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The Cost of Living Crisis and its Impact on Careers

The Cost of Living Crisis sadly isn’t going anywhere soon. Due to a combination of factors, inflation in the UK rose to over 9% between 2021 and 2022. At the same time, permanent salaries fell 7% according to APSCo.

This has put a squeeze on both employee and employer finances, and has radically transformed the job market in less than a year.

While in February 2022, Heat Recruitment found most workers valued work-life balance above pay, the Cost of Living Crisis has forced a rethink. This crisis isn’t just affecting the number of candidates in the job market. It’s also changing the type of jobs prioritised, and the wages workers expect.

In this article, we’ll take an objective look at the trends between the Cost of Living Crisis and work opportunities for both businesses and workers, plus how companies can come out of this crisis stronger than before.