Are the Good Times Over? Employees Worry About an Economic Downturn
–Monster’s State of the Candidate survey reveals 23 percent of respondents fear a recession, up seven percentage points from last year’s survey (16%)(3)
-More than 1 in 3 believe their job would be at stake if the US were to experience a recession, prompting many to rethink their job-search strategy for 2020
Has the unprecedented, 10-year US bull market run its course? Many Americans are worried about the economy, and a growing number see it as a potential threat to their job security. This economic anxiety has created a sense of complacency, forcing many workers to remain in their current position despite dissatisfaction and even mental health risks.
Sixty percent of full- and part-time employees are worried about the state of the economy, and more than one-third (35 percent) fear a recession would place their job in jeopardy, according to the results from the annual State of the Candidate survey conducted by Monster, a global leader in connecting people and jobs.
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Further, 58 percent of workers say they are not likely to look for a new job in 2020 and are instead hoping to achieve a raise (69 percent) and learn new skills (42 percent) in their current position. This is despite a significant number (32 percent) saying their pay is unfair, and their job negatively affects their mental health (34 percent).
Interestingly, while two-thirds of job recruiters are similarly concerned that a recession may be looming, 58 percent thought it would have a positive impact on their jobs—likely because it would increase the candidate pool and provide more leverage in salary negotiations.2
According to Scott Gutz, CEO, Monster, economic anxiety may be amplifying tensions between job candidates and recruiters, ultimately getting in the way of both sides finding the right fit.
“While it’s understandable that economics plays a key role in how candidates and recruiters interact, the degree to which they are at odds may negatively impact their ability to find the right fit during the hiring process,” said Gutz. “If both parties can strive to find common ground, and communicate openly and honestly throughout their engagement, they will most likely develop a positive outcome.”
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Other survey results indicate employees’ fears about the future of work or their belief that recruiters have the upper hand in salary negotiations, prompting many to become more complacent with (or tolerant of) their current position:
- Nine out of 10 candidates (89 percent) feel secure in their current job, but more than 1 in 3 (35 percent) believe their job would be at stake if the US were to experience a recession.
- Candidates say the top two reasons they started their last job search was due to a desire for a higher salary (40 percent) and better benefits (21 percent). However, the majority (60 percent) believe that recruiters have the upper hand in salary negotiations, while recruiters admit they struggle to address candidate questions about salary (36 percent) and benefits (34 percent).2
- Salary is the most important factor when considering a job offer (73 percent), with 58% of candidates saying they have turned down an offer because the salary was too low.
- As a result of their job, many employees have experienced anxiety (41 percent), depression (24 percent) and physical illness (12 percent).
Added Gutz: “For job candidates and recruiters, the goal is the same – to match the right person with the right job. But the job search is a two-way street. Employers and candidates need to operate in a mutually beneficial way, enabling them to see and understand each other clearly—to find the right fit for all.”
Monster is a global leader in connecting the right people to the right jobs. Every day, Monster aims to make every workplace happier and more productive by transforming the way employers find talent and candidates find careers. For 25 years, Monster has worked to transform the recruiting industry.
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