Last month we reported on the rising cost of living and how it was starting to affect the decision making of job seekers and those already in role.
Totaljobs have shared a report that is very timely and useful for employers of all sizes right now.
Here are the main headlines:
"The squeeze on workers’ living standards is already severe. A substantial majority of employees say they have not had a pay rise, or their pay has risen by less than inflation. For many, their salary does not cover basic living costs. This presents a somewhat more pessimistic picture than that shown in official statistics, which show real wages roughly flat over the last year."
"This research illustrates that everyone is feeling the pinch of the rising cost of living, 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 remuneration. Now is the time to consider more holistic job offers that cater to the individual needs of candidates, especially for those hit hardest by the rise in everyday living costs."
Key findings
- Over a third of UK workers say the rising cost of living is compelling them to consider changing sectors secure higher pay.
- 80% of employers are concerned about the rising cost of living, alongside 77% of UK workers.
- Essential workers are twice as likely as non-essential workers to have left their job in recent months in pursuit of better pay in a different sector (10% versus 5%)
- 30% of UK workers feel their salary doesn't cover their basic living costs.
- 47% of workers consider themselves to be living 'payslip to 'payslip'.
- 29 out of 40 sectors have fallen behind the rate of inflation in their salary increases over the last year.
- 90% of UK workers have experienced rising work-related costs in the last year.
"While support from the government will be needed to enable people and businesses to navigate today’s economy and have a good quality of life, employers also play a pivotal role in supporting the people they employ at a time where everyone is feeling the salary squeeze.
It’s positive to see many employers are already stepping up to do what they can to support their workforce, with 84% of businesses taking measures to help staff with the rising cost of living."
You can read a full copy of the report here. It is a really interesting read and I urge any employer to take the time to do so.
Bournemouth & Poole College of Further Education
In other news this month, I was invited to talk to a group of accountancy students at Bournemouth and Poole College of Further Education recently. It was a chance for students to learn about the world of work and what to expect when they start job hunting for professional roles. My 45-minute talk covered:
- CVs – brief dos and don’ts
- Interview tips
- How recruitment agencies work
- Job boards – what they are and how they work
- What business look for in an accountant – practical tips for later in their career
I was hugely impressed that a number of them had already done their research on me and during the Q&A asked relevant questions about my career history.
It was great to be able to 'give back' a little to help our future professionals, and I would encourage others to do the same, if this appeals to you, drop me a line and I'll put you in contact with the college team.
Dorset Chamber are raising funds within the business community for the Disaster Emergency Committee Ukrainian Humanitarian Appeal, which will support those affected by the terrible situation in Ukraine
At the time writing they have raised £7,507 they would be delighted to get to £10K or even beyond. The auction closes on Friday April 15th, please take a look and join in if you can, there are some amazing items on there for business and for pleasure. Here's the link: https://dorsetchamber.co.uk/supporting-ukraine/