PHILADELPHIA, PA – June 4, 2015 – Although higher income workers often have the most experience in any particular field, new findings from a survey conducted by HRO Today Magazine and Yoh, a leading international talent and outsourcing company, have shown that higher-earning U.S. workers are less confident in their job security and in company leadership than any other group. The second installment of The Employee Well Being Study, measured perceived U.S. employment security during the 3rd and 4th quarters of 2014 and the 1st quarter of 2015.
Using the four components established by Yoh and HRO Today that make up employee well being – involuntary job loss possibility, likelihood of promotion, anticipation of a raise, and trust in company leadership – the survey overall showed well-being among all groups was steady, decreasing from 100.8 in the 4th quarter 2014 to 100.5 in the 1st quarter 2015. However, despite this apparent stability, a number of findings prove the increasing need for transparency between company leadership and human resources and their employees.
“While the findings of the most recent Employee Well Being Study show relative steadiness in overall well being, Yoh believes the increased likelihood of job loss and lower trust in company leadership among a range of income brackets and age groups proves the importance of engagement with employees all levels of an enterprise,” said Andy Roane, Vice President of Recruitment Process Outsourcing (RPO) for Yoh. “Additionally, these findings also show that a diverse workforce has diverse needs as company recruiting, engagement and retention strategies need to be dynamic and diverse in order to find and keep good people. This is especially true in many of today’s high-demand skill areas such as IT, cyber security, and health care.”
Key findings of the Employee Well Being Study include:
– Older workers are half as trusting in company leadership when compared to younger workers. Despite the younger generations’ reputation as distrusting in corporate leadership, the Employee Well Being Study found that as a group, 18-24 year olds are nearly twice as trusting in company leadership as those employees 55 and older. In the 1st quarter of 2015, 59.9% of workers 18-24 years of age trust company leadership to make sound decisions for the company and its employees, while only 34.7% of those 55-64 and 22% of those 65 and older feel the same way.
– Minorities are among the most confident in receiving a job promotion in the next 12 months. While 13.5% of white respondents surveyed in the 1st quarter were optimistic about a job promotion in the next 12 months, black and Hispanic respondents each more than doubled that figure, showing results of 27.7% and 30.3%, respectively. Of those surveyed overall, 18.7% felt they would be receiving a promotion in the next year, down from 19.6% in the 4th quarter.
– Men are much more confident in a 3% raise during their next review than women. During each of the past three fiscal quarters, men have been at least 7 percentage points higher in their perception of an upcoming raise than women, including the 1st quarter of 2015, which saw 31.6% of men anticipating a raise in the near future and only 23.1% of women. In addition, 1st quarter results showed younger workers and those in higher income brackets were also confident in an upcoming raise, which is consistent with previous quarter results.
-Both higher income and lower income workers see increased likelihood of job loss. Survey findings showed that those employees making $35,000 per year or less and those making between $75,000-$100,000 feel they are at a higher risk for involuntary job loss than any other salary bracket. Of lower income workers, 12.3% said in the 1st quarter it was likely they would lose their job in the next 12 months, however, that figure is down from the 17.8% measured in the 4th quarter. Of higher income workers, 12.2% felt there was a likelihood of job loss in the next year, slightly up from the 11.3% figure measured in the 4th quarter.
“From contingent workers to full-time employees, it is critical that employment practices and management are transparent at all ends of the spectrum,” said Roane. “Whether the topic is compensation, explicit job responsibilities or mutual expectations on intangibles such as, security, sense of achievement, respect, trust and loyalty, employers must provide clarity to their employees or risk losing them to better opportunities earlier than anticipated.”
Survey Methodology
This report presents the findings of an online survey conducted by CARAVAN(R). Approximately 333 in¬terviews were conducted online on a monthly basis among those aged 18+ working full-time in the U.S. The report is based on 1,000 responses quarterly. Respondents were asked a series of questions. The questions asked were: Invol¬untary Job Loss Possibility, Likelihood of Promotion, Anticipation of a Raise of at least 3%, and Trust in Company Leader¬ship.
To view the entire study, please visit, www.HROToday.com.
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ABOUT YOH
For over 70 years, Yoh has provided the talent needed for the jobs and projects critical to our clients’ success by providing comprehensive workforce solutions that focus on Aerospace and Defense, Engineering, Federal Services, Health Care, Life Sciences, Information Technology and Telecommunications. Yoh fulfills immediate resource needs and delivers enterprise workforce solutions, including Managed Services, Recruitment Process Outsourcing, Vendor Management Systems, Independent Contractor Compliance, and Payroll Services. For more information, visit yoh.com.
Yoh is a part of Yoh Services LLC, a Day & Zimmermann Company.
Press Contact:
Joe McIntyre
(215) 564-3200 x112
jmcintyre@gobraithwaite.com