How U.S. Workers Feel About Their Job Prospects (2023 Data)

Although some employees feel frustrated by their current jobs, soaring inflation and the fear of layoffs keeps them from looking for a new opportunity.

Nearly half of employees (45%) say they put up with little frustrations at their job because they’re unable to quit. The top reasons employees are motivated to stay include:

As employees struggle with these stressors, many are evaluating how secure their current jobs might be. Overall, employees believe that recent hires are more likely to be laid off than long-standing employees (62% vs. 20%).

This appears to be true. When considering layoffs, 65% of HR professionals stick to a “last in, first out” mentality.

Regardless of tenure, employees believe some professions are less stable than others. Overall, 31% of employees believe marketing roles are most likely to be laid off, followed by:

Among the 500 HR professionals we surveyed, 1 in 5 (20%) believe their own role is the most likely to be laid off.

Still, human resources departments have the power to soothe these worries. “Retaining talent and fostering trust during an uncertain economy is critical for HR leaders and the rest of the executive team," says Anita Grantham, Head of HR at BambooHR. "My advice is to prioritize transparency if your business finds itself in a position where you need to conduct layoffs. Be open with your employees about how layoffs were decided and what employees can expect in the future.”

Companies that are consistently transparent about their strategy, including a long-term vision for their products and services, are more likely to earn—and keep—employees' trust during layoffs or other challenges. If your organization is on the other end of the spectrum—stable despite external uncertainty—it's important to reassure employees by communicating that, too.

The uncertain economy has prompted employees to start planning for the future—particularly for those who fear layoffs are coming.

Nearly two-thirds of employees (63%) already know what kinds of companies they’d apply to if they were to lose their job.

Overall, nearly one-third of employees (31%) have taken on some form of secondary employment outside of their full-time job, including:

Younger employees are the most likely to take on additional part-time work. Nearly one-quarter of Gen Z workers (24%) say they have a second job—more than millennials (22%), Gen Xers (13%), or baby boomers (8%).

Employees are also more likely to pick up extra work if they're worried about layoffs. 28% of employees who fear layoffs have taken on part-time work in the last year, more than double the number of unconcerned workers (13%).

For the majority of employees, the hiring process is littered with poor interactions. 83% of the employees we surveyed say they've had bad experiences during the hiring or onboarding process.

When we asked employees to share their worst hiring experiences, common themes included ghosting and rude hiring managers, coworkers, or interviewers.

Some employees also shared negative experiences with discrimination during the hiring process:

• “There was very clear age and education discrimination. They disregarded my experience.”
• “There was a very misogynistic boys club of supervisors.”
• "Frankly, I’ve never worked for a company with an HR function that tried to protect employees. Always feels like HR is just a function designed to spy on or justify company abuses or poor treatment of employees."

For others, the companies that hired them ultimately proved to be untrustworthy:

• “[I] appl[ied] for, [was] given, and accept[ed] a new position only to find they reduced the seniority and compensation for the position due to my age. I was told, ‘You’re too young to make that level of compensation here despite you being offered the position. You’ll work your way into it. Just give it more time.’”
• “Very vague interviews and information regarding roles. When I was hired I was not trained properly, and it caught up to me down the line when I was not doing things properly.”
• “Every company I have worked for has been terrible with succession planning. Because of this multiple people are expected to transition out of and into new roles concurrently, creating tons of friction, awful work-life balance, and no one is getting paid for the additional work. Meanwhile, HR props up this awful process or turns a blind eye.”
• “The new hire experience was very sink or swim. I was basically asked to go do my new job with no training or guidance.”
• “The onboarding experience was unorganized and overcrowded.”

Before applying to a job, 77% of employees want to learn everything they can about the company. Nearly one-third of job seekers (32%) are even willing to reach out directly to ex- and current employees in search of the truth.

Other common tactics include seeking information via:

For 3 in 5 employees (60%), companies that are honest about their weaknesses and strengths are more attractive.

Transparency is even more impactful when applied to total compensation details. Employees want to know about:

Nearly one-third (30%) also look for any news of recent layoffs or reorganizations.

Unfortunately, many companies fail to disclose the information that could persuade job seekers to apply. Although job seekers say benefits matter most to them, 36% of HR professionals admit that their company doesn't proactively provide information about benefits offerings.

Additionally, nearly half of HR professionals (49%) say their company doesn't provide total compensation details to candidates up front.

Candidates are also eager to know what the day to day experience is like at a new company—for better or worse. Other details candidates are likely to seek include:

As layoffs disrupt the job market, 52% of HR professionals recognize that there is an opportunity for their companies to discover and attract top talent that may not otherwise be on the market. More than half of HR professionals (55%) acknowledge that an uncertain economy creates a larger pool of qualified candidates.

“While layoffs can happen during an uncertain economic climate, HR professionals are always looking for the best talent," Grantham says. "Don’t let the current climate discourage you. If you’re looking for a new job, lean on your network to help you find the right fit—the right company is looking for you, too."

Today, HR professionals primarily use LinkedIn (43%), employee references (26%), and word of mouth referrals (11%) to seek potential candidates—so job seekers should embrace networking as a path to their next role.

Overall, Baby Boomers are most likely to be understanding about layoffs, with 92% saying it won't change the way they perceive someone.

Younger generations—who may have less experience navigating a tough economy—are slightly less forgiving, but the majority still refrain from letting layoffs change their perceptions of fellow workers. 78% of Gen Xers, 77% of Millennials, and 66% of Gen Z all say they wouldn't think less of someone after a layoff.

BambooHR sets you free to focus on what matters most—your people. BambooHR is the complete HR platform where everything works together.

With BambooHR, you can:

• Simplify and speed up your hiring process
• Onboard new employees easily with a standardized, digital platform
• Manage time, benefits, and compensation
• Develop company culture
• Gather and analyze employee data

Ready to learn more? Sign up for a free demo.