PHILADELPHIA, PA — Despite improvements in job security, American workers’ concerns about job advancement have led to another decline in the U.S. Worker Confidence Index™ (WCI) for the second quarter of 2024. The WCI, which measures full-time workers’ perceptions across four key areas, fell from 111.3 to 107.3, a 4-point drop from Q1 2024.
The WCI, commissioned by HRO Today magazine and Yoh, assesses workers’ views on job security, likelihood of promotion, likelihood of a raise, and trust in company leadership.
Key Findings
- Job Security: Perceived job security increased by 4.7 points, rising from 95.9 to 100.6, marking a recovery from three consecutive quarters of decline.
- Promotion Likelihood: The likelihood of receiving a promotion dropped significantly by 13.8 points, from 129.1 to 115.3.
- Trust in Leadership: Trust in company leadership fell slightly by 1.4 points, from 102.4 to 101.
- Raise Likelihood: The likelihood of a raise decreased by 5.6 points, from 117.9 to 112.3, though it remains higher than the same period last year.
For the first time, the WCI segmented responses by work arrangement. Remote workers reported the lowest job security, with 29.3% fearing job loss. On-site workers felt the most secure, with only 7.4% fearing job loss, yet reported the lowest scores in the other three indices.
Yoh President Emmett McGrath noted, “The mixed results of this quarter’s WCI are not all bad news for employers. The turnaround in workers’ perceptions of their job security indicates some relative calm has come to the labor market.”
Additional Insights
- Gender Confidence Gap: The confidence gap between men and women has nearly closed. Men’s confidence dropped by 4.7 points to 107.5, while women’s dropped by 3 points to 107.1.
- Hispanic Workers: Hispanic workers’ confidence rose by 11.9 points to 122.3, while White and African-American workers saw declines.
- Age Groups: Job security perceptions improved across all age groups. Workers aged 35-44 saw the largest increase in security, with their fear of job loss dropping from 19% to 12.9%.
Despite these mixed signals, the overall worker confidence remains above average, providing a complex picture of the current U.S. labor market.
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