job security concerns keep 71% of professionals from moving roles, finds new research

A large majority of UK professionals are increasingly reluctant to change jobs, with 71% saying they are hesitant because of concerns about job security, according to a recent survey by global recruitment firm Robert Walters.

This trend, which the company calls “the great staycation,” suggests that many workers are prioritizing stability over career advancement, a choice that could have far-reaching implications for their career future and the broader economy.

The survey confirmed that three-quarters of participants consider job security a key factor when evaluating new opportunities, with 16% admitting that fear of insecurity in a new role prevented them from applying for jobs altogether.

Chris Eldridge, chief executive of Robert Walters UK and Ireland, compares this to the “Great Resignation” wave of just a few years ago, when professionals were changing jobs at record rates, driven by higher starting salaries. “While there were initial concerns about the ‘Great Remain’, this may be a short-lived phenomenon as market confidence appears to recover after the election,” he points out.

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

Shift in priorities

The findings also reveal a marked shift in career priorities. 77% of UK workers now rank job security above salary, with 16% saying this was only recently on their minds. Employers have noticed the shift too, with 74% saying candidates increasingly raise job security as an issue during the recruitment process.

Economic factors are a major driver of this trend, with more than two-thirds of respondents citing the state of the economy as a determining factor in their decision to change roles. Inflation, unemployment and GDP growth are among the top concerns influencing their hesitation.

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

Companies struggle to attract talent

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

In response, 75% of companies have adjusted their hiring strategies to address these concerns. These include being more transparent about growth plans and openly discussing industry challenges. However, only 13% of companies are upfront about their financial performance during the hiring process, fearing that such transparency could deter potential employees.

However, some companies are beginning to see the value of transparency: more than a third now claim to be highly transparent about their financial health and long-term plans, while a quarter still take a more conservative approach.

“While companies may be reluctant to disclose financial details or challenges, my experience shows that transparency often helps secure the right candidate – one who not only doesn’t back down from these challenges, but is also eager to contribute to finding solutions,” Eldridge concludes.