Description

“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

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Market context
        • 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
                • 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
                • 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
                          • 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
                                    • 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
                                      • 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
                                      • 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
                                      • 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
                                        • 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
                                        • 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
                                        • Appendix – Data Sources and Abbreviations

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

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