Four fifths of employees say inflation is affecting their careers

How confident are employees in finding a new job and asking for higher pay? New data reveals a divide

Four fifths of employees say inflation is affecting their careers

Inflation is making an impact on career decisions, according to a new report, which gauged the confidence of employees in looking for a new job and negotiating a higher salary amid economic uncertainty. According to the latest survey from FlexJobs, 80% of the respondents said inflation is impacting their career decisions, with one-third saying it is a "huge factor." Another 46% said inflation is either a factor or a small factor when it comes to career decisions, while 17% said it is not making an impact on their career decisions just yet.

The report shed light on inflation's impact is on financial decisions, particularly on whether employees will look for a job with a higher salary or try to negotiate a higher salary with their current employer. Based on the findings, only 12% are extremely confident in their ability to find a new job, 26% are very confident, 45% are somewhat confident, while 17% are not confident at all.

Confidence in finding remote work also isn't very high, according to the report. In fact 44% said it will be more difficult to find a remote job in the coming year - 33% said it will be easier, while 19% said they aren't sure. In their ability to negotiate salary and benefits, only 10% said they are extremely confident, 28% said they are very confident, 43% are somewhat confident, while 19% are not confident at all.

Aside from inflation, 73% of the respondents also said recession is affecting their decisions on their careers, though not as much as inflation does.

Read more: Inflation is stressing out employees, HR leaders say

Toni Frana, career services manager at FlexJobs, said that it was "understandable" that inflation and recession are workers' concerns.

"However, 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," said Frana.

HRD previously had a chat with Aleksandr Volodarsky, chief executive officer of Lemon.io, who gave the following tips for employees who want to ensure their careers are recession proof:

  1. Diversify revenue streams
  2. Be part of the gig economy
  3. Choose employment wisely
  4. Invest in skills and research what's trending

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