The ZipRecruiter Job Seeker Confidence Survey

The ZipRecruiter Job Seeker Confidence Survey is a nationally consultant quarterly survey of U.S. job seekers that measures how optimistic or pessimistic they’re about their capacity to land their most popular Jobs. Elevated confidence is often an indicator of future will increase in worker turnover, wage development, and labor drive participation.

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Employer Developments

U.S. Job Seeker Confidence

The ZipRecruiter Job Seeker Confidence Index elevated 1.5 factors from 94.0 in 2023 Q2 to 95.5 in 2023 Q3 (Index: 2022 Q1 = 100), however the underlying survey was blended. On common, job seekers turned barely extra upbeat about present labor market situations and considerably extra optimistic in regards to the medium-term financial outlook. However in addition they reported extra monetary hardship and different job search challenges.

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“Rising monetary stress is translating into employee calls for for increased pay, but in addition into higher job seeker willingness to simply accept presents, which is concurrently decreasing wage development stress in slacker markets.“

— Julia Pollak, ZipRecruiter Chief Economist

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The Q3 enchancment within the general Job Seeker Confidence Index was largely pushed by improved sentiment among the many highest earners, and amongst white and Asian job seekers. Black and Hispanic job seekers, and lower-earning job seekers, both noticed no enchancment or modest declines. 

Optimism additionally diverged throughout pink states and blue states, with blue-state job seeker confidence rising and red-state job seeker confidence declining to the bottom level because the begin of the survey. Marketing campaign season may trigger perceptions of labor market situations to change into extra polarized, with the 2024 election cycle now underway. 

Detailed Findings

• Search durations fell general, at the same time as reported search problem rose for some job seekers. 39% of job seekers described their present job search expertise as “poor”—the most important share because the begin of the survey—versus “honest” (46%) or good (15%). Inside the largest 5 industries by variety of respondents (retail, meals, healthcare, manufacturing, {and professional} and enterprise providers), the shares of job seekers reporting a poor job search expertise ranged from 33% in healthcare to 52% in skilled and enterprise providers. There was no reported change in job search depth, nevertheless, as measured by the variety of job functions despatched. There was additionally no accompanying improve in search or non-employment durations. Quite the opposite, each median and imply job search durations and non-employment durations have been the bottom measured because the begin of the survey.

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• Monetary stress rose amongst job seekers throughout demographic teams. 23% of job seekers reported going through critical monetary difficulties, the best share because the begin of the survey, up from 16% final quarter and simply 14% in mid-2022. The rise in reported monetary problem was vital throughout all demographic teams however largest for job seekers aged 65 and older, for these aged 35 to 44, and for these with younger kids. 65% of all job seekers reported feeling monetary stress to take the primary job provide they obtain, up from 61% final quarter and by far the best share because the begin of the survey. Elevated monetary pressure may clarify the decline in job seeker sentiment amid shorter search durations if job seekers at the moment are reluctantly accepting presents that they’d have handed up have been IT not for monetary stress. IT may additionally clarify the modest decline within the common reservation wage—that’s, the bottom wage job seekers say they’d be ready to simply accept—from $44,926 in Q2 to $43,664 in Q3.

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• Job seeker optimism in regards to the future outlook rose, regardless of challenges. Though nearly all of job seekers stated they really feel monetary stress to simply accept the primary provide they obtain, greater than 78% of job seekers stated they’re utterly or considerably assured that they’d be capable of discover a job that pays greater than their present or most up-to-date job. For the primary time in a yr, job seekers have been extra prone to count on a rise than a lower within the availability of Jobs over the subsequent six months.

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“If what you are promoting is searching for part-time assist for the vacations, this can be a nice time to be proactive in reaching out. Proper now, 60% of employed job seekers need extra hours at work.” 

— Ian Siegel, ZipRecruiter CEO

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The Survey

The quarterly ZipRecruiter Job Seeker Confidence Survey is predicated on an internet pattern and performed for ZipRecruiter by Qualtrics. IT is run to 2,000+ job seekers every quarter and weighted to the U.S. Census Bureau’s American Neighborhood Survey. Respondents could also be employed, unemployed, or not at the moment within the labor drive, however they need to reside in the US and plan to discover a new job “within the subsequent six months” as a way to be included within the pattern.

The ZipRecruiter Index

The general ZipRecruiter Job Seeker Confidence Index contains 4 subindices:

–The Preparedness Index measures how assured job seekers really feel about their job expertise, training, and coaching, in addition to about their job search expertise—that’s, their capacity to seek out related positions, develop software supplies, and interview successfully. 
–The Monetary Wellbeing Index measures job seekers’ monetary safety—that’s, whether or not they have peace of thoughts about their capacity to fulfill their monetary wants, or whether or not they’re looking for work and negotiating job presents underneath monetary stress.
–The Expectations Index captures job seekers’ short-term outlook for labor market situations. IT is predicated on questions on whether or not job seekers count on the variety of obtainable Jobs to extend or lower.
–The Current State of affairs Index is predicated on job seekers’ evaluation of present labor market situations. IT is predicated on questions on whether or not they count on to get interviews, discover a job simply, and get the job they need, and the way glad they’re with their job search. 

Associated Publications

Survey Methodology
That is What Job Seeker Bargaining Energy Seems to be Like
Candidate Ghosting and Job Seeker Confidence
Launch Calendar

2023 Archive
Q2 Report
Q1 Report

2022 Archive
December Report
November Report
October Report
September Report
August Report
July Report
June Report
Could Report
April Report