Survey says? Yes.
In our Q3 Employment Confidence Survey* conducted by Harris Interactive, employees report modest declines in layoffs and pay cuts at their companies than was reported last quarter – this has likely contributed to increased employee confidence and optimism relating to future downsizing, pay raises, bonuses, company outlook and ability to get re-hired.
While there’s still a long way to go to a market recovery, we decided to test the waters and ask employees what they would expect from their employers once the economy becomes more stable and we return to a more typical level of unemployment. The results were telling: in short, they expect a lot:
- 57% expect a raise, bonus and/or promotion
- 35% expect hiring freeze to be lifted and/or more employees to be hired in their department
- 24% expect health benefits and perks that were previously reduced to be restored
But, what’s most interesting is how many employees plan to fly the coop: one in five employees expect to look for a new job once economy rebounds. Among those 18 to 44 years of age, the rate is one in four (24%) while considerably less for those over 55 (12%). (Glassdoor.com’s career expert Rusty Rueff will provide his insights in a follow up post on what this could mean to employers.)
Here are a few more interesting nuggets that show how employment confidence can vary by age, gender and geography:
- While those concerned about layoffs retreated from prior quarters to 22% in Q3, from 26% in Q1, more men (26%) report concerns over possible layoffs in the next six months than women (17%). While the greatest layoff concern was found in male baby boomers (45 to 55 years of age) (30%), just one in 10 of younger females (18 to 34) were concerned with losing their job in the next six months.
- 33% expect a pay increase in the next 12 months while 49% do not; however, optimism is highest among those in the Northeast when compared to other parts of the country: Northeast: 40%, Mid-West: 34%, South: 31% and West: 29%. As a group, males aged 35-44 have the highest confidence (44%) that they will receive a pay increase while men over the age of 55 have the lowest expectations as 60% report they do not expect a pay increase.
- So what if employees lost their job in this market? 44% think they would be able to find a job matched to their experience and compensation levels, which is up 5 points from Q2. Your age and where you live likely affects your confidence in getting rehired, however. Only 31% of those workers over 55 years of age think it’s likely they will find a new job matched to their skills and compensation levels whereas 51% of workers, ages 18 to 34, do. And, more than half (51%) of employees in the South think they could get rehired compared to other parts of the country: West (39%), Northeast (39%), Midwest (42%).
- Optimism has even crept up among those who are already in the job market with nearly one-third saying they think it’s likely they will find a job in the next six months. However, only 18% of current jobseekers over the age of 55 think it’s likely, versus 48% of those 35 to 44 think they will be able to find a job.
Tomorrow the Bureau of Labor Statistics is set to release the September unemployment report, and forecasts predict the rate of loss will continue to decline. But does this mean that employees are in good shape to make demands or get a new job in 2010 given lower layoff concerns? The Employment Trends Index reports that job opportunities may open up early next year. Of course, if you listen to employees that could depend on where you live, your age and even your gender.
What do you think? Do you feel better today than you did six months ago? Do you think you’ll be making more in your job in six months?
* Based on survey of 2,257 U.S. adults aged 18 years and older, of whom 1, 195 are employed full time or part time and 166 are self employed.