Minor Jump in Worker Confidence Fueled by Big Increase in Perceived Job Security
The minor jump in the WCI was led by a significant increase in perceived job security, which rose 11.9 points from 85.3 in Q1 to 96.4 in Q2. However, nearly all of the gains delivered by the increase in perceived job security were counterbalanced by a considerable decrease in trust in company leadership, which fell 7.0 points from 105.5 in Q1 to 98.5 in Q2. Prior to the most recent quarter, trust in company leadership had not fallen below 100 points since Q3 2017. Perceived likelihood of a promotion and perceived likelihood of a raise saw modest increases and decreases, respectively. Perceived likelihood of a promotion jumped 2.0 points from 113.5 in Q1 to 115.5 in Q2. Perceived likelihood of a raise fell just 1.0 points from 104.2 in Q1 to 103.2 in Q2.
While the WCI did see a minor increase in Q2 2022, it still trails year-over-year data by a fairly wide margin – 103.4 in Q2 2022 versus 111.7 in Q2 2021. Likely, concerns about the economy, job market and inflation continue to stoke employment concerns coming out of the COVID-19 pandemic.
“As we have seen over the past two-plus years, Americans continue to remain wary about their employment and job prospects coming out of the pandemic. And while many factors that impact these feelings are out of employers’ hands, there are certainly tangible steps they can take to alleviate some of workers’ concerns in the workplace – specifically when it comes to trust in company leadership,” said Emmett McGrath, President, Yoh.
“The so-called ‘Great Resignation’ has not come from workers simply finding better jobs or leaving for higher wages. A not-insignificant component of the heavy turnover is due to workers being unsatisfied with company leadership’s demands and culture changes coming out of the pandemic – especially due to return-to-office requirements. As we move forward, it’s imperative that leaders take a more active role in monitoring their workforce’s expectations, identify issues and make necessary changes to assure workers that leadership is looking out for their best interests.”
Job security index returns to near pre-pandemic levels; women are more secure in their jobs than men.
To view the entire study, please visit, https://www.yoh.com/hro-today-employee-well-being-study.