Britain is currently facing a high inflation rate and a significant job crisis, with many struggling to make ends meet due to a surging cost of living.
According to research conducted by recruitment specialists Oriel Partners, a third of UK residents are considering changing jobs to improve their financial situation, while 58% are cutting down on gas and electricity usage and 15% are selling valuables to ease financial pressure.
The study also revealed that 76% of respondents have been affected by the cost of living crisis, with those aged 25-39 being the most impacted. Additionally, 27% of all respondents are "very worried" about the crisis, with the affordability of household bills being the primary area of concern.
To cope with the crisis, 65% of respondents are reducing their lifestyle spending, and 26% are using savings to pay bills. The retail and wholesale industry has been identified as having the highest hiring potential in 2023.
PA recruitment specialist and Director of Oriel Partners, Olivia Coughtrie, said, “Last year the PA recruitment market in London was extremely busy, and we have seen hiring continue to be buoyant at the start of 2023. Candidates, who perhaps were cautious previously to move roles, are now confident in looking to secure new employment. In addition to this, we have a number of new vacancies advertised as businesses grow and return to being office based.”
“Salaries have increased significantly over the last 12 months which has also stimulated movement in the employment market”, Coughtrie continued.
She recommends that employers be flexible around remote work to attract the best talent.
Despite the challenges posed by the cost of living crisis, Coughtrie remains optimistic about the job market, particularly in the admin and support industry, which contributed the highest percentage of total jobs in the UK in 2022.