You’d think the resignation of U.K. Prime Minister Liz Truss would have sent shockwaves of relief across the country. Perhaps it did in some ways, but the scorched earth she left behind, as a result of her cabinet’s hasty economic decisions, has U.K. public morale at an all-time low.
With inflation at a 40-year high and employees mired in a cost-of-living crisis that looks set to deepen, financial anxiety is sky-high. The worries pile up — including that some may not be able to afford their mortgage this time next year, due to the latest changes made by the Bank of England in response to the disastrous “mini budget. It’s clear we’re in for a shaky recovery.
A new Indeed and YouGov survey of 2,500 U.K. workers reaffirmed this. It showed 52% don’t think they are currently being paid enough to weather the current cost-of-living crisis. And that has a direct correlation to employees feeling undervalued, found the same report. Notably, healthcare and medical staff were most likely to feel underpaid (64%). Next on the list of unhappy workers were those who work in hospitality and leisure (61%) and legal (58%) industries.
To boost bank balances, 13% of those surveyed asked their employers for a pay raise. However, despite the real-earning squeeze, 61% of those who requested an increase either received less than they wanted or nothing at all. Little wonder that overall, 9% had applied for a new role, while others have resorted to taking on additional jobs.
The full version of this article was first published on DigiDay’s future-of-work platform, WorkLife, in October 2022 – to read the complete piece, please click HERE.
Oliver Pickup 