The index, a survey of U.S. workers from HRO Today Magazine and Yoh gauges full-time workers’ perceptions of four key aspects of worker confidence: the perceived likelihood of job loss, the perceived likelihood of a promotion, the perceived likelihood of a raise and the perceived overall trust in company leadership.
Overall, three of the four indices that make up the Worker Confidence Index decreased from last quarter. The Likelihood of a Promotion Index saw the most significant drop of any index in the third quarter, down 20.1 points to 113.7. The Likelihood of a Raise Index decreased to 106.0, down by 11.5 points from last quarter. The Trust in Company Leadership Index decreased 9.7 points since last quarter to 100.2, its lowest point since the third quarter of 2017. The Job Security Index was the only index to increase from last quarter, up 2.3 points to 88.1. However, it still remains below its pre-pandemic levels.
The survey found job security concerns were greatly impacted by education level. Job security among those with a college degree or incomplete college degree dropped by nearly 5 percentage points from Q2 (22%) to Q3 (17.2%). Job security among high school graduates showed a slight increase of 0.8 percentage points, now at 16%. Roughly 15.5% of Americans believe that it is likely that they will lose their job in the next 12 months, the lowest since the first quarter of 2021.
“The latest index shows that worker confidence is waning in several key areas and employers need to make sure they’re taking deliberate steps to engage their workforces in the face of an ongoing pandemic,” said Kathleen King, Senior Vice President of Enterprise Solutions for Yoh. “Today, employers must be hyper-aware of worker needs and expectations on key issues like compensation, company culture and transparency in the workplace to increase confidence and ultimately retention.”
To view the entire study, please visit, https://www.yoh.com/hro-today-employee-well-being-study.