The survey was conducted between August and September of more than 1,000 full-time workers over the age of 18.
In last year’s “resignation wave”, employees quit mainly because they wanted to feel more valued at work, or because they made ensuring their mental health a priority. Now, while U.S. employee turnover is still higher than it was before the pandemic, the Qualtrics survey found that more workers are quitting because they’re seeking better pay.
Benjamin Granger, chief workplace psychologist at Qualtrics, said: “As budgets tighten, employees are finding ways to cope with the rising cost of living, including finding new jobs. For companies, employee turnover means high Knowing which employees are likely to leave and why is critical for businesses so they can make adjustments to reduce attrition and retain key employees.”
Compared to last year, 64% of employees surveyed said it is now more difficult for them to cover the cost of living. Nearly 70% of working parents said their wages did not meet the cost of living, the survey showed. In addition to inflation’s impact on necessities like food and baby formula, work-related expenses, such as transportation and childcare, are rising as more people return to the office.
Raising a child costs an estimated $310,605 due to rising inflation, according to a Brookings Institution study.
The Qualtrics survey also found that 18 per cent of office workers cut their living costs by moving to a place with a lower cost of living, and 13 per cent plan to relocate to save money. Working parents are twice as likely to move to a city with a lower cost of living than employees without children.
Thirty-seven percent of workers surveyed said they were looking for another job with a higher salary; more than half of workers admitted they had or planned to look for another job; 43 percent of working parents said they were looking for a new job Half are looking for a second job.
Still, people wanting a second job or a part-time job aren’t entirely driven by inflation. In a 2021 survey of 2,001 adults, 34% of office workers said they had various side jobs. Nearly 40 percent of respondents said they started a side business to do something fun, while nearly 30 percent did so to learn a new skill.
The Wall Street Journal interviewed six U.S. employees in 2021 who admitted to multiple full-time jobs, some making as much as $600,000 a year. This extra income is used for various things, such as paying off student loan debt or buying luxury goods.