PHILADELPHIA, PA – As COVID-19 vaccinations, the economy and job reports all continued an upward trajectory in the first quarter of 2021, so too did the U.S. Worker Confidence Index™ (WCI), which increased by 6 points from Q4 2020 to reach 103.2. The index, a survey of U.S. workers from HRO Today Magazine and Yoh, the leading international talent and outsourcing company owned by Day & Zimmermann, 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.
Three of the four indices that make up the WCI increased compared to Q4 2020, with the perceived likelihood of a promotion increasing the most, up 12.2 points quarter-over-quarter. Perceived job security was the only category to decrease in Q1 2021, dropping from 85 to 84.2. Perceived likelihood of a raise increased from 96.2 to 102.9, and trust in company leadership increased from 101.1 to 106.9.
“As the rate of vaccinations continues to increase and businesses begin to work their way back to more normal operations, workers are becoming more hopeful about their jobs and their future career outlook,” said Kathleen King, Senior Vice President, Enterprise Solutions, Yoh.
“However, the challenges of the past year-plus cannot be overlooked, and it’s likely that when workers begin to return to the traditional office setting, there could be an increase in turnover as workers see a more stable job market. It’s imperative that companies foster a positive culture and increase career development opportunities or else they risk losing their top-performing talent just as the world gets back on its feet again.”
- Higher earners are more confident they will continue to earn more with raises. Respondents making $50,000 or less reported feeling less optimistic about the potential to receive a raise while those making above $50,000 felt more optimistic about receiving a raise. Only 17.5% of those making less than $35,000 and 19% of those making between $35,000 and $50,000 were confident about a raise coming in the next three months. For higher earners, 25.3% of those making $50,000-75,000 were confident in a raise, 38% for those making $75,000-100,000, and 50.5% of those making $100,000-plus.
- Gen Z is not as confident as other generations in job outlook.
Those surveyed between ages 18–24 reported some of the lowest numbers regarding job confidence. As a group, they are the least confident about job security and felt less confident than any other age segment about the likelihood of a promotion, a raise of at least 3 percent, and trust in company leadership in Q1 2021 compared to Q4 2020.
- Study results vary greatly by race.
White Americans reported the largest increase in overall confidence between Q4 2020 and Q1 2021, going from 90.6 to 102. Black Americans stayed nearly even quarter-over-quarter, increasing only slightly from 103.0 to 103.3. Results among Hispanic Americans, while still much higher than other races, were the only group to see a fall in worker confidence, going from 120.3 in Q4 2020 to 115.1 in Q1 2021.
To view the entire study, please visit: https://www.yoh.com/hro-today-employee-well-being-study
ABOUT YOH: For more than 75 years, Yoh has provided the talent needed for the jobs and projects critical to our clients’ success. Our Specialty Practices recruiting experts find high-impact professionals in Engineering, Health Care, Life Sciences, Information Technology, Interactive Entertainment and Telecommunications. For clients with workforce management needs, our DZConneX Total Talent Solutions offering delivers large-scale workforce solutions, including Managed Services, Recruitment Process Outsourcing, Direct Sourcing, and Advisory and Consulting Services. Yoh is part of Day & Zimmermann, a $2.4 Billion USD services company, and benefits from more than 100 years of Day & Zimmermann’s experience managing and solving complex talent challenges for some of the world’s leading companies. For more information, visit www.yoh.com.