Nearly six in 10 (58%) US workers are concerned their pay cheque is not enough to support themselves or their families amid soaring inflation, according to the latest American Staffing Association Workforce Monitor online survey.
This number was even higher for Hispanic workers (69%) and for parents with children under 18 (66%). As the cost of living increases, workers are looking to change their circumstances. Around 28% of employed US adults plan to search for a new job in the next six months, while 27% plan to start a second job to supplement their income and 20% plan to ask for a raise from their current employer. Another 21% of employed Americans say they would use a staffing agency if they wanted a new job, including 26% of employed Millennials.
GENERATIONAL PERSPECTIVES & DIFFERENCES
Searching for new work in response to inflation skews to younger generations; with 40% of employed Millennials and 36% of Gen Z plan to look for higher-earning jobs in the next six months. Employed Baby Boomers are also much less likely to search for a new job, and cite age as a potential barrier to finding new work. In fact, only 13% of employed Baby Boomers plan to look for a new job in response to increased living costs, and only 8% plan to ask for a raise.
Age is a perceived barrier particularly for Baby Boomers, as 46% of employed Baby Boomers say age is a factor that could prevent them from getting a new job if they wanted one. “Workers are concerned about the effects of inflation, and they’re planning on taking action,” said ASA President and Chief Executive Officer Richard Wahlquist. “Employers need to provide competitive compensation and work flexibility, and invest in employees’ professional development, if they want to keep and recruit quality talent in this labour market.”
Despite rising inflation, nearly one in five staff say their employer is not doing enough to support their financial wellbeing, according to another survey. Click here to read more.
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