Philadelphia, PA â March 13, 2019 â SharedXpertise, publisher of HRO Today Magazine, in collaboration with Yoh Recruitment Process Outsourcing, has released the Worker Confidence Index Annual Report for 2018.Â This annual report analyzes data collected in 2018 that measures employment security from the perspective of U.S. employees, and examines what forces contributed to the results.
The Worker Confidence Index was 107.1 at the end of 2018, which is a year-over-year increase of 2.6 points from the fourth quarter of 2017.Â Of the four indices measured by the report, three showed increases over 2017: Job Security, Likelihood of a Raise and Likelihood of a Promotion.Â Notably, the Job Security Index rose to an all-time high.Â The Trust in Company Leadership Index showed a nominal decline of less than one percent for the year.
âAfter falling between the fourth quarter of 2017 and the first quarter of 2018, the Job Security Index increased in every quarter this year,â said Larry Basinait, vice president of market research at SharedXpertise.Â âConcern about job loss greatly influences worker confidence, so this positive trend is a valuable indicator of consumersâ current and near-term financial outlook.â
The annual report breaks down each index by demographics, including gender and age, which offers some insights into the decline in the Trust in Company Leadership Index.Â Men are still significantly more likely to trust their company leadership than women, with a difference between the two genders of over ten percent.Â In addition, this Index shows a sharp contrast in responses based on age.Â Nearly one-half of respondents under the age of 45 trust their companiesâ leadership; however, this percentage drops off significantly as employees age.
âThe findings reflected in the Worker Confidence Index Annual Report for 2018 indicate that workers feel secure in their roles, but overall they are less confident their companiesâ leadership to make sound decisions,â said Jonathan Grosso, senior vice president of enterprise solutions at Yoh.Â âIt will be interesting to see if these attitudes change in 2019, and how they might affect companiesâ plans to attract and retain talent.â
The full Annual Report is available for download by clicking here.
HRO TodayÂ Magazine and Yoh have been working together since 2014 to produce an index that measures U.S. employment security from the perspective of employees. Â While multiple indices focusing on attitudes of the economy already exist â such as the Consumer Confidence Index, Gallupâs Economic Confidence Index, the Bureau of Labor Statisticsâ Job Openings and Labor Turnover Survey (JOLTS), and the United States Consumer Sentiment â these measures focus more on macro metrics, with much less emphasis on attitudinal measures of those employed.
The focus of the Worker Confidence Index Study is to measure perceived employment security.Â According to the U.S Bureau of Economic Analysis, approximately 71 percent of what the U.S. produces is for personal consumption.Â Since the perception of job security greatly impacts purchasing behavior, there is a need to focus on how individuals perceive their job outlook.
For over 70 years, Yoh has provided the talent needed for the jobs and projects critical to their clientsâ success by providing comprehensive workforce solutions that focus on aerospace and defense, engineering, federal services, health care, life sciences, information technology, and telecommunications.Â Yoh fulfills immediate resource needs and delivers enterprise workforce solutions, including managed services, recruitment process outsourcing, vendor management systems, independent contractor compliance, and payroll services.Â For more information, visitÂ Yoh.com.
AboutÂ HRO TodayÂ andÂ HRO Today Global
HRO TodayÂ andÂ HRO Today GlobalÂ are the properties of SharedXpertise Media and offer the broadest and deepest reach available anywhere into the HR industry.Â Our magazines, web portals, research, e-newsletters, events and social networks reach over 180,000 senior-level HR decision-makers with rich, objective, game-changing content.Â Our No. 1 strength is our reach.Â HR leaders rely heavily on theÂ HRO Todayâs Bakerâs Dozen rankings across six different categories when selecting an HR service provider.Â For more information, visit www.hrotoday.com.
Bill MacRae, Publisher