Does The Cost Of Living In Cities Across The Country Affect Your Job Search?
Since the pandemic, there have been some major changes and shifts in our working lives. Even today we find ourselves continuing to move towards what it is that we need and want from our jobs rather than what it is that we are given. Many aspects are forcing these changes, like working from home, how our jobs affect our mental health and how we can push ourselves into a more fulfilling role. However, with these changes, like rises in the cost of services, supplies and food, how much does our cost of living affect us? Or more importantly, how much does our cost of living affect our overall job search?
How Can the Cost Of Living Affect a Job Search?
It is vital to recognize that when the cost of living begins to increase or is higher in another city to which those are wishing to venture, individuals begin to find it difficult to pay for everyday items and utilities. This can include household bills and rent, or as mentioned previously food and even fuel. When our expenses climb higher than our income, it’s time to make hard decisions about our finances.
This easily folds over into decisions to what type of job we need to survive and in which city we can pursue this career path with the idea of it filling up our pockets rather than draining us as a whole. Meaning, that while our eyes may be focused on one certain outcome, we may have to pivot in order to find a job that can leave us feeling comfortable in the city it resides in.
We, unfortunately, are already seeing the effects of the cost of living and how employees are reacting when it comes to their work. According to HRReporter, “Canada had more vacant positions than ever in the second quarter of this year . Across all sectors, employers were actively seeking to fill nearly one million (997,000) vacant positions, the highest quarterly number on record, according to Statistics Canada (StatCan). That was up 4.7 per cent (45,000) from the first quarter and 42.3 per cent (296,500) higher than in the second quarter of 2021.”
How could this be? While many may believe this is simply a “this generation doesn’t want to work anymore” statistic, it has actually become much more than that. We are merely looking at a war between the cost of living and wages. As of right now, wages are simply not keeping up with demand in our everyday lives. HRReporter demonstrates this by stating, “The Consumer Price Index (CPI) increased 7.5 per cent in the second quarter, compared with the second quarter of 2021. However, the average offered hourly wage increased 5.3 per cent to $24.05 year-over-year in the second quarter, while the average hourly wages of all employees rose 4.1 per cent. And 82.9 percent of the total vacancies were in sectors that had offered wage growth on par with or below the CPI in the second quarter.”Vividly proving that all of these job vacancies are the result of unmet labor demands and how these demands are linked with the need for higher wages.
What Is The Next Move?
Ultimately, companies will continue having major struggles in their hiring process if they cannot understand that a competitive salary needs to happen to receive talented job seekers. We have come out of the pandemic understanding and recognizing our worth, as well as what we need to keep our shoulders – not just our heads – above the rising waters. If the company that you are seeking isn’t willing to offer you what you require to do exactly that, then we find ourselves moving to the following option. Which can most likely be the previous companies’ competition and can be in a city that has a lower cost of living.
As for what we can do to assist us along this tumultuous path? One solution is seeking external sources to help us find what will work best for us. At TalentVault, you would be looking at more than a recruiting agency, but a group of individuals – immensely skilled in their fields – to use strategic targeting of passive candidates in order to determine the perfect position for them. With an openness to adapt to the changes in the working world and step away from the typical job recruiting posts, they like to take it a step further by creating real and trusting relationships with their clients and candidates. If you have any questions on how you can jump on board to pave the path for your successful future, find them here.
As we step into a new year and try to leave the wildness of the last two behind us, we are now much more aware and conscious of what it is we need to be successful and survive. Will the cost of living throughout the country affect your job search? Absolutely. But it will be in a way that catapults you to where it is you need to go.