Older and Middle/High Income Earners Worried about Jobs and Benefits Security
In only its second monthly Harris Poll Jobs and Benefits Security Index, The Harris Poll found that American workers are becoming more apprehensive about their income and benefits security and overall employability; particularly middle-to-high income earners and older workers. However, individual concerns showed a dramatic shift among all workers between March and April. Key findings of the Index include:
• 53 percent of workers in April expect to do more while earning less over the next three months;
• 24 percent of workers in April expect a salary or hours reduction within over the next three months;
• 55 percent of workers in April feel that they would be able to find a job if they were to look for one; and
• 29 percent of workers in April think they will either get a raise or receive better retirement benefits within the next three months.
Some additional notable findings include 62 percent of workers with annual incomes between $50,000 and $75,000 in April are the most concerned group about jobs and benefits issues followed by earners with household incomes of greater than $75,000 (59 percent in April). Also, workers aged 55 and older in April exhibit the greatest overall concern for these issues at 63 percent.
The Harris Poll Jobs and Benefits Security Index points to a rise in worker insecurity about their income, benefits and employability this past month. Specifically, workers are more pessimistic about the likelihood of finding a job if they need to look for one, as well as the likelihood of seeing a benefits improvement,” said Al Angrisani, President and CEO of Harris Interactive.
“Escalation in the index also speaks to structural changes occurring in today’s workplace, with employers seeking growth in worker productivity, at the expense of hiring a new full time employee with increasing tax and benefits costs,” continues Angrisani. “Recruiting and hiring talent and new employees appears to have become a major investment consideration for employers and this new phenomenon is contributing to an increase in job ‘insecurity’ within corporate America.”