The Index revealed that workers' optimism in the economy and job market decreased, as did their confidence in their ability to find a new job. Conversely, the Index showed that workers' sentiment increased in at least one area: confidence in their employer's future. Specifically, sixty-five percent of workers are confident in the future of their employer, up two percentage points from the September report.
Interestingly, job security remains high with almost three-quarters (74 percent) of workers saying they believe they are unlikely to lose their jobs in the next 12 months. Workers are, however, less likely to look for a new job in the next year, with 31 percent reporting that they are likely to do so.
"We are beginning to see the full effects of how the recent financial fallout is affecting worker confidence. The U.S. job market has been shaken, so it is not surprising that workers are feeling less optimistic about the strength of the economy and the availability of jobs," said Roy Krause, president and CEO of Spherion Corporation. "The good news is that the effects of the economic slowdown will not be experienced uniformly, as opportunities still exist for displaced job seekers in certain pockets of the country and in certain industries. Sectors such as education, accounting, healthcare, government and legal services should remain strong throughout this downturn. We are advising our candidates to be flexible in their job searches and to use their translatable skills to pursue career opportunities outside of their current industry."
Results from the October Spherion Employment Report:
Employee Confidence Hits a New Low: The Spherion Employee Confidence Index dropped to a new survey low in October, decreasing 5.8 points to 1.5. The Index, which measures workers' confidence in their personal employment situation and optimism in the macroeconomic environment, reveals that fewer workers are optimistic about the strength of the economy, the number of jobs available and their own ability to find new positions. At the same time, the number of workers reporting confidence in the future of their employer increased slightly.
Details of the Index:
Macroeconomic Confidence:
- Four percent of workers believe the economy is getting stronger, decreasing seven percentage points from September. In addition, 77 percent reported that the economy is getting weaker compared to 64 percent in the previous month.
- Seven percent of U.S. adult workers believe there are more jobs available, a decrease of five percentage points from the previous month.
Personal Confidence:
- Sixty-five percent of U.S. adult workers feel confident in the future of their current employer, a two percentage point increase from September.
- The percentage of U.S. adult workers confident in their ability to find a new job decreased seven percentage points from September to 41 percent.
Job Security: Close to Three-quarters of Workers Say it is Unlikely They Will Lose Their Job
- Seventy-four percent of U.S. workers say it is unlikely they will lose their jobs in the next 12 months, down two percentage points from September.
Job Transition: Percentage of Workers Likely to Look for a New Job Drops
- Thirty-one percent of workers are likely to look for a new job in the next twelve months, a decrease of five percentage points from September.
