Employee confidence in the economy at highest level since 2014, Gartner says
- Workers' confidence in the economic and their job prospects are high, according to a new Gartner study. Data from the CEB Global Talent Monitor found that employees' confidence in the economy peaked at 53.8, the highest since Q1 2017.
- The study also found that, despite employees' confidence in their employment prospects, job-search activity didn't support this finding. Employees are working harder than ever and staying in their current positions longer. A larger number are even performing their jobs "above and beyond" expectations, perhaps explaining a global productivity increase in Q2 2017.
- Working harder and staying onboard longer doesn't mean job satisfaction is high. The study shows that workers want to be respected and treated fairly by their employers more than ever. Respect moved up to number five in importance among the factors applicants look for in an employer.
The employment arena currently is a job seeker's market. This usually means workers are willing and ready to leave their current jobs for positions offering career development, advancement and higher pay. But if workers are staying put in a job seeker's market, confidence in the economy might be only moderately improved.
A separate study, conducted by talent and outsourcing firm Yoh, indicated that employees may be less confident when it comes to measuring their own job prospects. The largest decreases in that study occurred around promotions and raises, with leadership trust also taking a hit.
With workers having more control over the job market, employers might need to change their recruiting and onboarding strategies to attract and retain a more transient workforce. Employers are having trouble finding workers to fill job openings, in part because of the skills gap (and other factors, including painkiller addiction), but also because workers have more employment choices.
Knowing what employees value can help HR attract talent in a job seeker's market. Along with respect and development opportunities, benefits that support candidates' lifestyles are in demand. Paid family leave, flexible work schedules and remote work arrangements are among candidates' most sought-after benefits.