Despite strong economic growth, employees across Ireland are feeling the pinch as the cost of living crisis continues to drive prices higher. That’s according to people management platform HRLocker, which surveyed 960 full-time employees across Ireland.
Assessing the impact of the cost of living crisis on employees, the survey found that over half of all Irish employees (55%) have been moderately or significantly affected, with one in four (24%) respondents revealing they had taken on a side hustle to earn more money. Meanwhile, further 27% of employees have started actively looking for new roles in the hope of securing a bigger salary package.
Those most likely to have a side hustle work in technology (30%), media and design (22%) and fitness (11%) and are under 30 and are male.
The research also shows the significant impact this financial pressure is having on workers. With one 36% of respondents claiming it was their number one cause of stress, followed by work (26%) and family commitments (13%). Overall, 70% of Irish professionals are experiencing moderate to high levels of stress.
This stress is directly impacting employee performance. One in 10 (11%) of employees report that financial stress is affecting their ability to do their job. While 46% and 39% report feelings of fatigue and anxiety.
“Irish businesses are between a rock and a hard place,” says Adam Coleman, CEO at HRLocker. “Margins are being squeezed by rising inflation, but they need to ensure the wellbeing of their employees, keeping them motivated and engaged. This is a tricky act that requires careful consideration. At a time when businesses are, understandably, seeking to drive greater efficiencies, they cannot forget about their people.”
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