Inflation is forcing your employees to move to cheaper cities and look for higher-paying jobs – Fortune

by | Nov 21, 2022 | Jobs

Some employees are packing their bags and moving to new cities to access better-paying jobs and a lower cost of living—particularly working parents, a new Qualtrics survey finds.

Although consumer prices rose less than expected last month, a sign that inflation is starting to cool, Americans are still being squeezed by higher prices. Sixty-four percent of surveyed workers say they find it harder to pay for living expenses than just one year ago, according to Qualtrics. Add in commuting and childcare costs as more employers call workers back to the office, and it’s no wonder workers are willing to uproot their lives to stretch their paychecks a little further. 

Source: Qualtrics

While some workers are looking for new jobs entirely, others are seeking outside gigs, second jobs, or more opportunities to work at their current job. More than half of surveyed workers (57%) say they want the opportunity to work overtime or take on extra shifts. Thirty-seven percent say they’re actively looking for higher paying jobs, while 38% are looking for a second job.

Parents feel the financial strain most acutely, reporting an even higher likelihood of seeking new and additional opportunities to increase their income. So much so, they are willing to move to areas with lower living costs. A whopping 69% of working parents say their pay isn’t keeping up with the cost of living, and they’re twice as willing to move to a cheaper city than their child-free counterparts. 

Employers may soon have to reflect on what they’re willing to extend—increased pay or location flexibility—to hold onto their workforce in the coming year.

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