The workforce is feeling the squeeze of inflation, and it's making people more concerned with their salaries. In fact, in a recent survey of over 4,000 professionals, as many as 80% said inflation is impacting their career decisions. These decisions included whether they should look for a new job with a higher salary or try to negotiate with their employer for a higher salary.
One-third of respondents that FlexJobs surveyed said inflation is a huge factor in making their career decisions, while 46% said it is either a factor or a small factor. Only 17% of respondents said that inflation was not affecting their career decisions.
Despite the desire to negotiate a salary and find a new job, the respondents' confidence in their ability to do so is fairly low. Only 10% of respondents said they were extremely confident in their ability to negotiate salary and benefits, with the majority of respondents saying they were only somewhat confident.
Similar results were found when asking respondents how confident they were in their ability to find a new job, with only 12% saying they were extremely confident and 45% saying they were only somewhat confident.
Inflation has caused many companies to freeze hiring, lay off employees and rescind offers. Since April 2022, 25% of respondents have been laid off or known someone who has, and 18% of survey respondents have had a job offer rescinded or know someone who has had one rescinded.
The tech job market has felt these effects with big tech companies such as Google and Microsoft slowing down hiring.
Because of these concerns, people are taking longer than usual with their job search. Just under half (43%) of respondents said it has taken them more time to find a job in the past year compared to job searches they have done in the past.