Gallup Finds Layoff Fears Abating as Economy Improves

After a year of heightened concern over job security, a new Gallup poll of American workers has found a steep drop off to the number with those fears. Gallup asked adults with jobs if they were worried about being laid off in the near future. Last year, 29 percent said yes. This year, the percentage fell to 19 percent.

“This marks a return of worker confidence to the upper end of the range Gallup saw in the years prior to the financial collapse in late 2008. Workers’ concerns about maintaining their current level of benefits and compensation have also eased, though they remain higher than pre-2008 levels,” Gallup commented.

“Now, for the first time since the financial collapse, the percentage of U.S. workers worried about being laid off has fallen by double digits, and drops in those worried about having wages or benefits reduced are nearly as large. While workers still are more likely to say they worry on several questions now than before the financial crisis, these figures are down considerably. For the first time in a long time, fewer U.S. workers are worried in some way about their job, meaning the job market could finally be turning in favor of the employee.”

Employees still worry about their benefits, with 34 percent indicating they suspected their employer-sponsored benefits would be reduced. But that was down from 43 percent in 2013. Nearly a quarter (24 percent) said they were concerned about wage cuts, down from 31 percent a year ago. However, there’s one demographic group that still has layoff concerns: young adult workers.

Gallup found that 29 percent of young people surveyed feared being laid off. “Almost double the 15 percent of 35- to 54-year-olds and the 13 percent of workers aged 55 and older,” Gallup reported. “Moreover, young workers’ fear of being laid off has not decreased from last year.”