The Q2 report indicates reduced confidence levels in job security, financial status and career advancement – all evidence of continued economic uncertainty and a competitive labor market.
The second quarterly Vaco Talent Pulse Report of 2024, released by Vaco, a leading global talent solutions firm, revealed that job seekers and employees are experiencing increased struggles with confidence levels across all three areas surveyed: job security, financial status and career advancement.
In particular, the report highlights a notable dip in confidence levels regarding respondents’ ability to secure and retain employment: 35% reported feeling extremely confident in their job search in Q2, as compared to 43% of respondents in Q1 – a drop of eight points in one quarter. Confidence in ability to improve their financial situation only saw a one-point decline, from 45% who felt extremely confident in Q1 to 44% in Q2, which may be indicative of the resilience of current job seekers.
“Today’s job market presents a complex landscape shaped by economic flux, wavering empoyment numbers and heightened competition – all of which have a direct impact on the mindset of current employees and job seekers,” said Kyle Allen, Vaco Executive Vice President of Sales & Recruiting. “Companies are being increasingly strategic about their hiring which, in some cases, includes outsourcing roles and departments. This is resulting in people having a harder time finding jobs and is undoubtedly impacting confidence levels. Savvy job seekers need to be proactive, adaptable and well-prepared at every turn of the hiring process, using a multi-faceted approach that includes working with a reputable recruiting firm, continuing to develop marketable skills and exploring all avenues of their professional network.”
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Key findings from the Q2 2024 Vaco Talent Pulse Report include:
- Job Security: The percentage of respondents who were extremely confident in their ability to obtain and hold a job dropped by eight points to 35% in Q2, coupled with an increase in the number of respondents who expressed they are not confident in this area – up six points from 27% in Q1 to 33% in Q2.
- Financial Status: Confidence in one’s ability to improve their financial situation in the next six months decreased minimally in Q2, down one point in both the extremely confident (44%) and somewhat confident (30%) responses.
- Career Advancement: Confidence in career advancement also declined, with 50% indicating extreme confidence in Q1, as compared to 45% in Q2 – a five-point drop. On the flipside, 20% of Q1 respondents claimed they were not confident in their ability to advance in their career in the next year, which jumped to 24% in Q2.
Poll questions to inform the Q2 2024 Vaco Talent Pulse Report were administered online through Vaco’s LinkedIn company profile on March 23, 2024, April 1, 2024, and April 6, 2024. Results and summaries are based on the 8,216 votes cast across the three polls. A highlight of follower demographics includes those from across the U.S. and Canada working in engineering, technology, accounting, finance, human resources and operations. The majority of people represented are either senior, manager, director, VP or entry-level.
The speed of change requires the talent of people. Vaco solves for both. With expertise in accounting and finance, IT and digital, and HR and operations, Vaco delivers critical talent solutions to clients by providing contract staffing, managed services, direct-hire staffing and executive search services. In addition to Vaco, the Vaco Holdings collective of brands includes MorganFranklin Consulting, a finance, technology and business advisory firm; Pivot Point Consulting, a Best in KLAS healthcare IT consulting leader; Focus Search Partners, a retained and interim executive search practice; and BUILT, a digital solutions company specializing in software, cloud, data and AI solutions. In addition to being named to Inc. magazine’s list of the fastest-growing private companies for the past 17 years, Vaco was also named to Forbes’ 2018-2024 lists of America’s Best Recruiting Firms as well as the 2017-2023 lists of Largest Staffing Firms Globally by Staffing Industry Analysts. Vaco annually ranks as one of the Best Staffing Firms to Work For.
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