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Survey: Employee Confidence Wavers

October 05 2011

More than half of employed adults and nearly all unemployed job seekers believe the recent volatility in the economy and financial markets will affect their career, job or job search, according to the Glassdoor employment confidence survey, released yesterday.

More than half (56 percent) of employees think the recent volatility in the economy and financial markets will impact their job or career. Of these, 30 percent think their career advancement will be slowed and 28 percent think their job will be in jeopardy.

Of the unemployed workers responding to the survey, 91 percent think the market volatility will impact their ability to find a job. Of these, 80 percent expect it will take longer to find a job; 36 percent are not sure they will find a job in six months — the highest level in five quarters.

“Employee confidence in the job market and compensation levels appears to be at a pause, in much the same way the economy is stuck between growth and contraction right now,” said Rusty Rueff, Glassdoor career and workplace expert. “Employee confidence remains an important leading indicator of overall consumer confidence, which has been weak with flat unemployment rates and net job creation at a halt. What I find most interesting is that employees and job seekers both are expressing deep concern this quarter that continued market uncertainty will impact hiring and their careers and ability to find jobs in the near future.”

Workers also expect pay to stay 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.

Meanwhile, employed respondents  are less worried about being laid off, with 16 percent saying they were concerned about layoffs, a drop of six points from the last quarter’s survey and  the lowest level since the second quarter of 2010. However, nearly one-third (32 percent) are concerned about coworkers being laid off in the next six months, down two points from the second quarter.

The online survey was conducted within the United States by Harris Interactive on behalf of Glassdoor;  Nearly 2,300 U.S. adults participated.

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