Should I Change Jobs During the Cost of Living Crisis?

Posted on Thursday, May 12, 2022 by The Career GuideNo comments

A recent survey has shown that three in four workers are thinking about finding a new job because of the cost of living crisis. The biggest driver for job change at the moment is pay. However, many people in seemingly secure and “ok” jobs may wonder if it’s safer to stay put. Here, our London recruitment agency explores why now is an excellent time to change roles if you need to for pay and cost of living reasons.

Is pay ever a good reason for changing jobs?

It’s a basic principle harking back to Maslow’s hierarchy of needs that we need to feel financially secure before we can consider deeper concepts such as belonging or self-actualisation. Without the security of enough money to survive and not be consumed with financial worries, we are unable to focus or enjoy anything else in life.

There comes a point, though, at which more money doesn’t necessarily make us happier, and in these situations, we should only consider changing roles for things that would make us happier. For example, if pay is satisfactory and you get a sense of satisfaction from your work and enjoy being around your colleagues, then pay would not be enough of a motivating factor to leave.

However, what’s happening with the cost of living crisis is that many people are in roles where they previously felt the pay was sufficient but now they don’t. This is because getting a notable pay rise from within a role is always considerably more difficult than gaining a pay jump by moving elsewhere.

If money has become a worrying factor, then pay could well be a “good enough” reason for wanting to change jobs.

But will I get more money elsewhere?

With the right support from the right London recruitment agency, the answer to this question is almost certainly yes.

Right now in the UK, there are record levels of unfilled vacancies across many sectors. Alongside this is an immense candidate supply shortage, largely because of people leaving the jobs market on the back of the pandemic, and also because of low candidate confidence for changing jobs because of the uncertainty caused by the pandemic. Even though record numbers of resignations have led to the Great Resignation, the numbers still don’t match the number of jobs that are actually available.

There’s also other good news for those considering leaving their roles—redundancies are at their lowest levels for decades. Jobs are fundamentally quite secure.

And then there is the all-important fact that the number of vacancies combined with the candidate shortages is notably pushing up starting salaries, which are rising at near record levels. The latest data from the Office of National Statistics (ONS) shows that growth in average pay sits at 5.4%. In real terms, this is wiped out by the cost of living crisis, but it is by changing jobs that you can see a pay rise that not only helps you weather the cost of living crisis, but feel better off financially overall.

Change jobs securely

If you want to change jobs for financial reasons, the important thing is to make wise choices. This requires the support of recruitment professionals. Our London recruitment agency can help you identify a good role for increasing your pay to weather the cost of living crisis, while ensuring your overall security and career development.

Register as a candidate today.

 

Love Success is a leading London PA & office support recruitment agency.
Our expert recruiters can help you find permanent and temporary jobs in London.

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