4 in 5 workers say salary not keeping up with inflation

Many looking for new jobs to cope with economic pressures: Survey

4 in 5 workers say salary not keeping up with inflation

A vast majority of employees say their salaries are not keeping up with the rate of inflation.

Eighty per cent of more than 1,143 professionals surveyed globally (including Canada) between Oct. 13 and Oct. 30 said they are falling behind.

And for a further 92 per cent, this is having a profound effect on their career choices.

More than half (63 per cent) of employees said the current economic climate is making them extremely or somewhat concerned about job security and confidence in their careers.

“With 90 per cent 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 locations.”

Because of this great upheaval, many are reevaluating their current positions and looking elsewhere. Fifty per cent are actively searching for a new role, while 21 per cent are considering this path. A mere 15 per cent said they are happy in their current roles and don’t want to go anywhere else.

Reasons for turnover

Here are some of the main reasons provided by workers on why they are exploring new opportunities, according to the survey done by Remote.co:

  • Looking for a higher-paying job (47 per cent)
  • Following a stricter budget (45 per cent)
  • Taking a side job or starting to freelance (31 per cent)
  • Putting money toward savings (23 per cent)

Quiet quitting is happening largely due to low pay, according to a Toronto recruiting professional.

Flexibility still tops

When turning toward a new position, flexibility remains an important consideration for survey respondents: 84 per cent are looking for remote options, and 79 per cent cite work-life balance as a key differentiator when looking for greener pastures.

Not surprisingly, salary (81 per cent) is a key factor also.

Meanwhile, such things as career progression opportunities (40 per cent), organizational reputations (38 per cent) are given less credence from job seekers.

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