- An overwhelming majority (80%) of U.S. workers do not feel secure professionally or financially in their current positions, according to the April Workforce Report from talent cloud company iCIMS.
- Of the 3,000 U.S. job seekers polled in the report, flexibility is still king, with 63% saying the top factor in their decision to accept a job offer is whether the job is remote, hybrid or in-person.
- The fear of the unknown has changed the culture at workplaces and “while many workers are looking for new jobs, others are hunkering down at their current employer and working harder and longer hours. Some people want to stay home and work, while others (would) rather work in person,” said the report, which was published on Monday.
Most people are making employment decisions based on the economy, the report said.
This past year, the Federal Reserve has raised the main interest rate more aggressively than at any time since the early 1980s, and price pressures have persisted as the U.S. job market — while cooling somewhat — remains unusually hot, CFO Dive previously reported.
Nearly 70% of respondents included in the report said that they are worried about the country’s economic health and nearly half (47%) are concerned about what a downturn might mean for their job and finances, with only 22% feeling secure professionally and financially. Meanwhile, 47% of people did not receive a raise in the last year.
If business leaders better understand the concerns and fears of their employees, they can better prepare and drive better outcomes.
With flexibility still a top priority for employees, “the current landscape demands a new approach to talent,” the report said. “Tailoring communications to their interests, leveraging modern engagement tools, and providing visibility into your culture and processes,” is key to future-proofing an organization, according to the report.
“Hiring requires a multipronged approach. It’s important to build an engaging talent attraction plan while also aligning candidate skills to the needs of the role, both now and in the future,” said Christy Spilka, VP and global head of talent acquisition at iCIMS in the report.
Almost all (93%) of respondents said that flexibility was top of mind for their current job situation.
This need for flexibility, however, may get hazy in coming months and years. A hybrid work environment makes it difficult for employers and employees to have a clear understanding of work expectation, according to the report. Meanwhile, many multinational organizations have launched return-to-office plans, and 65% of CEOs see a full return to work in three years, according to a report by KPMG.
Though flexibility is highly valued by employees, almost half (48%) of workers prefer working full-time in person, according to the iCIMs report.