Home Finance Inflation and cost of living increases driving three quarters of UK Professionals to consider changing jobs  

Inflation and cost of living increases driving three quarters of UK Professionals to consider changing jobs  

by uma

Hampshire, 4th April 2022 A week after the Government’s Spring Budget and with energy price hikes from the 1st April piling on the pressure, the latest survey by the UK’s leading independent website, CV- Library, reveals that an incredible 75.1% of UK professionals are now considering a new job purely because of the cost of living and rising inflation costs they’re facing. 

The study, which surveyed more that 4,000 workers, also revealed that for 69.1%, salary is now the main driver when considering a new role. Only 14.8% say that flexible or remote working ranks as the most important factor. 

The Office for Budget Responsibility predicts that inflation, which has just hit a 30-year high of 6.2%, will peak at around 9% by the final quarter of the year but salary data from CV-Library’s live vacancies confirms that salaries are not keeping track.   

Salary average, based on almost a quarter of million jobs posted on CV-Library, exposes the following industries, currently offering wages lower than they were a year ago:  

  • -5% Retail  
  • -1.6% Sales 
  • -1.2% Social Care  
  • – 1% Medical/Pharmaceutical/Scientific 

The following industries have seen year on year average salary increases, but they are below the rate of inflation: 

  • +2.7% Customer Service 
  • 3.4% Engineering 
  • + 4% Charities 
  • +4.10% Education 
  • +4.3% Legal 

Lee Biggins, CEO and founder of CV-Library comments: “Whilst these statistics are high, it feels sadly inevitable that UK professionals are feeling forced into action given the huge demands on household budgets. The pandemic pushed the desire for flexible and remote working to the fore but, whilst it is still important, we’re seeing this take a back seat as the need for more money takes precedence.” 

Biggins continues: “With unfilled vacancies still at record levels, the UK job market would be much healthier with a greater number of available candidates, but businesses will need to balance their own increased costs with the salary needs and expectations of job seekers.” 

 

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