Amid debate about whether the US is in a recession, a new survey reveals that 41 percent of workers believe it is.
The Conference Board survey also finds that businesses are already taking precautionary measures. Indeed, 36 percent of survey respondents say their company has already begun to restrict hiring to crucial roles, and 13 percent say layoffs have been conducted. Workers aren’t worried, however, with 80 percent feeling secure in their jobs. In fact, workers are more worried about a declining stock market than the possibility of losing their job.
“Amid historically low unemployment in the US, this recession will be significantly different from prior downturns,” said Rebecca Ray, PhD, Executive Vice President of Human Capital at The Conference Board. “Businesses should be mindful of the lessons learned from the COVID recession, when those that furloughed or laid off workers saw just how hard it can be to get that talent back. As we face another recession—which The Conference Board projects will begin later this year—leaders should explore alternatives to layoffs and furloughs, such as offering incentives for voluntary separation.”
The latest workforce survey from The Conference Board polled more than 1,000 individuals—predominantly professional/office workers—from July 29-August 4. Respondents weighed in on recession expectations and fears, as well as what measures their businesses have taken.
Key findings include:
41 percent of respondents think we are already in a recession.
Given the current economic climate, do you believe we will have an economic slowdown/recession in the US?
Businesses are already taking cost-cutting measures, including hiring restrictions and restructurings.
Which of the following organization cost reduction measures have you witnessed?
Cost-cutting is not yet as severe as early COVID measures.
Despite cost-cutting measures, most workers feel secure in their jobs.
How secure do you feel about retaining your job?
For workers, a declining stock market trumps worries of losing their job.
In the event of a significant economic slowdown/recession, what are your greatest fears?
Recession worries vary by generation.
In the event of a significant economic slowdown/recession, what are your greatest fears?
“Different generations have different priorities,” said Robin Erickson, PhD, Vice President of Human Capital at The Conference Board. “As Baby Boomers near retirement, they are keeping a close eye on the stock market and their 401ks. Millennials, on the other hand, are earlier in career and thus less established, and understandably fear job loss more.”
Most workers believe they can weather an economic storm.
Do you have financial resources to weather an economic slowdown of six months or less? Of more than six months?
The top response to a recession? Spend less.
If we have an economic slowdown, how would you respond to it?
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