PHILADELPHIA, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Continued economic uncertainty is leading American workers to remain wary of their current and future employment prospects, according to the latest Worker Confidence Index™ (WCI). In the second quarter of 2023, the WCI fell by 2.2 points from 110.9 to 108.7, the second consecutive quarter of decreases. The WCI, a survey of U.S. workers commissioned by HRO Today magazine and Yoh, the leading international talent and outsourcing company owned by Day & Zimmermann, gauges full-time workers’ perceptions of four key aspects of worker confidence: perceived job security, perceived likelihood of a promotion, perceived likelihood of a raise and overall trust in company leadership.
Of the four indices comprising the WCI, only perceived job security increased, jumping 6.3 points from 95.9 to 102.2. Meanwhile, anticipation of a raise saw the sharpest decline, falling by 7 points from 115.9 to 108.9, its lowest level in a year. Overall, less than one-third (29.8%) of workers said they anticipated a raise of at least 3% after their next performance review.
Coming on the heels of an all-time high in the fourth quarter of 2022, workers’ perceived likelihood of a promotion sunk again, this time by 6.3 points from 124.2 to 117.9. Less than one-in-four (22.8%) believe they will receive a promotion in the next 12 months, down another 1.2 percentage points from the first quarter of 2023. Despite being the most consistently stable index, trust in company leadership also fell in the second quarter, slipping from 107.5 to 105.9. However, three-fifths (60%) of those 34 and younger say they trust company leadership, a strong sign for the future of the C-suite.
This is the first time the WCI has decreased in consecutive quarters since the early pandemic days when the WCI fell three straight quarters from the fourth quarter of 2019 to the second quarter of 2020.
“While it may be somewhat soon to use the latest Worker Confidence Index results to make any sweeping changes to the way organizations manage and acquire talent, it is never the wrong time to start a dialogue with your hiring managers about critical talent needs, especially in high-demand, high-impact technology areas,” said Emmett McGrath, president of Yoh. “As the workforce begins to finally find some form of equilibrium and with job satisfaction relatively high, we recommend taking stock of your current teams, skill needs and open positions to make sure you have the processes and partners in place to fill your talent gaps efficiently and with the right people.”
Other key takeaways from the Q2 2023 Worker Confidence Index™ include:
- Worker confidence among men and women the closest it has ever been and closest since Q4 2021.
Despite men still feeling more confident than women, the Q2 2023 WCI revealed a shrinking gap between how these two genders feel about their employment prospects. The WCI among men sits at 108.7 and among women sits at 108.4. Not since Q4 2021, when women were more confident than men for the first time in the survey’s history, have men and women felt this similar about their jobs, and never before has the margin been within a single point.
- Increase in perceived job security seen across all segments – gender, race, income level, education and age.
Job security increased among both women and men, with women more confident in retaining their current positions (8.7% fear losing their jobs) compared to men (13.2% fear losing their jobs). Nearly all age groups surveyed reported a decrease in fear over losing their job with only those 65+ reporting a small increase (0.4 percentage points) in concern over losing their job. Job security increased for all income segments surveyed, and concern over job loss decreased dramatically for the highest income group, those earning $100,000+, with only 9.9% fearing job loss compared to 14.8% last quarter. Concern over job loss also decreased for all racial segments surveyed. African Americans saw the largest decrease, falling by 5.4 percentage points, despite having the least amount of perceived job security. Finally, workers in each educational segment became more secure in their jobs. Those with a college degree hold the most job security as only 10.1% fear job loss, compared to 14.9% in the previous quarter.
- Despite a big dip in Q2 2023, likelihood of a raise remains 5.7 points higher year-over-year.
Confidence in receiving a raise decreased among both men and women; however, women saw a much less dramatic fall (0.4 percentage points) compared to men (3.3 percentage points). The gap in confidence between the genders also fell to its lowest point since 2021. Workers aged 25-34 hold the most confidence in receiving a raise and were the only group to see an increase in confidence, up by 1.3 percentage points. Although the highest earners ($100,000+) saw the largest decrease in confidence, falling 7.6 percentage points, this segment still holds the most confidence, as 39.3% anticipate a raise following their next review.
To view the entire study, visit www.Yoh.com.
ABOUT YOH
For more than 80 years, Yoh has provided the talent needed for the jobs and projects critical to our clients’ success. Our Specialty Practices recruiting experts find high-impact professionals in Engineering, Health Care, Life Sciences, Information Technology, Interactive Entertainment and Telecommunications. For clients with workforce management needs, our DZConneX Total Talent Solutions offering delivers large-scale workforce solutions, including Managed Services, Recruitment Process Outsourcing, Direct Sourcing, and Advisory and Consulting Services. Yoh is part of Day & Zimmermann, a $2.7 Billion USD services company, and benefits from more than 80 years of Day & Zimmermann’s experience managing and solving complex talent challenges for some of the world’s leading companies. For more information, visit www.yoh.com.
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