Employee Confidence Slows Down in July and Still Low by History
Confident but Concerned
Confidence in employers increased slightly in July with 48% of employees reporting a positive six-month outlook, according to the WEB Employee Confidence Index.
Low by Historical Standards
Despite the slight increase, employee confidence remains low by historical standards. In February, employee confidence reached a record low of 45.1%, and although it has since rebounded, the current level of confidence is still significantly lower than the pre-pandemic average of 58.2%.
Senior Employees Most Optimistic
Employees at the senior level are the most optimistic about their company's growth prospects, with 62% reporting a positive outlook. However, even among senior employees, confidence has declined from 70% in February.
Learning and Development Key to Retaining Employees
Learning and development opportunities have become increasingly important in retaining employees. In the survey, 61% of employees said that they are more likely to stay with a company that invests in their professional development.
A Shaky Start to 2023
Despite the modest upswing in employee confidence towards the end of 2022, the start of 2023 has been shaky. Economic uncertainty, inflation, and geopolitical tensions have all contributed to a decline in confidence.
Conclusion
Employee confidence remains a key indicator of the health of the economy. The recent plateau in confidence is a worrying sign, especially given the challenges that businesses and employees alike continue to face. It is important for employers to address the concerns of their employees and invest in strategies that boost confidence and retain talent.
Comments