Due to the current economic environment, 80% of the US workforce reported that inflation is impacting their career decisions, according to a report by FlexJobs.
The report also found that inflation is currently a huge factor in career decisions for one-third of the respondents, while it is either a factor or a small factor for 46%; 17% cited that inflation is not driving their career decisions at present, and the remaining 3% were unsure.
Additionally, 73% of respondents said recession concerns are impacting their career choices, but 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,” said Toni Frana, FlexJobs’ career services manager. “However, hiring still happens –– even during times of economic uncertainty.”
When asked how confident they are in their ability to find a new job right now, 45% of respondents reported they were somewhat confident, 26% said they were very confident, 17% said they were not confident at all and 12% were extremely confident.
When asked how confident they are in their ability to negotiate salary and benefits, 43% said they were somewhat confident, followed by very confident, 28%; not confident at all, 19%; and extremely confident, 10%.
Other findings:
- 44% think it will be hard to get a remote job in the coming year, and only 33% think it will be easy. Nineteen percent were unsure, and the remaining 4% did not anticipate a change.
- 25% have been laid off or know someone else who has, while 18% have had an offer rescinded or know someone else who has since April.
- 43% said it took them more time to find a job in the past year than in their previous job searching experiences, while 34% cited it took them less time, and 23% reported no change.
- 37% feel very concerned about job scams.
- 16% regretted accepting a job offer since the pandemic began, while another 16% know someone that has regretted accepting a job offer since the same period. 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%.
The FlexJobs’ Career Pulse 2022 Survey ran between July 13 to July 31 and includes responses from 4,502 professionals.