According to a recent survey from Indeed’s Hiring Lab, the latest U.S. job market data is cooler than it was a few months ago. While the unemployment rate remains steady and 139,000 jobs were added in May, signs of erosion are becoming apparent, and a wave of economic anxiety is altering how workers perceive their career and job security. In fact, nearly half (46%) of Americans are concerned about layoffs in the next year.
This uptick is fueling an ongoing shift in perceptions of career progression. For many, survival has become a primary career strategy. Among the 46% of respondents who are “concerned about layoffs in the next year,” 48% believe that if layoffs happen, they are very or extremely likely to be impacted.
The survey finds that when job seekers feel the labor market is contracting, they attempt to broaden it by considering more companies or roles than they otherwise would. More than half (61%) of employed professionals say they would apply for a job that is not a good fit when the economy is uncertain, and that number jumps to 69% among the unemployed.
Half of employees are staying in their current roles out of fear of being laid off. This persists despite 40% of employees reporting feeling unhappy in their current jobs.
