70% Of Americans Looking for Side Hustle Work To Avoid Inflation

wealthofgeeks.com

A survey done by Bluecrew, a workforce-as-a-service platform, found that around 70% of Americans say they are turning to a second job to combat inflation.

85% of Americans say they've already changed their spending habits accordingly. 72% say inflation has impacted the way they view their job. 57% are actively looking for a new or additional job.

Due to high inflation and other economic concerns, there has been a huge rebound in labor force participation rates and the number of hours people are willing to work.

Labor Force Participation

Both of these numbers dropped significantly during the pandemic. Around 5% of Americans have multiple jobs, and 440,000 people have full-time jobs.

Employers have been hiring in a tight market and have taken to increasing pay to try to edge out the competition. Flexible schedules, free food, and employee recognition are all examples of perks employers are offering to attempt to beat out competitors.

Recession Concerns

However, despite the competitive job market, the looming recession has caused some companies to be more conservative. Walmart recently announced plans to hire 40,000 workers for the holiday season, which is a huge decline from the 150,000 retail and 20,000 supply workers that were hired last year.

Workers are now saying that the rate of pay is their number one priority when searching for new employment opportunities. Location, scheduling, flexibility, and opportunities for growth follow close behind. Many workers are also turning to side hustles to pull in some extra cash.

New Standards

Companies that were facing severe labor shortages are now dealing with workers flooding the job market. The unemployment rate has plummeted to 3.7%, which is close to the pre-pandemic levels.

Swipe up to learn more!

Robo-Advisors – The Good, The Bad, And The Ugly

71% Of Americans Can’t Keep Up With Inflation, “Falling Behind”

Discover  more from  wealthofgeeks.com