Workers are looking for new jobs, asking for extra shifts, or taking on side hustles to make ends meet as everyday expenses eat up a bigger chunk of their pay cheques. A new Qualtrics (Nasdaq: XM) study finds that 77% of workers say it’s harder to pay for their living expenses than it was a year ago.
In the UK, inflation recently rose above 10% for the second time this year amid soaring food prices. Compounding the impact of prices going up, many of the work-related expenses that were relieved by remote work, such as commute costs and full-time childcare, are returning as an increasing number of people head back to the office.
Rising costs are changing the employment landscape, and workers are taking steps to improve their financial standing by trimming their expenses, increasing their income, or both. Almost one in four (23%) working adults have cut their expenses by moving to an area with a lower cost of living, or are planning to do so.
In efforts to increase their take-home pay, 77% of employees see the opportunity to work overtime or extra shifts. Outside of their current job, 35% have looked for jobs with higher salaries, and 34% of workers have looked for a second job. An additional 15% of people plan to look for a second job, meaning nearly half of working Brits have considered holding multiple jobs to pay for their living expenses.
“It’s no surprise that financial concerns are top of mind for the vast majority of employees,” said Sarah Marrs, Qualtrics Director, EX Product Science. “It’s therefore critical for business leaders to make sure they understand the role they can play in helping to alleviate some of these concerns. This will demonstrate they are mindful of their people’s well-being, building loyalty amidst continuing retention challenges.”
The quit rate is still above pre-pandemic rates as job seekers accelerate their search, trying to find a new role while openings are still available. But while the Great Resignation was largely marked by employees looking for companies whose values aligned with their own and trying to ease their mental health challenges brought on by work, today’s job seekers place the most value on compensation.
Working Parents Are Especially Strained
Parents are feeling the pressure even more – 82% of working parents say their pay isn’t keeping up with costs as well as it was a year ago. Nearly half say they have looked for a new (44%) or second (44%) job. Parents are also nearly twice as likely to have moved to cheaper cities as employees without children.
|
Working parents |
Employees with no children |
|
|
Have looked for a new, higher-paying job |
44% |
30% |
|
Have looked for a second job |
44% |
28% |
|
Have moved to a cheaper city |
15% |
9% |
Methodology
This study was fielded in August-September 2022. Respondents were selected from a randomised panel and considered eligible if they live in the United Kingdom, are at least 18 years of age and working full-time. The total number of respondents was more than 1,000.
About Qualtrics
Qualtrics, the leader and creator of the experience management category, is changing the way organisations manage and improve the four core experiences of business—customer, employee, product and brand. Over 16,750 organisations around the world use Qualtrics to listen, understand and take action on experience data (X-data™)—the beliefs, emotions and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platform™ is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love and build a brand people are passionate about. To learn more, please visit qualtrics.com.
