Millions of Workers Are Considering a Second Job in the New Year Due to Rising Costs and High Interest Rates

The leading Recruitment and Employment Technology Company, CareerWallet has recently published an extensive workplace survey to give a true overview of working life globally and how the jobs market is being impacted by economic factors including rising costs of goods and interest rates.

The report has highlighted that as employees are continuing to be impacted by the cost-of-living crisis more than 1 in 10 (14%) have admitted they will be looking for a second job in the new year to supplement their incomes and cover the huge increase in costs on bills, food, fuel, insurance, mortgages and many other essential outgoings.

The extensive survey also showed that over a third (34%) of all employees are currently considering moving jobs which amounts to millions of employees globally. This huge shift is being driven predominantly by individuals looking for higher salaries as 37% admit they want to leave because they feel they are not paid enough.

The results of the survey should be concerning for employers as it highlights much of the workforce is unhappy or feels underpaid in their current role which can result in employees leaving roles or finding a second role which can often impact their focus and their well-being as they try to juggle two roles.

Craig Bines, CEO of The CareerWallet Group, commented, “Our new workplace survey highlights how many people are struggling financially at the moment as rising bills and inflation continue to bite. It is hugely concerning to see that 14% of the workforce is considering finding a second income just to cover living costs and this will certainly have an impact on recruitment next year.

Recruiting is tough at the moment and the results of our survey suggest it is only going to get harder. Finding the right employees can be hard, so businesses need to look after their staff now more than ever.

As we can see many candidates will be looking to move jobs, especially at the start of the new year and in this buoyant job market, plenty of roles are available. At CareerWallet we have millions of vacancies available, so it is an ideal time to register and find your next position.”