British workers are resigning from their jobs at the highest rate since 2009, while the number of open vacancies has also reached the largest level seen on record.
Analysis by Deutsche Bank of official employment data showed historically elevated levels of workers leaving the labour market, while UK redundancies are also at their lowest levels since the mid-1990s as bosses struggle to keep staff for prolonged periods and recruit new workers.
“The UK labour market is as tight as it has ever been in recent memory,” said the bank’s chief UK economist Sanjay Raja.
Amid the “great resignation” taking place globally following the pandemic, a record 4.5mln people resigned in the US in November.
Businesses are deploying a range of tactics to overcome staffing problems, with data showing higher wages and anecdotal evidence pointing to more flexible employment options.
Last week a four-day work-week trial was launched, with 30 businesses participating, in the hope that it may help employee retention.
”It reduces sick leave and work burn out and in this time of the great resignation, it will be good for the retention of staff,” Joe O’Connor, of the 4 Day Week Global organisation, told The Standard.