Side Hustles, Extra Shifts, or a New Job – Inflation Forcing Workers to Raise Their Incomes
17 Oktober 2022 - 3:30PM
Business Wire
Almost half of working parents say they have
considered a second job, and more than a quarter have moved to a
more affordable city to manage expenses
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 Qualtrics (Nasdaq: XM)
study finds that 64% 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%) of working adults have cut their expenses by moving to
an area with a lower cost of living, and another 13% are planning
to do so.
In efforts to increase their take-home pay, 57% of employees
want the opportunity to work overtime or extra shifts. Outside of
their current job, 37% have looked for jobs with higher salaries,
and 38% of workers have looked for a second job. An additional 14%
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
Qualtrics Chief Workplace Psychologist Dr. Benjamin Granger.
“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.”
The quits rate is still above pre-pandemic rates as job seekers
accelerate their search, trying to find a new role while openings
are still available. But while the Great Resignation was largely
marked by employees looking for companies whose values aligned with
their own and trying to ease their mental health challenges brought
on by work, today’s job seekers place the most value on
compensation.
Working Parents Are Especially Strained
Parents are feeling the pressure even more - 69% of working
parents say their pay isn’t keeping up with costs. Nearly half say
they have looked for a new (43%) or second (47%) job, and 64% want
to increase their work hours to increase their pay. Parents are
also nearly twice as likely to have moved to cheaper cities as
employees without children.
All employees
Working parents
Employees with no children
Have looked for a new, higher-paying
job
37%
43%
34%
Have looked for a second job
38%
47%
34%
Have moved to a cheaper city
18%
27%
14%
Want overtime or extra shifts
57%
64%
54%
Methodology
This study was fielded in August-September 2022. Respondents
were selected from a randomized panel and considered eligible if
they live in the United States, are at least 18 years of age and
working full-time. The total number of respondents was more than
1,000.
About Qualtrics
Qualtrics, the leader and creator of the experience management
category, is changing the way organizations manage and improve the
four core experiences of business—customer, employee, product and
brand. Over 16,750 organizations around the world use Qualtrics to
listen, understand and take action on experience data (X-data™)—the
beliefs, emotions and intentions that tell you why things are
happening, and what to do about it. The Qualtrics XM Platform™ is a
system of action that helps businesses attract customers who stay
longer and buy more, engage employees who build a positive culture,
develop breakthrough products people love and build a brand people
are passionate about. To learn more, please visit
qualtrics.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221017005380/en/
Lauren Braun, Qualtrics press@qualtrics.com
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