The current cost-of-living crisis is putting a strain on British households as bills increase at rapid rates. This crisis is forcing more and more people to take on new or second jobs. Around 5 million workers are looking to take on a second job with 10 million more planning to if the crisis gets worse over the next few months. This situation is also extending to retirees as they are being forced to re-evaluate their finances to cope with rising costs. Only one in ten adults in the UK are confident that they can cope financially with the rising costs, so it is unsurprising that an increasing number of people are on the hunt for extra money.
However, while this may be good for some workers who want to earn more money, it could create difficulties for businesses. Some businesses, especially those operating in lower-wage sectors like hospitality, may experience worker shortages and higher rates of employee turnover. This will decrease productivity levels, which poses a further problem by limiting a business’ ability to offer higher wages. This is creating a vicious cycle, particularly with Christmas around the corner, where people want more money, but businesses are not able to meet these demands.