But remote workers, minority groups far more worried about possible layoffs: survey
Despite the threat of recession in the coming year, a majority of workers are feeling confident about their employment prospects.
Most workers (59 per cent) in the United States aren’t concerned that they or someone in their household will be laid off or lose their job in the next few months, according to the latest CNBC/Momentive Workforce Survey.
And more than a quarter (26 per cent) aren’t concerned at all about potential layoffs, finds the survey of over 10,000 workers in the U.S., conducted Nov. 28 to Dec. 5, 2022.
This is because 74 per cent of workers believe their company is prepared to handle a recession if one were to occur, including 27 per cent who believe their company is “very prepared” to weather a potential recession. And 72 per cent of workers say the overall morale among coworkers is either “excellent” or “good”.
Nearly two-thirds (63 per cent) of workers also say they have excellent or good opportunities to advance their careers at their places of work.
And 80 per cent of respondents say that if they lost their current job, it would take them six months or less to find a new job with similar pay; 36 per cent among them say they could find a new job with similar pay in less than a month.
Yet, remote workers are less confident: just 24 per cent of those working fully remotely say that if they lost their current job they could find a new job with similar pay in less than a month – nearly half the number of fully in-person employees who say the same (41 per cent), finds CNBC/Momentive.
What workers want
But workers seem to be in no rush finding a new job. Just 18.8 per cent of individuals report searching for a job in the past four weeks, down from 24.7 per cent in July 2022, according to the Federal Reserve Bank of New York.
And just 10.7 per cent expect to transition to a new employer, down from 11 per cent in July.
If they do get an offer in the next four months, workers expect to earn at least $73,667 — up from $72,873 in July.
Four out of five employers say they would consider hiring applicants who do not have a degree or certification to the job they’re applying for, and that they would instead offer on-the-job training for new hires, according to a previous report. And U.S. companies are budgeting an overall average salary increase of 4.1 per cent for 2023, compared with the average actual 4.0 per cent increase in 2022.
Concerns from minority groups
About half of Asian (57 per cent), Hispanic (53 per cent) and Black workers (47 per cent) are concerned that layoffs may impact their household. That’s compared with just 33 per cent of white workers and 43 per cent of workers of another race.
Also, 47 per cent of workers earning less than $50,000 are concerned that they or someone in their household will be laid off or lose their job. That’s the highest across all income groups: 37 per cent of those earning between $50,000-$99,999; 30 per cent of those earning between $100,000-$150,000; and 25 per cent of those earning more than $150,000 say the same.
Employees believe that the biggest threat to their job is an economic downturn (67 per cent), ahead of outsourcing (18 per cent) and automation (11 per cent).
What can employers do in case a recession comes? Engage employees in the problem-solving process and identify options to cope with a downturn in demand, says Dan Lucy, principal research fellow at the Institute of Employment Studies (IES).
“Whilst the characteristics of a potential downturn in late 2022 may be very different from that of the credit crunch in 2008, there was much that was good and positive about the HR response in retaining jobs and skilled workers,” he says. “This time, there is perhaps more time for HR to proactively plan and ensure they are well placed to support the business and individuals as, if not more, effectively than last time.”