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Inflation is forcing your employees to move to cheaper cities and look for higher-paying jobs

November 21, 2022, 12:40 PM UTC
Couple packing boxes for move
Parents are twice as willing to move to a cheaper city than their child-free counterparts due to inflation.
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Good morning!

Some employees are packing their bags and moving to new cities to access better-paying jobs and a lower cost of living—particularly working parents, a new Qualtrics survey finds.

Although consumer prices rose less than expected last month, a sign that inflation is starting to cool, Americans are still being squeezed by higher prices. Sixty-four percent of surveyed workers say they find it harder to pay for living expenses than just one year ago, according to Qualtrics. Add in commuting and childcare costs as more employers call workers back to the office, and it’s no wonder workers are willing to uproot their lives to stretch their paychecks a little further. 

Source: Qualtrics

While some workers are looking for new jobs entirely, others are seeking outside gigs, second jobs, or more opportunities to work at their current job. More than half of surveyed workers (57%) say they want the opportunity to work overtime or take on extra shifts. Thirty-seven percent say they’re actively looking for higher paying jobs, while 38% are looking for a second job.

Parents feel the financial strain most acutely, reporting an even higher likelihood of seeking new and additional opportunities to increase their income. So much so, they are willing to move to areas with lower living costs. A whopping 69% of working parents say their pay isn’t keeping up with the cost of living, and they’re twice as willing to move to a cheaper city than their child-free counterparts. 

Employers may soon have to reflect on what they’re willing to extend—increased pay or location flexibility—to hold onto their workforce in the coming year.

Amber Burton
amber.burton@fortune.com
@amberbburton

Reporter's Notebook

The most compelling data, quotes, and insights from the field.

Another wave of Twitter exits occurred late last week after Elon Musk presented employees with an ultimatum: work in an “extremely hardcore” fashion or leave the company. While hundreds of employees initially signaled they would leave the company, reports suggest almost 1,200 resigned. A LinkedIn post from a former Twitter software engineer went viral after he shared his resignation. 

“I’m not going to bow and click 'yes.' Sorry Mr richest man, I control my life. It’s a great ride. I made friends and they are the smartest people I’ve worked with. World class engineers don’t bullshit. Nothing lined up yet, hit me up if you know interesting things happening.”

Around the Table

- Robots have become a staple of manufacturing and hospitality jobs but are largely absent from office jobs. A company in South Korea is trying to change that. New York Times

- The latest railroad union contract appears headed for a no-vote, as workers demand higher wages and better scheduling policies that provide set days off. Bloomberg

- Amazon CEO Andy Jassy told employees layoffs will extend into 2023. Axios

Watercooler

Everything you need to know from Fortune

Twitter exodus. After an estimated 1,200 Twitter employees quit Thursday evening, Elon Musk sent three separate emails to coders Friday morning asking them to meet him at the office for “short, technical interviews.”Kylie Robison

Twitter class action. Ex-Twitter engineer and cancer survivor Dmitry Borodenko filed a class-action lawsuit against the company alleging its ban on remote work discriminated against disabled employees. —Alice Hearing

Future forward. Companies should consider which parts of their culture to leave behind as they reshape themselves for the future of work, says Holly Walters, chief information officer at Toyota Motor North America. —John Kell

Leave of absence. JPMorgan is extending its leave policy for sick days, bereavement, and parental leave. New parents, for instance, will now have 16 weeks of paid leave. —Jeff Green

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