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.”
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.
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