Press Release Archive
FORT LAUDERDALE, Fla., December 5, 2008 – The Spherion Employee Confidence Index increased 0.5 points to 42.0 in November. The Index, which measures workers’ confidence in their personal employment situation and optimism in the economic environment, reveals that slightly more workers expressed confidence in the future of their current employer and in their ability to find a new job. More workers are also likely to look for a new job in the next year, with 35 reporting a likelihood of doing so compared to 31 percent in October.
“As headlines point out, the economy is clearly facing some tremendous challenges. It is encouraging, however, to see some good news in the form of a slight increase in U.S. workers’ confidence. The election of new administration and the provision of initial solutions to the turmoil in the markets may have contributed to this uptick in confidence,” said Roy Krause, president and CEO of Spherion Corporation. “While many experts are predicting that unemployment will continue to increase into 2009, by historical standards, the jobless rate is not as high as other economic downturns. The U.S. unemployment rate reached nine percent in the 1970’s and nearly 11 percent in the 1980’s. In addition, employers are still facing a challenge to attract and retain top talent, especially in healthcare, accounting, engineering, technology and sales-related positions. While many businesses are making quick decisions to recover their bottom-line, the most forward-looking employers are using this situation to strategically take advantage of opportunities when the economy rebounds.”
A Look Inside the Report:
Confidence in Overall Situation:
The Spherion Employee Confidence Index slightly increased 0.5 points to 42.0 in November. The Index, which measures workers’ confidence in their personal employment situation and optimism in the macroeconomic environment, reveals that slightly more workers expressed confidence in the future of their current employer and in their ability to find a new job. More workers are also likely to look for a new job in the next 12 months, with 35 reporting a likelihood of doing so, compared to 31 percent in October.
Confidence in Macroeconomic Environment:
- Four percent of workers believe the economy is getting stronger, showing no change from October. At the same time, 73 percent believe the economy is getting weaker, compared to 77 percent in the previous month.
- Seventy-four percent of U.S. adult workers believe there are fewer jobs available, an increase of three percentage points from the previous month.
Confidence in Personal Employment Situation:
- Sixty-six percent of U.S. adult workers feel confident in the future of their current employer, a one percentage point increase from October.
- The percentage of U.S. adult workers confident in their ability to find a new job increased two percentage points to 43 percent in November.
- Seventy-five percent of U.S. workers say it is unlikely they will lose their jobs in the next year, up one percentage point from October.
- Thirty-five percent of workers are likely to look for a new job in the next 12 months, an increase of four percentage points from the prior month.
Confidence by Gender:
- More female workers are concerned about the strength of the economy, with 77 percent of female workers believing that the economy is getting weaker, compared to 69 percent of males.
- Thirty-seven percent of female adult workers are confident in their ability to find a job, 11-percentage- points less than male workers (48 percent).
- Male and female workers report that they are similarly likely to look for a new job in the next 12 months, with 35 percent respectively reporting a likelihood of doing so.
Confidence by Age:
- Eighty percent of workers between the ages of 30-39 years old believe that fewer jobs are available, the highest of all age groups.
- Workers over 65 years old feel the most secure in their current positions, with 83 percent indicating that they are unlikely to lose their job in the next 12 months.
- Workers age 18-24 are the most likely to look for a new job in the next year, with 59 percent reporting that they are likely to do so. This age group also reported the most confidence in their ability to find a new job, with 55 percent expressing optimism, compared to 44 percent of workers age 40-49.
Confidence by Income:
- Only 43 percent of workers earning less than $15K expressed confidence in the future of their current employer, compared to 70 percent of workers earning $75K and over.
- Seventy-six percent of workers earning $75K and over say that they are unlikely to lose their jobs in the next year, while 70 percent of workers earning less than $15K report this.
- Thirty-four percent of those with incomes between $35-49.9K are likely to look for a new job in the next year, compared to 28 percent of those with incomes of $75K and over.
Spherion Corporation (NYSE: SFN) is a leading recruiting and staffing company that provides integrated solutions to meet the evolving needs of companies and job candidates. As an industry pioneer for more than 60 years, Spherion has sourced, screened and placed millions of individuals in temporary, temp-to-hire and full-time jobs.
With approximately 700 locations in the United States and Canada, Spherion delivers innovative workforce solutions that improve business performance. Spherion provides its services to more than 8,000 customers, from Fortune 500 companies to a wide range of small and mid-size organizations. Employing more than 300,000 people annually through its network, Spherion is one of North America's largest employers. Spherion operates under the following brands: Spherion Staffing Services Group for administrative, clerical and light industrial workers; Technisource for technology professionals and solutions; The Mergis Group for accounting and finance and other professional positions; Todays Office Professionals for specialty administrative personnel; and Spherion Recruitment Process Outsourcing. To learn more, visit www.spherion.com.