Sausalito, Calif. — Oct. 4
The recent roller coaster in the financial markets has U.S. employees and job seekers on edge, as more than half of employed adults (56 percent) and most unemployed job seekers (91 percent) think the recent volatility in the economy and financial markets will impact their career, job or job search.
This economic angst may be contributing to stalled employee and job seeker confidence in the third quarter as sentiment around pay, job market, company outlook and layoffs showed almost no signs of optimism and, in many cases, revealed rising pessimism, according to the Q3 Glassdoor “Employment Confidence Survey.”
The survey highlights four indicators of employee confidence quarterly, in the areas of job market/re-hire probability, job security, pay raises and company outlook.
The quarter three 2011 survey also asked employees how they think the recent market volatility may affect their job or career. More than half (56 percent) of employees think the recent volatility in the economy and financial markets will impact their job or career.
• 30 percent think their career advancement will be slowed.
• 28 percent think their job will be in jeopardy.
• 25 percent think their bonus or pay/commission will be reduced.
Nine in 10 (91 percent) of unemployed job seekers think the market volatility will impact their ability to find a job.
Of these job seekers:
• 80 percent expect it will take longer to find a job.
• 63 percent expect there to be fewer jobs available for qualified candidates.
• 54 percent expect base pay to be lower.
• 45 percent say they are more likely to accept a job they are overqualified for.
Uncertainty is rising among unemployed job seekers, as 36 percent indicate they are uncertain whether they will be able to find a job in six months — the highest level in five quarters.
Pessimism about the job market grew again during the third quarter among employees (including those self-employed). One-third (33 percent) of employees and those self-employed believe it is unlikely they would be able to find a job matched to their experience and compensation levels in six months if they lost theirs — up two points from the second quarter (31 percent) and up four points from the first quarter (28 percent).
Employee optimism regarding pay raises remained flat in the third quarter. Slightly more than one-third (36 percent) of employees expect a pay raise in the next 12 months, a percentage that is unchanged from the second quarter.
Optimism for a pay raise is higher among men (40 percent) than women (32 percent), which is also unchanged from the second quarter.
Employee sentiment about company outlook retreated to the lowest level since January 2009 when Glassdoor started tracking this opinion. One-third (33 percent) of those employed and self-employed expect their company's outlook to improve in the next six months, which has fallen seven points from the second quarter (40 percent) to the lowest level since December 2008.
Overall optimism has fallen among men and women, but men have a brighter outlook, with 38 percent of men expecting their company's outlook to improve, compared to 28 percent of women.
Employee concern over layoffs decreased by six points this quarter to 16 percent — the lowest level since the second quarter of 2010. However, nearly one-third (32 percent) are concerned about co-workers being laid off in the next six months, down two points from the second quarter.
Source: Glassdoor Inc.