Workers are looking for new jobs, asking for extra shifts or taking on side hustles to make ends meet as everyday expenses eat up a bigger chunk of their paychecks. A new study from Provo-based experience management platform Qualtrics finds that 64 percent of workers say it’s harder to pay for their living expenses than it was a year ago.
An increasing share of Americans consider their financial situation poor as inflation has pushed up prices on essentials like bread, eggs and baby formula. Compounding the impact of prices going up, many of the work-related expenses that were relieved by remote work, such as commute costs and full-time childcare, are returning as an increasing number of people head back to the office.
Rising costs are changing the employment landscape, and workers are taking steps to improve their financial standing by trimming their expenses, increasing their income or both. Almost one in five (18 percent) of working adults have cut their expenses by moving to an area with a lower cost of living and another 13 percent are planning to do so.
In efforts to increase their take-home pay, 57 percent of employees want the opportunity to work overtime or extra shifts. Outside of their current job, 37 percent have looked for jobs with higher salaries and 38 perent of workers have looked for a second job. An additional 14 percent of people plan to look for a second job, meaning more than half of working Americans have considered holding multiple jobs to pay for their living expenses.
“With budgets tightening, workers are searching for ways to meet the rising cost of living, including finding new jobs,” said Dr. Benjamin Granger, Qualtrics’ chief workplace psychologist. “Employee turnover is a huge cost for companies, so it’s business critical for organizations to understand which of their employees are likely to leave and why, so they can make adjustments to reduce attrition and retain key performers.”