What if the cost of living keeps rising and along with this anxiety about the financial stability of everyone, there are not a few who choose to leave their work claiming that the reason for their decision is\u2026 accuracy. Typically in times of economic stress workers stay at their jobs, even if conditions are not ideal, with the goal of saving as much as possible. However, in the midst of soaring inflation, many more are quitting their jobs or thinking about it.<\/p>\n\n\n\n
The Great Resignation continues<\/strong><\/p>\n\n\n\n Much of this is due to the rising cost of living. 47% of UK workers said they had little or no savings at the end of each month, with a further 15% saying they struggle to pay their bills. Unlike previous years, this economic uncertainty is pushing workers to move into the labor market and in some cases to leave it altogether. In times of stress and economic uncertainty, people tend to cling to what is familiar to them, including their jobs. <\/p>\n\n\n\n When there is a recession, the number of vacancies decreases, companies start to stress and workers usually stay put. However, nowadays something is changing. Much of this is due to the still strong availability of jobs in the labor market. In the UK, although vacancies are falling, they are still above pre-pandemic levels.<\/p>\n\n\n\n And in the US, the labor market continues to grow: 497,000 private sector jobs were added to the economy in June 2023, the largest monthly increase in a year. Under the pressure and precision, instead of staying fixed in one position, they look for the one that will offer them the best salary.<\/p>\n\n\n\n Is there luxury for everyone?<\/strong><\/p>\n\n\n\n While the rising cost of living creates movement in the labor market for some workers, not everyone is in a position to take such drastic action. Quitting is therefore a luxury for some workers. Alternatively, those who cannot quit or jump into the labor market can ask their employer for more pay. Unless their employer can immediately hire someone else to fill the position.<\/p>\n\n\n\n In some cases, employers may accede to the request, mainly to keep dissatisfaction rates low among their workers. However, it is important to remember that companies also struggle with high costs, so there is a good chance that you will find a wall in front of you or not get exactly the increase you want, but a little less.<\/p>\n\n\n\n Some offer more flexibility in exchange for higher wages \u2013 another factor that can drive labor market movement as workers look for more flexible roles to help them cope with the high cost of living.<\/p>\n\n\n\n However, the flexibility is no more than a symbolic gesture. Giving employees more break time, for example, doesn’t help someone struggling to pay their rent. What is certain is that since the majority of employees are considering quitting within the next year, it shows that there are huge issues that need to be addressed.<\/p>\n","protected":false},"excerpt":{"rendered":" What if the cost of living keeps rising and along with this anxiety about the financial stability of everyone, there are not a few…<\/p>\n","protected":false},"author":1,"featured_media":14612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[620,946],"tags":[4495,4496,4498,4494,4497],"class_list":["post-14611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-companies","tag-employees","tag-great-resignation","tag-job","tag-punctuality","tag-quit"],"_links":{"self":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/14611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14611"}],"version-history":[{"count":1,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/14611\/revisions"}],"predecessor-version":[{"id":14613,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/posts\/14611\/revisions\/14613"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=\/wp\/v2\/media\/14612"}],"wp:attachment":[{"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.liberalglobe.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}