As we enter the last few months of 2011, a cloud continues to hang over the job market. In the latest Glassdoor Employment Confidence Survey, there is a growing uncertainty among job seekers about their chances of landing a job and a decreasing number of employees feeling optimistic about their company’s outlook. These findings are just the tip of the iceberg in the third quarter report.
More than half of employed adults (56 percent) and most unemployed job seekers (91 percent) believe the recent market volatility in the economy will have an impact on their careers, jobs and the job search. Among employees, 30 percent think their career advancement will be slowed, 28 percent think their job will be in jeopardy and 25 percent think their bonus or pay/commission will be reduced.
The quarterly survey, conducted by Harris Interactive on behalf of Glassdoor, also revealed that expectations around pay raises remains flat this quarter. Slightly more than one-third (36%) of employees expect a pay raise in the next 12 months although optimism for a pay raise is higher among men (40%) than women (32%). That said, more employees (46%) do not expect a pay raise and 18 percent are unsure.
Interestingly, it’s not just pay raises that men are more optimistic about but also their company’s outlook – 38 percent of men are expecting their company’s outlook to improve, compared to 28 percent of women.
On a slightly more positive note, concerns over possible layoffs declined. Employees who are concerned they could be laid off in the next six months decreased by six points this quarter to 16 percent – the lowest level since the second quarter of 2010. However, that doesn’t necessarily mean employees are less concerned about layoffs overall as roughly one-third (32%) are concerned their coworkers could be laid off in the next six months, down two points from the second quarter.
But while layoff concerns may have slowed for those who have a job, unemployed job seekers report rising uncertainty as to whether they can land a job that meets their compensation and skills level in the next six months. More than one third (36 percent) indicate they are uncertain whether they will be able to find a job in the next six months – the highest level in five quarters – while 32% think it’s “unlikely” and 27% think it’s “likely.”
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? See the complete results for the Glassdoor Employment Confidence Survey.