According to a new survey by executive search firm JMJ Phillip, the public's perception of the U.S. job market is still positive and fewer workers are considering a career change than they were a year ago, despite high gas prices, rising inflation, and climbing lending rates — and as The Great Resignation continues.
Employees are, in fact, rather optimistic in the present job market despite a predicted recession: roughly 56% of poll respondents said they are not concerned about losing their work in the next six months. In fact, a staggering 77 percent of respondents said they are not planning to change employment in the next six to twelve months, indicating that the bulk of them want to remain in their present work.
According to the May U.S. Bureau of Labor Statistics jobs report, there are more than 11 million open positions, but according to half of respondents, there will be plenty of jobs available over the next six months, compared to 30% who believe a recession is coming and there won't be any jobs available and 20% who believe there will simply be fewer jobs available.
According to managing director of JMJ Phillip Dennis Theodorou, "The United States is approaching a historic moment." "The rate of inflation is at its greatest point in recent memory. The stock markets are dropping. Markets for cryptocurrencies are falling. Rates were hiked by the Federal Reserve. Furthermore, there is a great deal of uncertainty in the business climate, and the picture for the next six to twelve months is not very promising. However, despite all of these indicators, employee trust is still generally high."
Although most respondents expressed optimism about the present employment situation, there is growing unease since layoffs in the tech sector are common.
When it comes to the state of the labour market, technology is often the "canary in the coal mine" since tech businesses frequently need access to relatively cheap financing in order to finance ambitious expansion plans and high headcounts. Companies including Tesla, Coinbase, Redfin, Compass, BlockFi, Cazoo, and Notarize have announced layoffs in reaction to recent rate hikes, and 52 percent of respondents expressed concern about the economy after hearing about tech layoffs.
Interestingly, respondents did not consider the supply chain sector as a desirable career choice, despite the fact that it is not undergoing layoffs and has many unfilled positions due to the global supply chain problem. Companies like Walmart have raised wages for jobs like truck drivers and warehouse workers over the past year in an effort to address supply-chain issues, but despite these increases and the widely reported worker shortage, nearly 70% of respondents said they are not interested in working in the supply-chain industry.