The U.S. unemployment rate reached nine percent in the 1970's and nearly 11 percent in the 1980's. In addition, the challenge to attract and retain top talent is still being experienced by U.S. employers, especially in the healthcare, accounting, engineering, technology and sales-related positions. While many businesses are making quick decisions to recover their bottom-line, I am firmly convinced that cooler heads will prevail when the economy turns around."
A Look Inside the Report:
Confidence in Overall Situation:
The Spherion Employee Confidence Index slightly increased 0.5 points to 42.0 in November. The Index, which measures workers' confidence in their personal employment situation and optimism in the macroeconomic environment, reveals that slightly more workers expressed confidence in the future of their current employer and in their ability to find a new job. More workers are also likely to look for a new job in the next 12 months, with 35 reporting a likelihood of doing so, compared to 31 percent in October.
Confidence in Macroeconomic Environment:
- Four percent of workers believe the economy is getting stronger, showing no change from October. At the same time, 73 percent believe the economy is getting weaker, compared to 77 percent in the previous month.
- Seventy-four percent of U.S. adult workers believe there are fewer jobs available, an increase of three percentage points from the previous month.
Confidence in Personal Employment Situation:
- Sixty-six percent of U.S. adult workers feel confident in the future of their current employer, a one percentage point increase from October.
- The percentage of U.S. adult workers confident in their ability to find a new job increased two percentage points to 43 percent in November.
Job Security:
- Seventy-five percent of U.S. workers say it is unlikely they will lose their jobs in the next year, up one percentage point from October.
Job Transition:
- Thirty-five percent of workers are likely to look for a new job in the next 12 months, an increase of four percentage points from the prior month.
Confidence by Gender:
- More female workers are concerned about the strength of the economy, with 77 percent of female workers believing that the economy is getting weaker, compared to 69 percent of males.
- Thirty-seven percent of female adult workers are confident in their ability to find a job, 11-percentage- points less than male workers (48 percent).
- Male and female workers report that they are similarly likely to look for a new job in the next 12 months, with 35 percent respectively reporting a likelihood of doing so.
Confidence by Age:
- Eighty percent of workers between the ages of 30-39 years old believe that fewer jobs are available, the highest of all age groups.
- Workers over 65 years old feel the most secure in their current positions, with 83 percent indicating that they are unlikely to lose their job in the next 12 months.
- Workers age 18-24 are the most likely to look for a new job in the next year, with 59 percent reporting that they are likely to do so. This age group also reported the most confidence in their ability to find a new job, with 55 percent expressing optimism, compared to 44 percent of workers age 40-49.
Confidence by Income:
- Only 43 percent of workers earning less than $15K expressed confidence in the future of their current employer, compared to 70 percent of workers earning $75K and over.
- Seventy-six percent of workers earning $75K and over say that they are unlikely to lose their jobs in the next year, while 70 percent of workers earning less than $15K report this.
- Thirty-four percent of those with incomes between $35-49.9K are likely to look for a new job in the next year, compared to 28 percent of those with incomes of $75K and over.
