Job Market Confidence Reaches Six-Year Peak
Despite rumblings that the technology industry may be in somewhat of a bubble, nearly half of employees report optimism in the job market according to the new Glassdoor U.S. Q3 2014 Employment Confident Survey.
The survey, conducted online by Harris Poll, revealed that more employees (including those that are self-employed) may switch jobs and find new opportunities in the fourth quarter of 2014 and early 2015. Highlights of the survey include:
- 47 percent of employees (including those self-employed) report confidence that they would be able to find a job matched to their experience and current compensation levels in the next six months, up three percentage points since last quarter, and an increase of 11 percentage points when compared to four years ago (Q3 2010).
- Younger employees (18-34 years old) are significantly more optimistic (62 percent) in their ability to find a job, when compared to employees within other age groups: 35-44 years old (46 percent), 45-54 years old (39 percent), 55-64 years old (38 percent), 65 years old or older (23 percent).
- 44 percent of employees say they expect to receive a pay raise or cost-of-living increase in the next 12 months, up seven percentage points over last quarter, and matching the highest level of optimism (Q1 2014) in nearly six years, since this survey started (Q4 2008).
"With employment confidence reaching a new high, we can now begin to shift our focus back to the dynamics of a healthy job market; pay increase demand and employees on the move filling new opportunities and vacating their current jobs, which in turn creates opportunity for others," said Rusty Rueff, Glassdoor career and workplace expert.
"The high confidence among younger workers should also put employers on notice, as their funnel of prospective talent may be brighter, while they may also be susceptible to quality up-and-coming talent jumping ship. Paying special attention to the changing needs of tomorrow's workforce will require unique forms of employee retention, as these employees in particular expect their careers to be on track with the positive economic recovery."