2022
9
The American Workforce Consumer Report 2022
2022-11-26T03:06:20+00:00
REP8DD36C9A_50BC_45BB_88F0_7CA263CC9A0D
4400
157976
[{"name":"Consumer Insights","url":"https:\/\/store.mintel.com\/industries\/consumer-insights"}]
Report
en_GB
“There’s a false sense that the ball is in the workers’ court. Record low unemployment, job switching that’s led to salary increases and unprecedented work flexibility provides a sense of…
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  6. The American Workforce Consumer Report 2022

The American Workforce Consumer Report 2022

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“There’s a false sense that the ball is in the workers’ court. Record low unemployment, job switching that’s led to salary increases and unprecedented work flexibility provides a sense of empowerment that leaves the majority of workers happy with work/life balance. However, inflation has led to a decline in net income, remote work isn’t positively contributing to happiness, and large swaths of workers are working multiple jobs, which isn’t sustainable in the long-term.”
Carol Wong-Li, Director – Consumers & Cultures

  • This Report looks at the following areas:
  • Job hunting and changes in employment since January 2022
  • Reasons for job change
  • Attitudes toward work/life balance
  • Attitudes toward working onsite
  • Impact of inflation/recession on work outlook
  • Priorities when considering a new job/career change.
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  1. Overview

    • What you need to know
    • This Report looks at the following areas
    • Market context
  2. Executive Summary

    • Top takeaways
    • Market overview
      • Figure 1: Outlook on the American workforce, 2022-27
    • Opportunities and challenges
    • Great resignation continues, but motivators shift from desires to needs
      • Figure 2: Job hunting and changes in employment, 2021-22
    • 33% of US workers have two or more work-based sources of income; 31% considering it
      • Figure 3: Number of work-based sources of income, 2022
    • Home work isn’t a benefit on its own
      • Figure 4: Changes in employment – Received a raise/bonus, by work location, 2022
    • Workers see the path to surviving a recession as working more and harder
      • Figure 5: Impact of inflation/recession on work outlook, 2022
    • Key consumer insights
  3. The American Workforce by the Numbers

    • 62% of US adults are currently employed; 7% are unemployed and looking
      • Figure 6: Employment status, 2022
    • One in five 18-24s are unemployed and looking for work
      • Figure 7: Employment status, by age, 2022
    • Black and Hispanic young adults are disproportionately unemployed
      • Figure 8: Employment status, by race/ Hispanic origin and age, 2022
    • Stark gender/age gap seen in primary employment industry
      • Figure 9: Primary employment industry, by gender and age, 2022
    • Workers in admin twice as likely as retail to report healthy financial situation
      • Figure 10: Primary employment industry, by perceived financial health, 2022
      • Figure 11: Primary employment industry, by financial outlook, 2022
    • A third of US workers have 2+ work-based sources of income
      • Figure 12: Number of work-based sources of income, 2022
    • One in five US workers does so entirely from home
      • Figure 13: Work from home status, 2022
      • Figure 14: Work from home status, by age, 2022
  4. Market Factors and Current Opportunities

    • Unemployment hits 50-year low, expected to creep back up in 2023
      • Figure 15: Unemployment, by race/Hispanic origin, 2020-22
    • Inflation wipes out salary gains
      • Figure 16: Consumer price index change from previous period, 2020-22
      • Figure 17: Current and real (constant 1982-1984 dollars) earnings for all employees on private nonfarm payrolls, seasonally adjusted, October 2021-October 2022
    • One in 10 US adults is struggling or in trouble financially
      • Figure 18: Disposable personal income change from previous period, 2020-22
      • Figure 19: Consumer Sentiment Index, 2020-22
      • Figure 20: Perceived financial health, by employment status, 2022
    • Help consumers achieve financial goals
      • Figure 21: Current financial concerns, by age, 2022
  5. Competitive Strategies – A Look Ahead

    • Meeting the needs of the American workforce through the lens of the Rights Trend Driver
    • Support and build the future workforce with relevant skills
    • Meeting the needs of the American workforce through the lens of the Identity Trend Driver
    • Engender pride by embodying causes important to workers, including the workers themselves
      • Figure 22: DEI initiatives at work, 2022
      • Figure 23: Health in her hue, 2022
    • Meeting the needs of the American workforce through the lens of the Technology Trend Driver
  6. The Consumer – Fast Facts

    • Growing share of workers is looking to switch jobs despite pay increases
    • Strongest motivator for job switchers is pay increase
    • Mental health is top-of-mind for workers
    • American workers like option to work-from-anywhere, but don’t require it
    • Work hours flexibility and mental health benefits top job change priorities
  7. Job Switching and Changes in Employment

    • While pay increases are picking up, so is desire to switch jobs
      • Figure 24: Changes in employment, 2022
      • Figure 25: Job hunting and changes in employment, 2021-22
    • Quiet quitting is real and growing
    • Young women among least likely to get pay bump, most likely to be searching for a new job
      • Figure 26: Changes in employment, by gender and age, 2022
    • Home work may stunt pay growth
      • Figure 27: Changes in employment, by work location, 2022
    • Moms are on the hunt for a new job
      • Figure 28: Changes in employment, by parental status, 2022
    • Workers who are struggling financially are significantly more likely to be looking for a new job
      • Figure 29: Changes in employment, by perceived financial health, 2022
    • Recent job change stokes optimism about the future
      • Figure 30: Changes in employment, by financial outlook, 2022
    • Majority pleased with job change, but management would do well to confirm
      • Figure 31: Changes in employment – Satisfaction, 2022
  8. Reasons for Job Change

    • Salary surpasses career advancement as leading reason for job change
      • Figure 32: Reasons for job change, 2022
      • Figure 33: Reasons for job change, 2021-22
    • Women are significantly more likely to be drawn to flexibility
      • Figure 34: Reasons for job change, by gender, 2022
      • Figure 35: Reasons for job change, by parental status, 2022
    • Flexibility and advancement prove strong lures for younger workers
      • Figure 36: Reasons for job change, by age, 2022
  9. Work/Life Balance

    • Majority of American workers are happy with current work/life balance
      • Figure 37: Work/life balance, 2022
    • Wellness is in focus as attention to mental wellness grows alongside strain from work stress
      • Figure 38: Thinvite, 2022
    • Young adult workers are the least happy with work/life balance
      • Figure 39: Work/life balance, by age, 2022
    • Hispanic women least likely to feel acknowledged by upper management, least happy with work/life balance
      • Figure 40: Work/life balance, by race/Hispanic origin and gender, 2022
    • Primary, but flexible, office work contributes to work/life balance
      • Figure 41: Work/life balance, by work location, 2022
    • Workers with lower levels of education feel overlooked by employers
      • Figure 42: Work/life balance, by education level, 2022
    • Work/life balance is lost on those who are financially struggling
      • Figure 43: Work/life balance, by perceived financial health, 2022
  10. Attitudes toward Working Onsite

    • American workers like option to work-from-anywhere, but don’t require it
      • Figure 44: Attitudes toward working onsite (any agree), 2022
    • In their own words: pros/cons of work locations
    • Home-based workers largely want to stay there
      • Figure 45: Attitudes toward working onsite (any agree), by work location, 2022
    • Mid-career workers most interested in location flexibility
      • Figure 46: Attitudes toward working onsite (any agree), by age, 2022
    • Workers with higher education level demand more flexibility
      • Figure 47: Attitudes toward working onsite, by education level, 2022
    • Primary onsite workers: the majority do so out of requirement than desire
      • Figure 48: Reasons for working onsite, 2022
    • Young women least likely to enjoy onsite work, older men most likely
      • Figure 49: Reasons for working onsite, by gender and age, 2022
    • Primary home workers: a shortened work week, additional pay incentivize onsite work
      • Figure 50: Onsite work incentives, 2022
    • Younger workers can be drawn onsite by treats and social events
      • Figure 51: Onsite work incentives, by age, 2022
  11. Impact of Inflation/Recession on Work Outlook

    • Nearly a third of workers consider picking up supplemental income
      • Figure 52: Impact of inflation/recession on work outlook, 2022
    • Young women bear the brunt of recession fears
      • Figure 53: Impact of inflation/recession on work outlook, by gender and age, 2022
    • Hispanic men and Black women most worried about layoffs
      • Figure 54: Impact of inflation/recession on work outlook, by race/Hispanic origin and gender, 2022
    • Majority of struggling workers consider supplemental income
      • Figure 55: Impact of inflation/recession on work outlook, by perceived financial health, 2022
  12. Priorities When Considering a New Job/Career Change

    • Personalized work hours and mental health benefits top priorities
      • Figure 56: Priorities when considering a new job/career change, 2022
    • Flexibility has particularly strong resonance with women
      • Figure 57: Priorities when considering a new job/career change, by gender, 2022
    • 25-44s are clearest about their priorities
      • Figure 58: Priorities when considering a new job/career change, by age, 2022
    • DEI programs stand-out in the job choice of Black women
      • Figure 59: Priorities when considering a new job/career change, by race/Hispanic origin and gender, 2022
    • Ability to continue working remotely is top priority for home-based workers
      • Figure 60: Priorities when considering a new job/career change, by work location, 2022
    • Childcare support is key for parents
      • Figure 61: Priorities when considering a new job/career change, by parental status, 2022
    • Candidates with higher education levels have more demands
      • Figure 62: Priorities when considering a new job/career change, by education level, 2022
  13. Appendix – Data Sources and Abbreviations

    • Data sources
    • Consumer survey data
    • Consumer qualitative research
    • Abbreviations and terms
    • Abbreviations

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