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).