Jobseekers & Inflation

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 to July 31, 2022, FlexJobs’ Career Pulse 2022 Survey looked at job seeker 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 try to negotiate a higher salary with their current employer.

In fact, one-third said inflation is currently a “huge factor'' for their career decisions, while 46 percent said it is either a factor or a small factor. Only 17 percent said inflation is not impacting their career decisions at the moment, while the remaining three percent weren't sure. Likewise, 73 percent of respondents also said concerns about a recession are impacting 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 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.”

Economic pressures have translated into other impacts on the job market as well, 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 percent);
• Very confident (26 percent);
• Somewhat confident (45 percent); and
• Not confident at all (17 percent).

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 percent);
• Very confident (28 percent);
• Somewhat confident (43 percent); and
• Not confident at all (19 percent).

Other findings also indicate cooling sentiments from job seekers:

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• 18 percent either know someone or have had an offer personally rescinded since April 2022.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

Source: FlexJobs, from WCI's HR Answers Now ©2022 CCH Incorporated and its affiliates. All rights reserved.