Employed job seekers express increasing concerns about unexpected layoffs

More employed job seekers are expressing fears about losing their job before finding a new one, which could indicate growing perceptions that the job market is becoming more competitive, according to the results of an Aug. 6 Express Employment Professionals-Harris Poll survey.

Nearly a third of employed job seekers now report concerns about unexpected layoffs, increasing from 28% in the fall of 2023 and 24% in the spring of 2023.

In the survey of 1,002 U.S. adults in the spring, employed job seekers said the top reasons for their job search were better compensation (46%) and work/life balance (41%) and better growth opportunities in their industry (41%).

In addition, 44% said their biggest fear was not receiving a salary increase or raise they deserve at their current company.

Many employed job seekers seem to feel unfulfilled as well. More than half described their current work as having a “job” that earns money rather than having a “career” that not only earns money but also provides enjoyment and pride. Generation Z workers were most likely to report feeling this way, at 74%, though about half of millennial and Gen X workers agreed.

“The only benefit I get from the job is a paycheck. No added value to my life or my personal growth or professional development,” one job seeker wrote in the survey responses.

With the unemployment rate jumping to 4.3% in the latest U.S. Bureau of Labor Statistics report, economists told HR Dive the labor market is now “in a perilous spot” and “at an inflection point.” Several signs indicate a slowdown, they said, including that job loss may be on the rise.

Although the economy may be fluctuating, workers still expect competitive pay, according to a Payscale report. Transparent pay practices and meaningful raises are now essential to attracting and retaining talent, but many organizations aren’t keeping up, Payscale’s CPO said.