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Report: Salaries Aren’t Keeping Up with Inflation

The average employee’s pay isn’t stretching as far, leading many to seek new opportunities.

By Zee Johnson

The survey, which recorded responses from more than 1,100 global professionals, found that nearly half (47%) cite inflation and recession concerns as having pushed them to find or start looking for a higher-paying job. Additionally, 31% say they took on a side job or began freelancing; 45% have placed themselves on a tighter budget; and 23% say they’ve begun putting more money towards emergency savings. and FlexJobs Founder and CEO Sara Sutton says the survey gives a peek into what concerned professionals may do next. “With 90 percent of people saying they ‘need to work,’ workers everywhere are challenged by navigating their careers in an uncertain global economy,” she says. “These findings provide valuable insight into how economic pressures are influencing global professionals across industries, career levels, and locations.” 

Kathy Gardner, and FlexJobs’ VP of communications, says the current economy has sparked a domino effect of concerns for workers. “In addition to inflation, job security is a top concern for the majority of workers right now. In fact, 63% said they’re “extremely concerned” or “somewhat concerned” about their job security in the next three months,” she says. 

With that, just 15% of survey respondents say they “have not considered a career change,” and: 

  • 50% say “yes, I am actively trying to change careers right now;” 
  • 21% say “no, but I am considering trying to change careers;”  
  • 12% say “no, because I already successfully changed careers;” and  
  • 3% say “I already tried, and it didn’t work out.”  

But money and job security aren’t the only factors pushing workers to consider new opportunities. Sixty-three percent of respondents say they’d “absolutely” look for a new job if not allowed to keep working remotely and 84% of current job seekers consider remote work to be one of the biggest factors when looking for new work opportunities.  

Gardner says flexibility is key way for companies to retain employees who have been impacted by the current economy. “Beyond bonuses, pay and cost of living increases, companies should consider alternative benefits that can help workers now and long-term,” she says. “For example, offering flexibility like remote work options or flexible scheduling can create better work-life balance and help alleviate some of the stress workers may be experiencing.” 

And while the report lists some tactics that current and potential job seekers can employ when searching for new employment during a recession, like expanding their job search, following industry trends, and being patient, Gardner notes that it’s not too late for businesses to put their best foot forward. “It’s an excellent time for companies and leaders to reassure employees about the value they bring to their organization,” she says. “Show gratitude, lead with empathy and recognize employee efforts from all levels across your organization. When coupled with a competitive salary and benefits package, these intentional practices can improve retention by allowing workers to feel more secure in their career choices. 

To read the full findings, visit   

Tags: Payroll & Compensation

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