80% Say Inflation Is Impacting Their Career Decisions

According to FlexJobs’ Career Pulse 2022 Survey, 80% of respondents said inflation is currently impacting their career decisions, such as whether to look for a new job with a higher salary or try to negotiate a higher salary with their current employer. The survey also found:

• 25% either know someone or have been personally laid off since April 2022.
• 43% said it had taken them more time to find a job in the past year than in previous years.
• 73% of respondents expressed concerns about how a  recession impacts their career decisions.
• 16% have regretted accepting a job offer since the pandemic began.
• 44% think it will become harder to get a remote job in the coming year.

 

80% Say Inflation Is Impacting Their Career Decisions

The current economic environment is bound to affect the workforce. With rising costs and stagnant wages in comparison, many job seekers are concerned about their prospects and what the future holds. Between July 13, 2022, and July 31, 2022, FlexJobs’ Career Pulse 2022 Survey looked at job seekers and job market confidence of over 4,000 professionals.

In an overwhelming response, 80 percent of survey participants reported that inflation is currently impacting their career decisions, such as whether to look for a new job with a higher salary or negotiate a higher salary with their current employer.

In fact, one-third said inflation is currently a “huge factor” in their career decisions, while 46 percent said it is either a factor or a small one. Only 17 percent said inflation is not impacting their career decisions, while the remaining three percent weren’t sure.

Likewise, 73 percent of respondents also expressed concerns that a recession impacts their career decisions, although to a lesser extent than inflationary pressures.

“It’s understandable inflation pressure, and recession fears are growing concerns for the majority of today’s workers,” says Toni Frana, Career Services Manager at FlexJobs. “However, hiring still happens––even during economic uncertainty.

In a changing or uncertain job market, finding a new job or moving into a different career field is still possible by staying prepared, focusing on what you can control, and being flexible and open to opportunities,” Frana adds.

Economic pressures have also translated into other impacts on the job market, such as confidence in job searching and compensation negotiations.

When asked how confident they are in their ability to find a new job right now, the majority are only somewhat confident or not confident at all.

• Extremely confident (12%)
• Very confident (26%)
• Somewhat confident (45%)
• Not confident at all (17%)

When asked how confident they are in their ability to negotiate salary and benefits, again, the majority are only somewhat confident or not confident at all.

• Extremely confident (10%)
• Very confident (28%)
• Somewhat confident (43%)
• Not confident at all (19%)

Other findings also indicate cooling sentiments from job seekers:

• For example, 44% think getting a remote job in the coming year will become harder, while only 33% think it will become easier. In addition, 19% were not sure, and the remaining 4% did not anticipate a change.
• 25% either know someone or have been personally laid off since April 2022.
• 18% either know someone or have had an offer personally rescinded since April 2022.
• 43% said it had taken them more time to find a job in the past year than in previous job searching experiences. 34% said it took them less time to successfully job search this year compared to previous years, and 23% reported no change
• 37% are very concerned about job scams, compared to 29% who reported the same thing in 2021
• 16% have regretted accepting a job offer since the pandemic began, and another 16% know someone that has regretted accepting a job offer since the pandemic began. The top reasons include:
  • Toxic company culture (28%)
  • Bad boss (26%)
  • Felt disrespected/undervalued (23%)
  • Too stressful (23%)
  • Low or unfair pay (22%)
  • Poor work-life balance (21%)

*FlexJobs created the survey, which was promoted to general audiences and its subscribers/members primarily through social media and newsletters. FlexJobs used a multiple choice and multi-select question format via SurveyMonkey’s online platform. The survey ran from July 13, 2022, to July 31, 2022.

Demographic breakdown of the 4,502 respondents: Gender: women (71%), men (26%), prefer not to identify (2%), prefer to self-describe (1%); Generation: Gen Z (12%), millennial/Gen Y (38%), Gen X (33%), baby boomer (16%), silent generation (1%); Education: less than a high school degree (1%), high school degree or equivalent (10%), some college but no degree (17%), associate’s degree (9%), bachelor’s degree (39%), graduate degree (24%); Career level: entry-level (18%), experienced (50%), manager (17%), senior-level manager (10%), executive (5%); Thirty-eight percent had children 18 or younger living at home with them.

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