New proprietary data shows despite wealth of job opportunity, employees are picking up on economic uncertaintySeeking stability by staying put in current roles
February 20, 2019 09:30 AM Eastern Standard Time — ORLANDO, Fla.–(BUSINESS WIRE)–Workforce Logiq, the workforce management company transforming how organizations win talent across the globe, just released proprietary research on the trends and perceptions influencing employee mobility: The 2019 Employee Fear & Mobility Index. Based on a national U.S. survey with a confidence level of 95 percent, workers are predicting an economic downturn, causing fear and uncertainty that is keeping most from switching jobs – potentially making an already tight labor market even tighter.
According to Workforce Logiq’s data, 57 percent of all workers and 66 percent of contingent employees have a negative view of the economy and believe it will get worse in the next 12-24 months. The top concerns cited within that group: 48 percent believe this will mean fewer promotions and raises, 45 percent said stagnant wages are their biggest worry and over 40 percent of workers cite fewer job opportunities, cutbacks to benefits and more layoffs.
One day it’s bullish, one day bear
“Economists have been providing conflicting outlook assessments for months – one day it’s bullish, one day bear. Regardless of the back-and-forth, workers are taking away a clear message that the economy is going to get worse,” said Jim Burke, chief executive officer at Workforce Logiq. “In light of this, employees are motivated to weather the anticipated storm by holding onto their current positions with higher likelihood of job security and assured compensation.”
These fears are impacting employee willingness to move or look for new jobs: 72 percent indicated they are not likely to switch jobs in the next year.
When asked what would keep them in a job they were not satisfied with, job security was the most significant factor in choosing to stay (40 percent overall). The next factor was perception of lower compensation elsewhere (24 percent).
“Given the current state of worker immobility, finding and attracting new candidates will be more difficult, especially in roles that require advanced skill sets. While financial incentives attract talent, businesses looking to acquire and retain qualified workers also need to convey a credible growth story, confidence in business performance and a dynamic career path,” added Burke.
While most employees are staying put in current roles, millennials aren’t as committed compared to other generations and are more willing to jump ship. In fact, they are 20-30 percent more likely than Gen X and boomer generations, respectively, to change jobs.
To learn more about the current state of employee mobility, download a copy of the full report.
For more information, visit workforcelogiq.com.
About Workforce Logiq
Workforce Logiq — the global leader in workforce management intelligence, technology and expertise — enables organizations to win the talent they need to grow. With customers in 50 countries, Workforce Logiq provides expert guidance, real-time analytics and patented and patent-pending, award-winning technologies, including Managed Service Provider (MSP), Vendor Management System (VMS) and Recruitment Process Outsourcing (RPO) solutions. The company helps clients attain greater management, performance and financial control over their talent supply chains. Powered by more than 1,000 workforce management experts, the company currently manages 15,000 global supplier relationships and USD $3 billion in spend globally. Workforce Logiq is headquartered in Orlando, Florida; its European headquarters is in Stockholm, Sweden. Formerly operating as ZeroChaos, the company rebranded to Workforce Logiq in January 2019. For more information visit http://www.workforcelogiq.com, follow on Twitter @WorkforceLogiq, or connect with Workforce Logiq on LinkedIn.