Employers' strategic recruitment practices impacting employee confidence
Employees who feel confident in their job search saw a decline in the second quarter of 2024 as employers grow "increasingly strategic" in hiring, according to a new report.
The second quarterly Vaco Talent Pulse Report of 2024 found that only 67% of employees are extremely or somewhat confident in their ability to get and hold a job.
This is much lower than the 73% recorded in the first quarter, where 43% of employees were "extremely" confident in finding new work.
Source: Vaco Talent Pulse Report of 2024
Kyle Allen, Vaco Executive Vice President of Sales & Recruiting, said the job market's "complex landscape" is having a direct impact on employees' and jobseekers' mindsets.
"Companies are being increasingly strategic about their hiring which, in some cases, includes outsourcing roles and departments," Allen said in a statement. "This is resulting in people having a harder time finding jobs and is undoubtedly impacting confidence levels."
The report, which surveyed more than 8,000 respondents in the United States and Canada, also revealed that fewer employees feel confident in their ability to improve their financial situation and advance in their career.
According to the report, only 74% of employees are extremely or somewhat confident that they can improve their financial state in the next six months, either through a raise or by getting a new job.
This is down from the 77% at the beginning of the year, the report said.
In terms of career advancement, only 75% of employees are extremely or somewhat confident in their ability to progress their career in the next year. This is lower than the 80% in the quarter prior.
Tom Turpin, Vaco Executive Partner, attributed the declining confidence on career progression to economic uncertainty and continued layoffs.
"It is impacting the psyche of workers and creating exhaustion and a sense of nervousness around their growth and stability," Turpin said.
According to Turpin, it is important that employees develop mental resilience and not let exhaustion drag them down.
"Showing resilience and positivity is something organisations significantly value and often, those are the workers that end up having the most confidence and success throughout their careers," he said.
