However, fears of recession make job changes more difficult
Eight in 10 (80 per cent) workers say that inflation is 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 contrast, 17 percent said inflation is not impacting their career decisions at the moment, and three per cent are unsure, according to a survey by FlexJobs.
"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.
The annual rate of inflation dropped to 7.6 per cent in July, down from an 8.1 per cent gain in June, according to Statistics Canada.
Recession worries
However, 73 per cent say concerns about a recession are impacting their career decisions.
Few workers are extremely (12 per cent) or very (26 per cent) in their ability to find a new job right now, finds FlexJobs’ survey of more than 4,500 professionals, conducted in July. Forty-five per cent are somewhat confident while 17 per cent are not confident at all.
Also, few are extremely (10 per cent) or very (28 per cent) confident in the ability to negotiate salary and benefits now. Forty-three per cent are somewhat confident while 19 per cent are not confident at all.
A little over two in five (41 per cent) of workers in the U.S. believe that the country is already in recession, according to another report.
Job search troubles
More than two in five (43 per cent) workers say it has taken them more time to find a job in the past year versus previous job searches they’ve embarked on. Also, 25 per cent have either been laid off or know someone who has lost their job since April 2022.
Another 18 per cent of survey respondents have had a job offer rescinded or know someone who has had one rescinded during the same period.
And even among those who have found new employment, 16 per cent have regretted their decision and another 16 per cent know someone who has accepted a role they regret taking.
One in four workers (26 per cent) who quit their previous job say they regret the decision, according to a survey released in July.
Respondents regret their job move because they found the following in their job:
- toxic company culture (28 per cent)
- bad boss (26 per cent)
- being disrespected/undervalued (23 per cent)
- having too much stress (23 per cent)
- low or unfair pay (22 per cent)
- poor work-life balance (21 per cent)
