Increased inflation and high cost of living mean more people are looking to change jobs, but wages are not keeping pace. Many workers say that their current income is inadequate, and with the Office for Budget Responsibility predicting that inflation will peak at around 9% before the end of 2022, the situation is likely to get worse.
Latest data from jobs website, CV- Library, reveals that 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 the main driver when considering a new role. However, 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: “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. With unfilled vacancies still at record levels, businesses will need to balance their own increased costs with the salary needs and expectations of job seekers.”