Recruiting the right staff can be difficult at the best of times, but with the rising living costs of the city-centre not slowing down anytime soon, London is quickly losing its appeal. More and more businesses are making the decision to move their business outside of the capital.
However, it’s not just businesses that are leaving the city of London – employees are too. In fact, it’s been reported that one in five tech professionals working in the city is either considering or in the process of relocating elsewhere.
How moving out of London will help recruitment…
1. Cost of living
London has been known as the heart of the business world in the UK and Europe as well as being one of the most influential cities in the world. Businesses have reaped the benefits of the city, however, with the continuous increases in living costs, more and more people are taking the opportunity to get out of the city centre, to somewhere more affordable – a study by Employment Conditions Abroad International(ECA) found London to be the most expensive capital for rental accommodation in all of Europe. With that being said, you can understand why job vacancies outside of London might be more appealing to candidates.
Whilst thinking about relocating office, it’s important to consider transport links. CNBC reported that 23%of workers have quit their job because of their commute. Areas on the outskirts of London such as the Thames Valley have a strong transport network, with railway lines, bus routes, and motorways making the region easily accessible.
3. Top talent
When looking for fresh talent, areas like the Thames Valley are the ideal location, with Oxford University and Reading University within the region. Recently graduated students are more likely to job hunt outside of London to avoid having to pay more to live, especially with their student debt hanging over them. In fact, PWC said this year, 60% of graduates joining the firm have taken up posts outside of London.
4. Health and wellbeing
In recent years, employee wellbeing has been noted as a key driver for success, with happier employees thought to make a more productive workforce. However, it’s been reported that people in London have consistently reported lower personal well-being, including lower levels of happiness, lower levels of satisfaction and higher levels of anxiety. Another survey revealed that 80% of London workers are unhappy in their jobs with 29% women and 25% of men suffering from depression.
Looking to relocate outside of London? The Thames Valley is known to be one of the leading tech-hubs in the UK with 240,000 plus companies as current residents. Find out more about Orega’s office space in the Thames Valley by downloading our brochure below.