Spherion U.S. Employment Report: Worker Confidence Dips
Friday, November 06, 2009
Workers Report Less Optimism in Strength of Economy
FORT LAUDERDALE, Fla., Nov. 6 /PRNewswire/ -- The Spherion Employee Confidence Index decreased by one point to 48.4 in October. The Index, which measures workers' confidence in their personal employment situation and optimism in the economic environment, reveals that although fewer U.S. workers believe the economy is getting stronger, slightly more workers are optimistic in the future of their current employer.
"Our latest Employee Confidence Index suggests that workers remained concerned about the economy and job market as a whole," said Roy Krause, President and CEO of Spherion Corporation. "Although economic indicators seem to be pointing in a better direction, confidence levels are likely to bounce around a bit until workers see more definitive signs of a turnaround- such as positive job growth. Undeniably, this downturn has many businesses operating in a 'doing more with less' mode, which may become standardized in a post-recessionary economy. Even though the appetite for aggressive hiring may not be seen for some time, companies are starting to talk about the need to potentially add new staff in order to maintain productivity. In a number of cases, this is tied to a desire to be fully "battle ready" for the recovery and to augment teams that may struggle because recession cuts were perhaps a bit too deep. Companies that are ramping up sales activity, retaining top talent and delivering quality customer service will be better poised--and remembered--come recovery time."
A Look Inside the Report:
Confidence in Overall Situation:
The Spherion Employee Confidence Index decreased by one point to 48.4 in October. The Index, which measures workers' confidence in their personal employment situation and optimism in the economic environment, reveals that although fewer U.S. workers believe the economy is getting stronger, slightly more workers are optimistic in the future of their current employer.
Confidence in Macroeconomic Environment:
-- Twenty-three percent of U.S. workers believe the economy is getting
stronger, decreasing four percentage points from September.
-- Seventy percent of workers surveyed believe there are fewer jobs
available, increasing one percentage point from the previous month.
Confidence in Personal Employment Situation:
-- The percentage of workers reporting confidence in the future of their
current employers increased by one percentage point to 64 percent in
October.
-- The number of workers confident in their ability to find a new job
showed no change from the previous month, with 38 percent reporting
optimism.
Job Security:
-- Seventy-one percent of workers say they are unlikely to lose their jobs
in the next year, increasing by one percentage point from last month's
reading.
Job Transition:
-- Thirty-two percent of workers are likely to look for a new job in the
next 12 months, representing a decrease of three percentage points from
September.
Confidence by Gender:
-- In October, more men than women are confident in their ability to find a
new job. Specifically, 40 percent of men and 35 percent of female
workers cited this.
-- According to the latest results, more females than males are confident
in the future of their current employer in October, with 66 percent of
women and 62 percent of men reporting confidence.
-- Fewer men and women are likely to job search in the next 12 months. In
October, 34 percent of men and 30 percent of women reported the
likelihood to look for a new job, versus 39 percent of men and 31
percent of women last month.
Confidence by Age:
-- Workers ages 45-54 are the least likely to believe the economy is
getting stronger, with only 18 percent of workers in this age group
believing so.
-- Forty-one percent of workers ages 18-34 are confident in their ability
to find a new job. This is the highest amongst all age groups and a two
percentage point increase from September.
-- Forty-five percent of workers between the ages of 18-34 report that they
are likely to look for a new job in the next year. This is the highest
reading for all age brackets. On the contrary, only 20 percent of
workers 55+ are likely to make a job transition in the next 12 months.
Confidence by Income:
-- Workers earning $75K or greater are the most likely to believe the
economy is getting stronger, with 29 percent indicating they believe so
compared to 16 percent of those earning less than $35K.
-- Workers earning less than $35K are the least confident in the future of
their current employer with 50 percent expressing confidence; while
workers earning $75K or greater are the most optimistic with 70 percent
reporting confidence.
-- Forty-four percent of workers earning less than $35K are likely to look
for a new job in the next year. This is the highest reading across all
income cohorts for the third consecutive month.
View October Full Results and ECI Index Archive
About the Spherion Employment Report
Methodology
About Harris Interactive
About Spherion
Spherion Corporation is a leading recruiting and staffing company that provides integrated solutions and breakout specialties to meet the evolving needs of companies and job candidates. As an industry pioneer for more than 60 years, Spherion has sourced, screened and placed millions of individuals in temporary, temp-to-hire and full-time jobs.
With approximately 575 locations in the United States and Canada, Spherion delivers innovative workforce solutions that improve business performance. Spherion provides its services to approximately 10,000 customers, from Fortune 500 companies to a wide range of small and mid-size organizations. Employing more than 215,000 people annually through its network, Spherion is one of North America's largest employers. Spherion operates under the following brands: Spherion Staffing Services Group for administrative, clerical and light industrial workers; Technisource for technology professionals and solutions; The Mergis Group for accounting and finance and other professional positions; Todays Office Professionals for specialty administrative personnel; and SourceRight Solutions for recruitment process outsourcing, managed services and contractor compliance programs. To learn more, visit www.spherion.com.
SOURCE Spherion Corporation
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