ECON MORE THAN 3 IN 4 AMERICANS SAY THEY PLAN TO STAY PUT AND MANY ARE WILLING TO TAKE A PAY CUT TO AVOID BEING LAID OFF

Zagdid

Zagdid

Veteran Member
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MORE THAN 3 IN 4 AMERICANS SAY THEY PLAN TO STAY PUT AND MANY ARE WILLING TO TAKE A PAY CUT TO AVOID BEING LAID OFF, ACCORDING TO NATIONAL SURVEY

As labor market tightens and more companies conduct layoffs, American workers focus on their top priorities—job security and better payATLANTA, No...
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More globalist media influence? The title implies all worker classes, the survey was primarily white collar.

MORE THAN 3 IN 4 AMERICANS SAY THEY PLAN TO STAY PUT AND MANY ARE WILLING TO TAKE A PAY CUT TO AVOID BEING LAID OFF, ACCORDING TO NATIONAL SURVEY​


PRESS RELEASE PR Newswire Nov. 29, 2022, 09:12 AM

As labor market tightens and more companies conduct layoffs, American workers focus on their top priorities—job security and better pay

ATLANTA, Nov. 29, 2022 /PRNewswire/ -- Recent layoffs in the tech sector, signs of a slowdown in jobs growth, inflation and the threat of a recession next year all have American workers staying put for now, according to a new survey from Insight Global, a leading national staffing company.

The survey, conducted in late October among 1,005 adults nationwide, revealed that 77%, or more than 3 in 4, full-time workers plan to stay in their current jobs – a vast difference from the job-hopping mindset during the Great Resignation. Workers are also looking to make themselves more indispensable, according to the survey.
  • More than 3 in 4 (77%) Americans say they plan to stay in their current job due to the current economic environment.

  • 73% of American workers say the fear of a possible recession has motivated them to upskill – learn and improve their skill sets or take on additional projects at work – to help ensure they keep their job.

  • More than 7 in 10 (71%) Americans say they're worried about losing their job if there is a recession. Given several tech giants have recently laid off thousands of employees, it's no surprise that tech employees more often than other workers across industries (83%) express job security worries.

  • 61% of workers said they would be willing to take a pay cut to avoid being laid off if there is a recession. Employees in management roles are even more inclined to take a cut in pay compared to non-management employees, with 3 in 4 (75%) managers saying they would be willing to take a pay cut.
Workers who see the value in being indispensable may be onto something: According to the Insight Global survey, even as companies are laying off workers, they're also holding on to talent in order to be prepared for an economic rebound.
  • Nearly 3 in 5 (59%) managers say their organization is engaging in the practice of what economists call "labor hoarding" – a trending behavior among employers who have struggled to retain talent and want to avoid falling victim to another labor shortage.
Bert Bean, CEO of Insight Global, says this type of practice certainly has its advantages. "Despite economic and financial uncertainty, I believe this is the time for leaders to double down on having a shared purpose among their teams, inspiring them to stay, and working together as a united front to tackle the challenges ahead. I encourage leaders to channel that uncertainty into an opportunity to foster trust, transparency and strong communication with employees so when things turn around, your teams will be stronger than ever."

Paycheck Wars
Companies that do want to retain top talent and avoid a labor shortage may find they have to pay workers more. According to the Insight Global survey, workers are seeking higher pay even while companies are making budget cuts.
  • Nearly 3 in 5 (57%) job seekers are looking for better pay, according to a survey of job seekers conducted in October.

  • Nearly a third (32%) of American workers say their employers are no longer spending money on pay raises; almost 3 in 10 (29%) of Americans say the same about bonuses.
Recession Planning and Transparency
Insight Global has been tracking workforce perceptions as they relate to job security, the threat of a recession, financial preparedness and transparency since June, when the company surveyed workers amid persistent speculation about whether or not a recession was inevitable. That survey revealed that over 7 in 10 (71%) employees expressed worry about losing their job if there is a recession and brought awareness to the Great Apprehension, an overwhelming feeling of uneasiness among workers.
The company's most recent survey shows how much these perceptions have evolved in the last few months with these observations:
  • Managers have been planning for a recession. More than 8 in 10 (82%) managers say they feel better prepared for a recession than they did four months ago.

  • Leaders aren't as quick to resort to layoffs. In June, 87% of managers said they were likely to consider laying off employees if there is a recession, but in October, just 79% of managers said this was likely.

  • Lack of transparency is still a problem. In June, just under half (47%) of non-management employees said they did not trust their employers would adequately communicate their recession plans. In October, almost 9 in 10 (87%) non-management employees now say they do not know about their employer's recession plan; while nearly 3 in 4 (72%) managers say they do have knowledge of such plans.
"As a staffing company, we see firsthand how economic turbulence and layoffs can start a domino effect throughout all industries," said Bean. "But when times get tough, like they did during the Great Recession, we've also seen Americans rise to the occasion. My advice for anyone who, unfortunately, loses their job during these complex times is to lead with grit, determination and an entrepreneurial spirit. You never know what startup or innovation will rise from the ashes."

Survey Methodology
Insight Global commissioned Atomik Research, an independent creative market research agency, to conduct an online survey of 1,005 working adults in the United States. The sample consists of 504 full-time workers who hold a management position, and 501 full-time workers hold a non-management position. Survey participants worked in professions within primarily white-collar industries. The margin of error fell within +/- 3 percentage points with a confidence interval of 95%. Fieldwork for the online survey took place between October 26 and November 14.


SOURCE Insight Global
 
Repairman-Jack

Repairman-Jack

Veteran Member
Had a 7% cut during the shutdowns in 2020 through begining of 2021, once business returned cut +5% was added back to my paycheck. I have the wiggle room if needed...I also plan on some online side hustle this winter.
 
Jeff B.

Jeff B.

Don’t let the Piss Ants get you down…
The more removed from the day to day operation the "ownership" is, the more they'll keep the employees in the dark about their plans. In my experience, they go so far as to hold "all hands meetings" where they whip out a bunch of charts and figures that show how "well" the company is doing. Often even while they are planning major restructuring that will impact many employees. Once they've decided what to do, they'll bring in the managers that they need to make it happen, explain the plan and have you sign a non-disclosure agreement. Then one day, the axe falls and jobs go to Mexico, the Phillipines, India, Pakistan, etc... And, if you're paying attention, you can usually get a rough estimate as to how much time you've got left.

I think the job markets are going to get a lot softer than they have been and becoming unemployed may be a serious event unlike the past 5 years or so where its been treated as a paid sabattical.

The old tenets of preparedness are going to be reinforced in spades as things get nastier and nastier.

Jeff B.
 
Nowski

Nowski

Let's Go Brandon!
The company that I worked for, 25 years during buyouts and
mergers, handles any type of issues such as being discussed
in this thread, by simply moving the jobs offshore.

Attempting to make yourself move valuable, by obtaining
more education or technical certifications, means jack shitz,
no matter what the company.

I seen it happen, several times, before I took severance
in 2012. My contacts still there, say that most of the very
experienced technical staff, have simply been replaced,
by Indians(dot not feather).

That is the way that it will be handled, all across the ZUSA,
if there is a massive recession/depression.

Retire if you can, while you can.

Please be safe everyone.

Regards to all.

Nowski
 
20Gauge

20Gauge

TB Fanatic
Jeff B. said:
The more removed from the day to day operation the "ownership" is, the more they'll keep the employees in the dark about their plans. In my experience, they go so far as to hold "all hands meetings" where they whip out a bunch of charts and figures that show how "well" the company is doing. Often even while they are planning major restructuring that will impact many employees. Once they've decided what to do, they'll bring in the managers that they need to make it happen, explain the plan and have you sign a non-disclosure agreement. Then one day, the axe falls and jobs go to Mexico, the Phillipines, India, Pakistan, etc... And, if you're paying attention, you can usually get a rough estimate as to how much time you've got left.

I think the job markets are going to get a lot softer than they have been and becoming unemployed may be a serious event unlike the past 5 years or so where its been treated as a paid sabattical.

The old tenets of preparedness are going to be reinforced in spades as things get nastier and nastier.

Jeff B.
Click to expand...
You just described my job in the late 1990s
 
Ractivist

Ractivist

Pride comes before the fall.....Pride month ended.
"As a staffing company, we see firsthand how economic turbulence and layoffs can start a domino effect throughout all industries," said Bean. "But when times get tough, like they did during the Great Recession, we've also seen Americans rise to the occasion. My advice for anyone who, unfortunately, loses their job during these complex times is to lead with grit, determination and an entrepreneurial spirit. You never know what startup or innovation will rise from the ashes."

So anyone, (everyone?) should plan on a startup and make millions? Very weak ending. Entrepreneurs are far and few between. French for enter the manure fields........ loved it though.
 
Kris Gandillon

Kris Gandillon

The Other Curmudgeon
_______________
We’ve historically gotten raises equal to or larger than the SS COLA each year. Will be interesting to see if that happens this year.

We also have over 2,000 openings at the moment with 270+ of them at my location. Difficult to find qualified candidates.
 
V

Voortrekker

Veteran Member
Nowski said:
...by Indians (Call Center not Casino)...

That is the way that it will be handled, all across the ZUSA,
if there is a massive recession/depression.

Regards to all.

Nowski
Click to expand...

Fixed it for you.

Back in the late 1970's people were persuaded to accept pay cuts to avoid lay offs. They were also persuaded to "re-finance" their homes and cars. People were "leveraged" beyond their financial abilities. Then the corporations closed the plants and moved them to Taiwan and South Korea only to move them to China.

I see a second wave coming and if anyone thinks that the social turmoil was bad with the politics, wait util the instigators start naming the innocent to hide the worst. I used to joke that there will be a time in this country when people will snatch the rice from your mouth. Not so funny anymore.
 
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