Philadelphia, PA – July 11, 2018 – SharedXpertise, publisher of HRO Today Magazine, and Yoh Recruitment Process Outsourcing have partnered to release the Worker Confidence Index study for the first quarter of 2018.
During this quarter, the study found that the Worker Confidence Index (WCI) increased by 2.6 points and has increased in each of the last three quarters. The WCI now stands at 107.1.
Of the four components of the WCI, Likelihood of Promotion rose the most, improving by 9.7 points, while the Likelihood of a Raise also improved by 4.6 points. Job Security and The Trust in Company Leadership indices showed modest declines in the quarter, but were similar to the first quarter of 2017.
“An increase in the WCI since the end of 2017 indicates that worker confidence is high, driven by the possibility of a promotion. In addition, younger workers especially reported being optimistic about receiving a raise,” said Larry Basinait, vice president of market research, SharedXpertise.
The study reports that concern about job loss is the most important indicator in estimating worker confidence about their current and near-term financial outlook. Women continue to report the highest level of job security since the inception of the study. The percentage of males who felt that they would lose their job decreased slightly in 1Q 2018.
“The results of the most recent Worker Confidence Index show that the strong job market has made workers more comfortable about current roles and future job prospects. However, that doesn’t mean companies and leaders can afford to become complacent in how they engage with their employees or future prospects,” said Jonathan Grosso, senior vice president, enterprise solutions, Yoh. “In today’s current job climate, where highly talented workers can be difficult to find and retain, it’s more important than ever that companies focus on providing an exceptional employment experience and work to enhance their talent acquisition capabilities in order to attract and retain high performing workers.”
HRO Today magazine and Yoh have been working together since 2014 to produce an index that measures U.S. employment security from the perspective of employees. While multiple indices focusing on attitudes of the economy already exist – such as the Consumer Confidence Index, Gallup’s Economic Confidence Index, the Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS), or United States Consumer Sentiment – 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 measuring perceived employment security. According to the U.S Bureau of Economic Analysis, approximately 71 percent of what the U.S. produces is for personal consumption. 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 clients’ success by providing comprehensive workforce solutions that focus on aerospace and defense, engineering, federal services, health care, life sciences, information technology, and telecommunications. 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. For more information, visit Yoh.com.
About HRO Today and HRO Today Global
HRO Today and HRO Today Global are the properties of SharedXpertise Media and offer the broadest and deepest reach available anywhere into the HR industry. 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. Our No. 1 strength is our reach. HR leaders rely heavily on the HRO Today‘s Baker’s Dozen rankings across six different categories when selecting an HR service provider.
Bill MacRae, Publisher
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