Anxiety About Job Security, Raises, Promotions and Trust at Odds With Rising Unemployment, Aligns With Consumer Confidence
PHILADELPHIA, PA--(Marketwired - Apr 5, 2016) - American workers' confidence has reached a two-year low after falling for the second consecutive quarter, according to the national Worker Confidence Index™, a survey of U.S. workers from HRO Today Magazine and Yoh, the leading international talent and outsourcing company owned by Day & Zimmermann. The index gauges workers' perceptions of the four key drivers of confidence: the likelihoods of job loss, a promotion and a raise, as well as overall trust in company leadership.
The Worker Confidence Index showed confidence levels fell to their lowest level since this study's inception in mid-2014, down 3.3 points to 94.5 from the third quarter of 2015. Fourth quarter results followed a third quarter that was previously the lowest recorded score to date. The index showed steep declines across the board in job security, raise potential and trust in leadership.
The Worker Confidence Index has shown to be a leading indicator of future economic health in the U.S., showing identical rises and falls in worker confidence ahead of similar rises and falls in consumer confidence, indicating employees' confidence in their employment status impacts their buying power and the overall health of the American economy. The survey reveals that Americans' perceived job security appears to be a more accurate predictor of economic health and U.S. spending power than unemployment rates.
"Today's fast-changing employment dynamic is not only forcing HR and recruitment to think differently about the way they approach talent acquisition and management, but it's affecting the economic outlook as a whole as dissatisfied employees often lead to unhappy consumers," said Andy Roane, Yoh VP of Recruitment Process Outsourcing. "If companies want to improve relationships with employees they need to adopt formalized plans for engaging them, monitoring well-being and addressing it in a way that builds positive sentiment."
Study takeaways:
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