Despite market volatility, over 70% of employees and job seekers reported feeling confident in their ability to get and hold a job right now, data from global talent and solutions firm Vaco shows. According to the company’s inaugural Talent Pulse Survey of nearly 9,000 job seekers and employed professionals, 68% of respondents reported feeling extremely or somewhat confident in their ability to improve their financial situation in the next 6 months and 76% reported feeling extremely or somewhat confident in their ability to advance in their career in the next 12 months.
“Skilled professionals, whether employed or looking for work, continue to express optimism despite the ongoing economic uncertainty. As a result, hiring organizations will need to be thoughtful and competitive in their offers, especially as we head towards the last quarter of the year. Employees and job seekers are motivated by the opportunity to earn more, but they are also looking to maintain work-life balance and have the opportunity to grow in their careers,” said Vaco President Kevin Witt. “Some headlines would lead you to believe there is a softening in the talent market, which may be the case in some sectors, but in professional services there is still an incredible amount of demand for highly skilled people, and this is reflected in the sentiments shared in our Talent Pulse Report.”
A highlight of additional findings in the Q3 2023 Vaco Talent Pulse Report includes:
- Employee and job seeker confidence levels are high (nearly or above 70%) across all three major indicators. Competitive offers are important in the last quarter of the year, especially when hiring organizations are pursuing in-demand professionals with highly marketable skill sets.
- People are motivated by more money and better benefits (43%). Job seekers are also looking for career opportunities that provide better work-life balance (29%) and growth (16%).
- End-of-year offers need to account for bonuses. For candidates making career moves in Q3 and Q4, hiring organizations will need to take into account end-of-year bonuses candidates would be leaving without getting paid should they take another career opportunity. According to Vaco, Clawback bonuses are also gaining in popularity and average $8,000-$15,000 and have 12-month stipulations tied to them, meaning if a candidate leaves within that time, they are required to pay the money back to the company.
A full read out on employee and job seeker confidence levels as well as key talent insights from veteran industry experts can be found in the Q3 2023 Vaco Talent Pulse Report. To access the report, go to https://resources.vaco.com/vaco-talent-pulse-report-q3-2023.
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