Inside Employees' Minds study 

2023 was a challenging year for British employees. On the positive front, employee engagement and satisfaction are up across the board. Overall experiences of work are also up: nearly seven in 10 employees feel valued, empowered and connected during their workday. Since last year, employees also have a greater sense of balance, belonging, adequate compensation, benefits and career opportunities — and they are less likely to consider leaving their employers.

Hourly employees believe they are compensated more fairly than last year — and feel more favourable about their pay compared to salaried employees — possibly due to a National Minimum Wage uplift and boosts to employment protections for parents and unpaid careers. Employees earning less than £25,000 and those between 18–24 years old are most likely to leave their employers.

But things are not all rosy: employees are dealing with high anxiety over finances this year — and their mental health is struggling as a result. Financial stressors remain high, between inflation, the rising cost of living and higher interest rates, which have been squeezing households and businesses alike. An uncertain economy increased concerns over the ability to retire. And generative artificial intelligence (AI) such as ChatGPT exploded onto the scene, destabilising the nature of work.