Inflation is having a significant impact on the economy and life in general. While you may already be aware of the ways in which inflation is affecting your daily life, do you realize that it also has an impact on the job search? Learn more about how inflation could have an influence on the job hunt.
Before you start investigating the state of the current job market, you should know more about inflation. Currently, inflation is affecting prices for almost everything across the globe. Goods and services cost much more than they did several years ago. According to the Consumer Price Index (CPI), the cost of goods and services hasn't increased this much in the US since 1981. In May, the CPI was up by 8.6%.
It seems as if inflation may continue on for some time. The Federal Reserve attempts to keep inflation from getting out of control, but it can only do so much so fast. No one can predict how long inflation will remain so high, so it's important to consider ways in which you can adapt and deal with the economy.
Most people are feeling the pain of inflation when they go grocery shopping and fill up at the gas pump. While inflation affects all goods and services, gas and grocery prices tend to be the most noticeable. The high prices are making people look for second jobs, cut spending, and finding other ways of saving money.
So, you probably don't need a lecture on how inflation is affecting your life. But do you realize the impact it's having on the job market? Inflation has a direct impact on jobs and job seekers.
First, there's the issue of gas prices. Due to the high cost of gas, people are seeking out remote work. Unless you have an electric car, you're probably cringing every time you drive to work. Individuals with long commutes suffer the most, and in some cases, they can no longer afford the commute. Gas prices are up by 48.7% year-over-year.
There's one easy solution to deal with the high cost of gas - you can get a remote job. And while there was an abundance of remote jobs post-Covid, there are still only so many remote positions available. According to one poll, 37.5% of job hunters want a remote role. No commute means no gas, and they means significant savings.
These days, people are prioritizing location over the job. They would rather work from home or close to home than get their dream job. Once the economy stabilizes, it's likely that this will change. For now though, remote jobs are in high demand and people emphasize location over everything else.
In an effort to deal with inflation, some individuals are leaving their jobs simply so they can get one that pays better. During more stable economic times, individuals are usually happy to accept an average salary for good benefits or a good employer. If an employer treats their employees well, they normally have high retention rates. But things are different now.
Regardless of everything else, employees are leaving jobs to find better pay. This has more people looking for jobs, although they're not quitting until they actually receive a job offer. During the job search, individuals are focusing on the salary more than anything else. They prioritize pay over pleasure or potential.
Thanks to inflation, many retired individuals can no longer survive on their pension. As a result, retirees are getting back ro work. As of June 2022, 21.5% of people looking for jobs had been retired at one point in time.
There are many reasons someone might choose to return to the workforce after retiring. However, 35.8% of the returning retirees said that they left retirement because of inflation. The high prices drove them back to work. In the same survey, 26.2% of the retirees returning to work said they did so because they didn't have enough savings left.
In a competitive job market, it's unusual for job seekers to turn down offers or negotiate for better salaries. The job applicants often take what they can get. However, in today's climate, job seekers are turning down offers because of the pay.
There are a couple of reasons for this. First, there's the fact that the market is in favor of job seekers. There are still many vacancies to fill, and employers are scrambling to fill them. If someone is looking for work, they have plenty of options.
The other issue is inflation. Because job applicants value financial security so much, they are waiting for the best offer. According to a June survey, almost 50% of job hunters had at least one offer. Similarly, almost 50% of job seekers said they rejected at least one offer.
Currently, the job market still favors job seekers. Job vacancies may not be as high as they were a few months the ago, but there are still many vacancies. All it takes is a quick online search to find out just how many opportunities are available.
As you try to cope with inflation, you should realize that you have options. You don't need to settle for a low paying job. Instead, you can start searching for a new job. You may want to completely change careers or look for the same job with a different employer. In either case, there's a good chance you can find something that pays better than your current position.
No one can predict how long the market will remain in your favor or how long prices will be so high. Likewise, you can't do anything to change the current economic situation. There is one thing you can control, though - your job. If you haven't already started searching for a job that pays well, it's time to get to work.
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