pressures professionals face, noting, “Even when a company can provide job security, the current economic climate is causing many to delay making important changes in their lives or careers.”

Companies are struggling to attract talent

The report also sheds light on the challenges employers face, with 79% of hiring managers seeing an increase in the number of candidates turning down job offers by 2024. The top reasons cited are salary expectations or cultural fit, followed by concerns about business security and the stability of the track.

In response, 75% of companies have changed their recruitment strategies to address these concerns. These adjustments include making growth plans more transparent and openly discussing challenges facing the sector. However, only 13% of companies are candid about their financial performance during the recruitment process, fearing that such transparency could deter potential hires.

Nevertheless, some companies recognize the value of transparency. More than a third now claim to be very transparent about their financial health and long-term plans, while a quarter still opt for a more cautious approach.

Eldridge concludes: “While companies may be hesitant to disclose financial details or challenges, my experience shows that transparency often helps find the right candidate – those who are not only undeterred by these challenges, but also eager to contribute solutions .”