How A Job for Life Could Cost You A Pretty Penny: The Hidden Costs of Loyalty

  • Quote My Energy finds employees lose up to 6% of earnings year on year by staying in the same company
  • Average Brit can bank on a 10% salary increase when joining a similar role at a different company
  • Average salaries could be raised from £27,600 p/a to £30,300 p/a if most Brits changed jobs in 2018

Employees in the UK could be losing out on a 6% salary increase by simply staying with their current employer and not looking around for a similar role at a different company.

UK business energy comparison service QuoteMyEnergy has investigated what it costs to remain loyal to an employer and found out that the average Brit could be banking on a salary increase of 10 percent by switching employers. That doesn’t seem like much considering the stress and insecurity that a new job might bring but when you put it against the average 4 percent an employer receives, it could be more than worth it. That difference of 6 percent means that the average Joe or Sarah could be earning an annual salary of £29,920 instead of £28,288 by switching employers and starting a new job. Rather than upping your savings goals for 2018, it might pay off to up your earnings instead!

The report also delved into other areas where loyalty doesn’t pay off, such as energy providers and telephone contracts, and found similar results to those reflected in the research findings by Citizens Advice last month. However, the study conducted by QuoteMyEnergy has taken the investigation one step further by comparing all basic costs of living, including car insurance, travel insurance, ISA’s and gym memberships to determine how much money Brits are wasting by sticking to their current providers.

Katy Sparkes, the Managing Director of QuoteMyEnergy.co.uk says: “Understandably, for many people the thought of switching jobs or service providers is an unnecessary hassle, or they feel a loyalty to a particular brand or company they’ve worked with for years.  Not only is changing your lifestyle now easier than ever, whether it’s your job or your gym membership you’re looking to change, our new research shows that not switching may be costing people substantial amounts each year that they stay loyal.” –

Full research can be found here.

Marketme

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