Workers looking for options amid growing concerns over inflation, recession

More than 90% of workers are reevaluating their career and financial choices in the face of record inflation and a possible recession in the coming year.

“With 90% of people saying they ‘need to work,’ workers everywhere are challenged by navigating their careers in an uncertain global economy,” says Sara Sutton, founder and CEO of Remote.co and FlexJobs. “These findings provide valuable insight into how economic pressures are influencing global professionals across industries, career levels and location.”

Remote.co recently surveyed more than 1,100 global professionals. Among the key findings:

• Eight in 10 say their current salary is not keeping up with inflation.
• Nearly half specified that inflation and recession concerns have pushed them to find or start looking for a higher-paying job.
• One-third took a side job or started freelancing.
• Forty-five percent reported that they were following a stricter household or personal budget.
• More than 20% have allocated more money toward savings or an emergency fund.

When asked how concerned they are about job security in the next three months, two-thirds of respondents say they are “extremely concerned” or “somewhat concerned.” Only 15% say they “have not considered a career change.” Sixty-five percent are only “somewhat confident” or “not at all confident” in their ability to find a suitable job.

Despite this level of confidence in job prospects, 63% of respondents say they “absolutely” would look for a new job if not allowed to keep working remotely. Other top factors when evaluating job opportunities include:

• Salary, 81%
• Work-life balance, 79%
• Work schedule, 56%
• Meaningful work, 50%
• Company culture, 42%
• Skills training and education options, 40%
• Career progression, 40%
• Vacation time, 38%
• Company reputation, 38%

Related: Jobseekers want salary transparency before applying to jobs

To help job seekers find employment and avoid financial hurdles during challenging economic times, Remote.co encourages professionals to set clear and intentional daily, weekly and monthly goals that will help them stay organized and on track in their job search. If faced with job searching during a recession, they advise seeking out fully remote positions, which can expand a candidate’s geographic range and available opportunities. Additionally, finding employment during a recession may require a restructured job search or identifying alternative avenues to market oneself to different industries.