Canada Markets closed

Over half of US workers surveyed want to work overtime or get extra shifts to make more money as cost-of-living expenses continue to rise

A mom working at a laptop at home. Her child is sitting with her.
filadendron/Getty Images
  • 57% of US workers in a new survey said they want to work overtime as the cost of living rises.

  • Almost 70% of working parents surveyed said they don't earn enough to keep up, and 64% want more work hours.

  • People are still quitting above pre-pandemic levels, but now they value compensation the most.

As inflation raises prices for food and other necessities, US workers are seeking new jobs and extra work shifts to increase their pay.

The majority of respondents to a survey from Qualtrics, 57%, said they "want the opportunity to work overtime or extra shifts" to bring home more money.

Over 60% of working parents surveyed said they want to work more hours to get paid more. The survey, which was conducted between August and September, included over 1,000 respondents over the age of 18 who work a full-time job.

The Great Resignation last year saw workers quitting mostly because they wanted to feel more valued at work, or because they were prioritizing mental health. Now, despite US workers still quitting jobs at a higher rate than before the pandemic, Qualtrics' survey found that more workers are quitting because they seek higher compensation.

"With budgets tightening, workers are searching for ways to meet the rising cost of living, including finding new jobs," Benjamin Granger, Qualtrics' chief workplace psychologist, said in the press release. "Employee turnover is a huge cost for companies, so it's business critical for organizations to understand which of their employees are likely to leave and why, so they can make adjustments to reduce attrition and retain key performers."

Compared to last year, 64% of workers surveyed said living expenses are harder to pay for now. Almost 70% of working parents said their salaries aren't keeping up with the cost of living, per the survey. In addition to inflation's effects on food and essentials, like baby formula, expenses related to work, like transportation and childcare, are adding to living expenses as more people return to the office.

Due to rising inflation, it's estimated that it costs $310,605 to raise a child, according to a study from The Brookings Institute.

The survey found that 18% of working adults cut living expenses by moving somewhere with a lower cost of living, and 13% are going to relocate to save money. Compared to workers without children, working parents were twice as likely to relocate to a less expensive city.

Thirty-seven percent of workers surveyed said they are looking for another job with a higher salary, and over half of workers said they have looked, or are planning to look, for an additional job. Forty-three percent of working parents said they are looking for a new job, and almost half are looking for a second job.

Wanting a second job or a side hustle isn't entirely because of inflation though. In a 2021 survey of 2,001 adults, 34% of workers said they have a side hustle. Almost 40% of respondents said they started their side hustle to do something fun or enjoyable, and almost 30% did it to learn new skills.

The Wall Street Journal spoke to six workers in 2021 who admitted to having multiple full-time jobs, some making up to $600,000 a year. The extra income was used for a variety of reasons, like paying off student loan debt, or making luxury purchases.

Read the original article on Business Insider