SI Review: August 2010

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Short Takes, SI Review August 2010

Workers Believe Recession Is Still Lingering
Eighty-six percent of U.S. adult workers feel the economy is still in a recession, an Adecco survey reveals. In addition, 78% of workers believe this is the worst job market they've seen in their careers. Regardless of these feelings, however, workers of all ages are starting to think about (or have already started to explore) new job opportunities.

GenY is the most ready for change in the year ahead, the survey finds. In fact, compared to the end of 2008, the percentage of GenY workers looking for a new job in 2010 has more than doubled -- from 14% to 30% -- and 51% plan to go on (or have already gone on) a job interview as the economy begins to recover. And they are not alone -- 30% of GenX workers, 29% of Baby Boomers, and 22% of age 61 or older also have interviewed or plan to interview in the year ahead.

The survey also found:

  • Unlike younger generations of workers (GenY), Silent Generation workers (61 years old and older) are focused on keeping their current jobs. In fact, 66% of these workers say that keeping their job is their number one work-life concern, but only 6% are willing to take a pay cut to stay in their current job.
  • Forty-one percent of Baby Boomers feel they are working harder than they were a year ago but 47% of this generation does not expect a raise this year.
  • Despite the recent passing of a jobs bill, workers are beginning to doubt how good President Obama is for the job market. At the end of 2008, 67% felt President Obama would be good for the economy whereas today 53% feel this way.
  • Twenty-six percent of workers are saving more money for potential unemployment than they used to. In addition, 42% of Silent Generation workers are delaying retirement plans as a result of the economy.

Employees Feel Surprisingly Secure in Their Jobs
Despite the sluggish economy, as many as three-quarters of employees in North America feel secure in their jobs, a Right Management survey reveals. In fact, 38% claim to feel "very secure."

"The widespread sense of job security is based on a couple of factors," comments Melvin Scales, Right Management's senior VP. "One, a result of managers doing a good job helping employees to understand their role in the organization and how they can make a difference, both today and in the future. Two, the economy is growing, job openings are improving and the stock market is recovering. Employees may believe, perhaps, the worst is over."

Among the findings:

  • Employees at medium-sized organizations feel the most secure, with 42% reporting they feel "very secure."
  • Men (27%) feel slightly less secure than women (22%).
  • Forty percent of management-level employees feel "very secure" -- more than any other group.
  • Twenty-six percent of employees do not feel secure at work.

"Creating a culture of trust goes a long way toward fostering a sense of security in the workplace," advises Scales. "Leaders who take the time to talk with employees about what is happening within the company can help them to understand what is expected of them and show that they are valued or respected. A sense of security founded on trust is what's needed to build a creative and innovative environment."

Global Executives More Willing Than Ever to Relocate
A majority of global executives are willing to relocate for the right career opportunity, a Korn/Ferry survey reveals. Eighty-two percent of global executives said they are willing to relocate to a different region, state or country. Forty-seven percent expressed an "extreme willingness" to relocate, and 35% said they are "somewhat willing."

Career acceleration is the primary reason to move, according to 78% of execs surveyed. Forty-two percent said "quality of life" in a new location would most motivate them, while only 20% chose "job title and promotion" or "salary" as the top motivator. Eighteen percent of executives cite "the reputation of the company" as the primary motivating factor.

Only 8% of executives reported turning down an international assignment. More than half of executives have accepted a global assignment, and 41% have never been asked to relocate internationally. Additionally, 81% of surveyed executives have relocated to a different region, state or country during their careers.

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