Introducing the LinkedIn Workforce Confidence Index
How people around the world are feeling about the opportunity available to them
Over the last few months, we’ve been told that we’re adjusting to a “new normal” as countries and communities around the world deal with coronavirus. What’s true for all of us is, this isn’t normal. We’re all trying to make sense of a changing world, and a changing world of work. To help, LinkedIn is introducing the Workforce Confidence Index, a bi-weekly survey of LinkedIn members to measure how they feel about the job market, their financial status, and advancing their career; and how this varies across age groups, industries, and job functions.
The findings from our initial U.S. survey are not surprising: across the board, people are most worried about their financial status. But people across the country are feeling the impact of coronavirus very differently depending on their industry and age group.
People working in industries decimated by the coronavirus have the lowest confidence. Finance, Software & IT, Legal & Public Administration are the highest confidence industries, they’re also the industries where LinkedIn data shows hiring to be more resilient. Whereas Media & Communications, Entertainment, and Travel are the lowest confidence industries, and where LinkedIn’s hiring data shows sharper hiring slowdowns.
Millennials are more confident in their ability to bounce back. Millennials are the most confident generation, seemingly at the sweet spot between having job security in the workforce, while also being young enough to "bounce back" in their financial situation and career. Baby boomers are the least confident, due to lower-than-average scores about their financial outlook and career progression.
Financial strain is already a reality for many. In the last month, 28% of Americans reported a loss in earned income or wages; this includes 16% of full-time employees, 43% of part-time employees, and 49% of contractors. Nearly a third (32%) have already dipped into their savings to cover lost income.
You can read more in-depth reporting on these trends from LinkedIn’s editors here. In the coming days, we’ll be sharing the results from India, Australia, UK, and Canada, and future datasets will be available on the Economic Graph website. We’ll continue to share and track what our members are telling us, with new updates from this Workforce Confidence Index every other week to supplement our regular updates on hiring.