More than one in three workers are considering changing jobs because of spiralling inflation and the cost of living crisis, new research suggests. Recruiter Totaljobs said its study found that employees do not think their pay is keeping up with the rising cost of living.
Half of 4,000 workers questioned by the jobs site said they have not had a pay rise in the past year, and almost a third revealed their salary does not cover basic living costs. Almost half of respondents said they were living "from payslip to payslip".
A separate survey of 1,000 employers found that more than one in three voiced concern about the quality of life for their staff due to rising living costs. Almost one in five workers said they have resorted to taking a second job to boost their income.
The rising cost of living is driving more than a third of workers to consider changing jobs this year, said the report. This rises to 47 per cent among social care workers.
Totaljobs chief executive Jon Wilson said: "During the course of the pandemic, everyone came to recognise the value and importance of our key workers. Society simply couldn't have functioned without them, and they kept this country running.
"However, those we stood outside and clapped for every Thursday continue to be among the worst paid in our society. This research illustrates that everyone is feeling the pinch of the rising cost of living, yet it is disproportionately felt by our key workers, to the extent that some are looking to move jobs for one that provides them with more financial security.
"It's clear that the cost of living is having an impact on businesses and their staff. We'd encourage employers to acknowledge the situation we're in and have open conversations with their staff about financial wellbeing and renumeration."
Totaljobs said that since the start of the year, more than 800,000 workers have resorted to taking on loans to fund basic living expenses, with 5 per cent saying they have had to do this for the first time.
Food poverty campaigner Jack Monroe told MPs on Wednesday that the UK's cost of living crisis could be "fatal" to those already in poverty. Individuals on the lowest incomes have been hit hardest by soaring food and energy costs.
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