New year-over-year data offers a snapshot of
worker sentiment amidst economic uncertainty.
NASHVILLE, Tenn.,
Aug. 15,
2024 /PRNewswire/ -- Vaco, a leading global
talent solutions firm, today released the third quarterly Vaco
Talent Pulse Report of 2024, featuring results that signal a rise
in employee and job seeker confidence across all three key areas
measured, including job security, financial status and career
advancement. This marks the fifth installment of the Vaco Talent
Pulse Report, and the first quarter that year-over-year comparative
data is available.
New year-over-year data by Vaco offers a
snapshot of worker sentiment amidst economic uncertainty.
The Q3 data points reflect a stark departure from Vaco's Q2
Talent Pulse Report results, which indicated reduced confidence
levels amongst job seekers and employees. Most notably, the Q3
report showed respondents are feeling confident in their ability to
acquire and retain a job:
- 45% are extremely confident in their current job search,
as compared to only 35% of respondents in Q2 – a jump of 10 points
in one quarter – and 39% in the third quarter of 2023, yielding a
6-point year-over-year increase.
- Only 26% of respondents reported feeling a lack of
confidence in their job search, which is a 7-point drop from Q2
(33%) and a 2-point dip from a year ago (28%).
"Despite the economic uncertainty that has punctuated much of
2024, our Vaco Q3 Talent Pulse Report reveals a workforce that has
remained determined and resilient in the face of market
challenges," said Vaco President Kevin
Witt. "Compared to a year ago, confidence levels among job
seekers and employees have shown improvement or stability across
three areas of focus, including job security, financial status and
career advancement. It is notable given elevated unemployment rates
in both the U.S. and in Canada."
"The data underscores a transition towards a workforce that is
not only more adaptable, but also more optimistic, navigating
economic fluctuations with grit and agility. Moreover, there's a
growing openness to contract work that highlights a shift in the
labor market as companies adopt more strategic, creative and
flexible hiring practices," added Witt.
Additional highlights from the Q3 2024 Vaco Talent Pulse Report
include:
- 44% of respondents are extremely confident in their
ability to improve their financial situation in the next six
months – up 8 points year-over-year (36%) and unchanged from Q2's
results (44%).
- Conversely, only 25% are unsure of their ability to secure a
raise or improve their financial situation – a 7-point decline
from a year ago (32%) and only a slight change from Q2 (26%).
- 47% reported being extremely confident in their ability to
advance their career in the next year, up 2 points from a year
ago (45%) and from Q2 (45%).
- More workers may be open to contract work in the coming months,
as 53% of respondents either plan to or have already
accepted a contract role this year, while 39% said they would
only consider permanent roles.
The Vaco Talent Pulse Report is based on feedback from more than
10,000 respondents across the U.S. and Canada. To access the report, go to
learn.vaco.com/talent-pulse-report-q3-2024.
About the Q3 2024 Vaco Talent Pulse Report
Poll questions to inform the Q3 2024 Vaco Talent Pulse Report were
administered online through Vaco's LinkedIn company profile on
June 15, 2024, June 21, 2024 and June 29,
2024. Results and summaries are based on the 10,156 votes
cast across the three polls. A highlight of follower demographics
includes those from across the U.S. and Canada working in engineering, technology,
accounting, finance, human resources and operations. The majority
of people represented are either senior, manager, director, VP or
entry-level.
About Vaco
The speed of change requires the talent of people. Vaco solves for
both. With expertise in accounting and finance, IT and digital, and
HR and operations, Vaco delivers critical talent solutions to
clients by providing contract staffing, managed services,
direct-hire staffing and executive search services. In addition to
Vaco, the Vaco Holdings collective of brands includes
MorganFranklin Consulting, a finance, technology and business
advisory firm; Pivot Point Consulting, a Best in KLAS healthcare IT
consulting leader; Focus Search Partners, a retained and interim
executive search practice; and BUILT, a digital solutions company
specializing in software, cloud, data and AI solutions. In addition
to being named to Inc. magazine's list of the
fastest-growing private companies for the past 17 years, Vaco was
also named to Forbes' 2018-2024 lists of America's Best Recruiting
Firms as well as the 2017-2023 lists of Largest Staffing Firms
Globally by Staffing Industry Analysts. Vaco annually ranks as one
of the Best Staffing Firms to Work For. For more information,
visit vaco.com.
Media Contact:
Brittney Kowalski
(603) 504-2024
bkowalski@vaco.com
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SOURCE Vaco