Employee Confidence In Job Market & Pay Raises Increases; Unemployed Job Seekers More Optimistic
The New Year is off to a good start with both the employed and unemployed showing increased confidence in the job market.
In the latest Glassdoor Employment Confidence Survey, employee optimism related to the job market, company outlook and pay raises increased in the fourth quarter of 2011. In addition, pessimism among the unemployed fell to a new low in the fourth quarter, with just 21 percent of unemployed job seekers reporting they think it is “unlikely” they will find a job in six months, down 11 points from the third quarter of 2011 to the lowest level since Glassdoor initiated this survey in 2008.
The quarterly survey, conducted by Harris Interactive on behalf of Glassdoor, reveals encouraging news when it comes to the job market. During the fourth quarter, 41 percent of employees (including self-employed) believe it is “likely” they would be able to find a job matched to their experience and compensation levels in the next six months if they lost their job, an increase of three points from the third quarter. Among unemployed job seekers, 30 percent believe they can land a job that meets their compensation and skill levels in the next six months, up three points from the third quarter.
After an increase in the second quarter of 2011, layoff concerns have remained relatively flat for the past two quarters (16 percent in quarter three and 17 percent in quarter four). In addition, concern for co-workers being laid off dropped four percentage points from the third quarter to 28 percent, the lowest level since the survey began.
As for salaries and pay raises, things seem to be slowly improving. During the fourth quarter, 38 percent of employees said they expect a pay raise in the next 12 months, up two points from the third quarter. However, more employees do not expect a pay raise in the next 12 months than those who do. 41 percent of employees report that they do not expect a pay raise in the next 12 months, down 5 points from the third quarter.
It’s also interesting to note that men (42 percent) remain more optimistic than women (33 percent) when it comes to the possibility for a pay raise in the next 12 months. In terms of company outlook in the next six months, more men indicated optimism than women (41 percent of men compared to 38 percent of women), which is consistent with previous surveys.
Are you looking for jobs? How do you feel about today’s job market? Do you feel like it’s getting better or worse?
Interested in more insights into current employee and job seeker sentiment by age, location and gender? View the complete results for the Glassdoor Employment Confidence Survey.