New research from recruitment company, Reed, has found that more than two thirds (67%) of workers in Manchester and the North West are happy in their current job, with more than half (54%) also feeling happy with their current pay, offering some relief for businesses that are struggling with rising costs.
As part of its annual salary guide research, Reed analysed more than 21 million job adverts and asked 5,000 UK workers a range of questions about their salary and work life, which homed in on regions such as the North West.
“We know that many businesses in the North West are struggling to meet rising costs and taxes, which has resulted in a loss of confidence in the job market and extra caution when it comes to recruitment and salary increases,” explains Jenice Forde, regional manager for Reed’s Manchester office.
“This cautious approach is seeing many businesses ‘battening down the hatches’ when it comes to growth and investment in new personnel. We’re still seeing growth in engineering and manufacturing, which have always been strong industries in the North West, but other industries, such as the financial sector, seem to be slowing a little.
“Whenever we see major economic changes, regardless of what they are, we see an impact within the job market. Businesses are looking to save money where they can, often with administrative roles being absorbed by existing staff rather than hired for separately, and a surge in temporary and contract roles to bridge the gap.
“With these market challenges in mind, it’s encouraging to see that many people in the region feel happy at work and are satisfied with their salaries, providing some respite for businesses in Manchester and the North West that are still navigating this economic uncertainty.”
Economic inactivity
The research also found that only 12% of workers in Manchester and the North West are actively looking for a new job. This could be due to uncertainty in the market and the want for job security or reflect a lower number of vacancies, as businesses remain reluctant to invest in hiring due to rising costs – which rings true with the fact that nearly a third (30%) would be open to a new job if they were approached. This also highlights the importance of businesses putting effort into retaining their current workforce.
Despite many feeling happy with their salary, a quarter (25%) of employees are unhappy – with the top reasons being that their salary hasn’t risen with the cost of living (61%), their job and industry aren’t well paid (38%), and respondents believing they do more work in their role than they get paid for (41%).
“As talent shortages stretch workforces, we’re seeing employees reportedly putting in extra hours, so, it’s crucial for employers across the region to be mindful of potential burnout or workers feeling undervalued,” adds Jenice. “Culture and work life balance are vital considerations for organisations looking to retain the existing talent within their business, so while salary satisfaction is a crucial issue that businesses need to be mindful of, making sure employees feel valued is vital, and that runs much deeper than just salary increases.”
There are other ways, outside of salary increases, for businesses to make workers feel valued, with almost a third (30%) saying that additional benefits are key. Thirty four percent want recognition for their achievements, 23% simply want more thanks from leadership, 23% want more flexible hours, and 20% want clearer career progression.
All work, not just pay
If businesses are struggling with employees that are unhappy with their salary, Jenice offers the following advice: “It's crucial to recognise that while competitive salaries are important, they aren't the only way to show employees they're valued. If meeting salary expectations isn't feasible, consider other avenues.
“Salary is just one part of overall compensation. Perks such as flexible working, health benefits, pension contributions and professional development opportunities can all add significant value or help you maintain a better work-life balance. And when employees feel genuinely appreciated and supported, their engagement and commitment naturally follows.”
Reed has produced a suite of 10 sector-specific salary guides, which include an in-depth analysis of its survey with 5,000 UK workers, asking for details of their salary, benefits, roles and responsibilities. Additionally, the survey captured information about the industries the professionals work in, their working hours, overtime, and overall job satisfaction.