Inflation and a looming recession are stressing employees across the globe so much that they’re looking for better-paying jobs.
True, this has been going on for a while now. But the point is, it’s not stopping and it’s not getting any better.
Salaries are not keeping up with inflation
In fact, a new survey – conducted between Oct. 13, 2022, and Oct. 30, 2022 – of 1,100 global professionals found that 80% of respondents reported their current salary isn’t keeping up with inflation. Ninety-two percent of respondents said the instability of the economy has affected their career and financial decisions. So much so that 47% have started looking for higher-paying jobs and 31% have taken on side jobs or started freelancing, according to Remote.co’s Work & Financial Wellness Report.
“This may seem alarming to HR professionals who are already challenged with navigating a tight labor market amid a shifting global economy,” says Toni Frana, Career Services Manager at Remote.co and FlexJobs. "But it
underscores the importance of building a healthy company culture and strong retention efforts to keep top talent, such as paying fairly, offering flexibility like remote work options, promoting from within, providing competitive benefits, offering career development opportunities, and creating a feedback loop for workers.”
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