Worker confidence rises for five consecutive quarters
- The national Worker Confidence Index from HRO Today Magazine and Yoh, a U.S. talent and outsourcing firm, shows that U.S. workers' confidence grew in the first quarter of 2017 for the fifth quarter in a row.
- The index measures workers' confidence based on four confidence drivers: the likelihood that they will: 1) get a raise; 2) be promoted; 3), lose their job; and 4) trust in their organization's leadership.
- According to the index, employee confidence rose from 104.5 in the 4th quarter of 2016 to 107.6 in the 1st quarter of 2017. Although confidence in job security and trust in leadership slipped during the same period, the increase in confidence overall was based on the likelihood of getting a raise or promotion.
Any increase in worker confidence is good news. The results from last year's survey showed confidence rose overall, but were below 2015 levels. An unexpected outcome was the relatively high confidence level over raises, given that 71% of workers never ask for more money, according to a Jobvite study released in May.
Women's apparent lower level of confidence over pay wasn't unexpected. A Paysa.com study revealed that 41% of women don't ask their employers for more money. But the study also showed that when women ask for a raise, they're denied more often than men.
Overall, an increased willingness to promote and grant pay raises signal business optimism and good growth. It could also signal that employers increasingly recognize the need to give talented employees their due. Employers can use surveys like the index to review their own practices for promoting, compensating and terminating workers and building their trust.