The American Workforce Consumer Report 2022
£ 3,695 (Excl.Tax)
Report Summary
“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.
Table of Contents
-
Overview
- What you need to know
- This Report looks at the following areas
- Market context
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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
-
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
- 62% of US adults are currently employed; 7% are unemployed and looking
-
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
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- Figure 20: Perceived financial health, by employment status, 2022
- Help consumers achieve financial goals
- Figure 21: Current financial concerns, by age, 2022
- Unemployment hits 50-year low, expected to creep back up in 2023
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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
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- Figure 23: Health in her hue, 2022
- Meeting the needs of the American workforce through the lens of the Technology Trend Driver
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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
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Job Switching and Changes in Employment
- While pay increases are picking up, so is desire to switch jobs
- Figure 24: Changes in employment, 2022
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- 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
- While pay increases are picking up, so is desire to switch jobs
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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
- Salary surpasses career advancement as leading reason for job change
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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
- Majority of American workers are happy with current work/life balance
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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
- American workers like option to work-from-anywhere, but don’t require it
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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
- Nearly a third of workers consider picking up supplemental income
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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
- Personalized work hours and mental health benefits top priorities
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
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