Banking and finance employees view an 8% salary increase in 2023 as ‘fair’, compared to a UK average of 9%, according to the annual What Workers Want survey by New Possible.
The highest average ‘fair’ salary increase was cited by workers in the hospitality and healthcare sectors who requested 11% and 10% respectively.
The survey also found that the much vaunted ‘Great Resignation’ shows no sign of abating, with 33% of banking and finance employees likely to look for a new role in the next 12 months, below the UK average of 40%.
Nate Harwood, founder of New Possible, said: “While some 10% of employees believe that 15%+ is a fair salary increase, on average UK workers are prepared to accept a below inflation pay increase, even though this means a real terms decrease in living standards.
“Moreover with job satisfaction levels decreasing and the cost of living crisis biting, it’s really no surprise that some 40% of employees are hoping to move to greener pastures in the year ahead.”
Average job satisfaction across banking and finance is 75%, which is above the UK average of 70%.
Employees working in the creative arts sector once again reported the highest levels of job satisfaction (84%), up 3% on last year, with those working in public services (64%), retail (65%) and transport (67%) emerging as the least satisfied.
When asked what they like least about their current role, respondents were clear that unhealthy work cultures and poor leadership have the biggest impact on their likelihood to stay with an employer.
17% mention pay when thinking of leaving, a marked increase from 10% a year ago.
Staffing shortages and poor-work life balance were also key reasons why many are planning to look for a new job.
In reference to unhealthy work cultures, respondents often talked about “office politics”, “bullying” and a “pressurised environment”.
2022 has also been a taxing year on people’s wellbeing, with 34% saying their wellbeing has declined, compared to just 15% who believe that their wellbeing has improved.
Employees in the retail, education, and transport sectors suffered the biggest drop in wellbeing, with 41% on average saying that it had become worse over the past year.
The survey also found that 12% believe their job is at risk of redundancy, with employees in tech, retail, property, and hospitality feeling the least secure in their role.
The findings also suggest that employee satisfaction across the banking and finance sector has increased markedly, with employees saying that they’re 9% less likely to leave vs. last year.
Conversely, the retail sector had the largest drop in satisfaction, with retail workers also being particularly likely to leave (54% vs the 40% average).
Gen Z and millennials continue to lead the great resignation, with 53% of 18-24’s and 49% of 25-34’s saying they’d be looking for a new job in 2023.
Younger workers were more likely to mention they wanted better work-life balance, a sense of purpose and higher pay.
