The cost of living has grown to new heights and yet most entry-level workers are not getting a pay rise. This juxtaposition means new workers and those looking to change careers do not have the same opportunities as similar workers just 5 years ago.
The finances of our country are changing, and not necessarily for the better.
The Professional Resume Writer’s Survey
The information we have found comes from Professional Resume Writers.
Michelle Masters prefaces the survey by saying “It’s not surprising that many individuals are concerned about their job security, given the current economic climate. Professionals need to take proactive steps to maintain their employability, such as staying up-to-date on industry trends and continually honing their skills. Additionally, individuals who are considering a career change should focus on their transferable skills and how they can be leveraged in a new field.”
So what did the survey find? After speaking to 2,000 individuals, 92% responded. This is a small data collection, so the small sample should be taken into consideration. We are also unaware of how widespread the participants are, for example, if they were all from the same industry.
Still from the survey we can gather that 66% of executives are unsure about their job security.
Across all job levels, 49% are worried, while entry-level workers have the highest levels of concern. 91% of entry-level workers are concerned about their job security. This figure has increased by 111% over the last year.
Although everyone is worried about losing their job. Entry-level workers are the most concerned about how their low wage will cover their bills. 97% of entry-level workers feel like they have been impacted by the rise in the cost of living.
Surprisingly, executives are also concerned about this, believing their pay has not been fairly increased with inflation. Bear in mind, all executive participants did have an increase, while most entry-level workers did not
What This Means
Although the data is at our fingertips, that doesn’t mean the answers are easy. To understand how to help this problem, we first need to explain why entry-level workers are feeling this way.
Prices
First, the prices for all food, utility bills, mortgages, and insurance have increased dramatically over the last couple of years. This means everyone’s monthly bills have doubled and everyone’s weekly grocery shop trips have doubled too.
Everywhere you look things are more expensive.
Low Wages
Inflation in a capitalist economy is normal. It shows how things become more expensive as we put more value into the item. However, for everyone to still afford food and water, people’s wages need to increase too.
In the US the minimum wage is $9.50 an hour for an adult (active from July 1st, 2023). However, the living wage is $25.02 per hour. This means most people cannot afford to pay for food, water, and shelter. And they especially cannot afford entertainment.
This means many individuals have to house share in a crowded space and spend money on cheap (not healthy) foods.
Impact On Health
Because entry-level workers cannot afford healthy food, they are becoming unfit and weakening their immune systems. Sharing a living space with multiple people also means illness, bugs, and diseases are spreading quickly.
This dramatic combination means entry-level workers are often too ill to work and are taking more sick leave than any other worker type.
How Can Employers Help?
Pay Well
This answer may seem obvious but many employers are struggling to pay their workers as it is. However, if your workforce is constantly ill, or you have a large turnover, then you will need to hire more people to cover the ill and untrained.
To stop this cycle, you should pay your employees more, so they can afford a healthier lifestyle. This in turn will create job retention, and prevent continuous sick days.
Lighten the Load
Another way to prevent large turnovers is to make the job attractive. If your employees don’t need to work a 9-5, then allow them to work when needed. This can help your employees lower costs, for example not needing child care or commuting during less busy periods.
You can also offer working-from-home flexibility, so travel is completely removed from their financial burdens.
If you’re not sure how to lighten your employee’s troubles, ask them. If everyone is commencing on the same issue, you can help them reduce that stress.
Final Thoughts
Surveys like this one from the Professional Resume Writers can help us understand what is happening to our workforce and how to help improve our lives.
