…But salary is still the number one factor when looking for a new job
A new study from the UK’s leading independent job board, CV-Library, reveals that salary (73.8%), location (66.9%) and job security (27.7%) are the three most important factors that professionals are looking for in a new job right now.
The study surveyed 1,100 UK professionals and asked them which of the following factors did they value the most when considering a new job. It reveals that flexibility and development opportunities also appeared in the top five. The full list includes:
- 1. Salary – 73.8%
- 2. Location – 66.9%
- 3. Job security – 27.7%
- 4. Flexible working hours – 27.3%
- 5. Development opportunities – 20.5%
- 6. The company’s culture – 20.3%
- 7. Job title – 13.3%
- 8. Ability to work from home – 12.3%
- 9. Benefits package – 11.3%
- 10. The company’s brand – 4.3%
Interestingly, when breaking the findings down by gender, the data shows that salary is more important to men than women (77.3% vs 66.8%). On the other hand, flexible working hours are more valued by women than men (30.3% vs 25.5%), as well as the ability to work from home (15.2% vs 10.4%).
What’s more, job security was favoured the most by 55-64 year olds (35.9%), followed by 45-54 year olds (30.7%) and 35-44 year olds (24.3%). It was lowest amongst 25-34 year olds (19%), who also said that salary was most important to them (78.5%). Interestingly, job title was also most valued by 25-34 year olds (22.7%), versus just 8.5% of 55-64 year olds.
Lee Biggins, founder and CEO of CV-Library, comments: “Everyone has their own agenda when it comes to work or looking for a new job, but it’s interesting to see what professionals are finding the most important right now. The fact that the figures shift quite significantly amongst different age groups is something employers should pay attention to, especially when it comes to attracting, recruiting and retaining top talent.
“Naturally, we expected to see more people start to recognise the importance of job security during the pandemic. However, salary remains a top priority for Brits, particularly amongst younger workers. Sadly, research shows that a higher percentage of millennials have seen their income fall during the pandemic compared to any other generation. And this may be why they’re most likely to favour it right now.”
The findings reveal that the industries where professionals are most concerned with job security include property (50%), public sector (37%), manufacturing (36.1%), construction (31.6%), administration (32.8%), engineering (30.5%), education (21.7%), social care (21.2%), hospitality (20.7%) and finance (17.8%).
Biggins continues: “Although the market is shifting and there’s less pressure on employers to target passive candidates, it’s still important to understand what professionals want from their next role. These sorts of factor should absolutely be mentioned in your job adverts to make them as appealing as possible and to encourage the right people to apply.”