Inflation concerns affecting career decisions for 4 in 5 employees, report says
As many as 80% of employees are taking inflation into account as they make career decisions.
In the last year, average wages in the United States have risen by 5.2%. Though that number sits above most historic growth rates, it still falls below the rate of inflation.
Given that information, it’s only natural that workers are taking inflation into account when making their future career decisions, per a new report by FlexJobs. The report, which pulls data from a July survey of 4,000 American workers, suggests that as many as 80% of employees are taking inflation into account as they make career decisions, and a further 73% are weighing concerns about a potential recession as part of career choices.
Salary negotiation is one way in which inflation fears are affecting workers, the research found. But there were other ways the job market has been affected, too. For example, survey respondents report relatively low confidence in their ability to find a new job, with more people saying they are only somewhat or not at all confident they could get hired at a new workplace than those who say they were very or extremely confident in their job seeking abilities.
Other survey responses indicated a potentially changing face of hiring. A quarter of workers say they or someone they knew had been laid off since April of this year. Respondents also report believing it would become harder to find remote jobs moving forward, rather than easier, and more respondents are worried about job scams than in previous surveys.
Read more: Survey: Inflation is greatest concern for middle market firms
Of the respondents who had found a new job since the start of the pandemic, 16% say that they regretted that decision, for top reasons including toxic company cultures, bad bosses, and feeling disrespected. Concerns about stress and pay are also at the front of the mind for workers.
Toni Frana, a Career Services Manager at FlexJobs, says inflation concerns are to be expected. But, she notes, “hiring still happens –– even during times of economic uncertainty. In a changing or uncertain job market, finding a new job or making the move into a different career field is still possible by staying prepared, focusing on what you can control, and being flexible and open to opportunities,” she says.