Newsletter, Polling, Occupation, Analytics
December 3, 2021
Jobs drive the economy, and today the job market is under enormous change. The impact of COVID-19, government stimulus efforts, and a restless population have created a world of change. When evaluating your labor force or your next hire it is important to understand what drives today’s consumers. In our latest edition of “Instant Insights” we profile two groups of people: those who are looking for a job and those who have recently changed their position. By better understanding who they are, we can better understand their behaviors and ways to promote messages to them going forward.
Approximately 46% of those interviewed were defined as Job Seekers, those people who are open to new opportunities or are actively looking for a job, while 40% were defined as Job Changers, those who have changed careers or left for a higher-paying job. Job Seekers are equally male or female, between 25-45, and more likely to be married with multiple children than the general public, while Job Changers are more male, under 45, and even more likely to be married. Job Changers are also more highly educated evidenced in the high rate of post grads at 38% in comparison to the 27% average.
When we compare the two groups, we find similarities and differences. For example, both groups are more likely to have financial concerns as 70% are often or sometimes worried about paying their rent/mortgage compared to only 60% of the general population. Basic needs such as keeping food on the table often impact 35% of Changers and 32% of Seekers compared to only 26% of total adults. We also asked about credit card balances and the Job Changers are more likely than the Seekers to carry a credit card balance at 71% versus 61%, but they are also more confident about their ability to manage financial challenges where close to 40% are completely confident they can handle short- and long-term financial goals as well as deal with income loss. Only about 31% of Job Seekers and 26% of the general population have the same levels of confidence.
Interestingly, these groups are doing a good job of living within their means. When asked about their household debt, 34% of Job Seekers and only 25% of Job Changers said they do not have a mortgage. However, both groups aim to control their credit card spending evidenced by the fact that a whopping 64% of Seekers and 65% of Changers have manageable or no credit card debt. Furthermore, about two-thirds of both groups report having good or excellent credit scores.
One illustration of financial confidence disparity, however, is in each group’s plan to purchase. 74% of Job Changers say that it is likely that they will make a large purchase in the next six months while 40% of the Job Seekers say they will definitely NOT make such a purchase.
Despite the challenges of the current environment, the optimism from Job Seekers and Job Changers on the economy as a whole is refreshing. 74% of Job Seekers and 76% of Job Changers give the economy a high rating [between 3 and 5] compared to the general populace’s 69%. But don’t think the economy does not matter as 34% of Job Seekers and 26% of Job Changers rank it as the number one issue facing the US today. This ranking compares to total adults who rank economy and COVID-19 recovery together each at about 25-26%.
Outside of economic profiles, we looked at how these two groups view the world and who they trust for information. Job Seekers trust their families the most at 54% and friends at 39% but only 20% of elected officials get the thumbs up for the high trust award. On the other side, Job Changers are definitely more trusting towards “controversial” sources than most, with about 30% saying they trust the information from all sources listed, even less popular sources like national news (38%) and elected officials (34%). Unsurprisingly, the highest areas of trust also go to family at 61% and friends at 42%.
As the country continues its evolution, both Job Seekers and Changers will influence the overall economy in their own special ways but given that the holidays are in full swing we wondered, "what will they be watching for entertainment this holiday season?" 20% of the Job Changers said their favorite holiday movie is Home Alone compared to 16% of Job Seekers. Runners up included White Christmas, Die Hard, It’s a Wonderful Life, and National Lampoon’s Christmas Vacation!
To learn more, visit Causeway Solutions to get started!