- A survey found that 78% of US workers are worried about losing their jobs during the next recession.
- Workers' concerns come as economists predict a recession in the US within the next year.
- The survey found that managers are more worried about losing their job than non-managers.
As more economists predict an oncoming recession in the US within the next year, US workers are growing worried about their jobs.
A recent survey from Insight Global found that 78% of US workers are worried about job security if the US enters another recession. The staffing company surveyed over 1,00o workers in mostly white-collar professions.
The survey, conducted in June, found that 23% of US workers are "extremely worried" about job loss if the US enters a recession. Fifty-six percent of US workers who responded said that they are not financially prepared for a recession, or that they "don't know how to prepare" for it.
Almost 50% of managers who responded said that they are worried about losing their jobs in a recession, while 34% of non-managers said the same.
As the Federal Reserve raises interest rates to combat inflation, analysts and economists are forecasting economic decline in the US within the next year. Deutsche Bank said the economy will face a recession earlier than they previously predicted, and that the recession will increase unemployment by almost 2%.
Millennials lead the generational groups with job-security worries. Sixty percent of millennials who were employed during the 2008 recession said they "feel anxious about job security," or that "the fear of being laid off is often in the back of their minds."
Over half of respondents, 52%, said that they don't think their job is "recession-proof."
While 54% of workers said they would take a pay cut if it meant they didn't get laid off, the percentage is different between men and women. Over 60% of men said they would take a pay cut, while less than 50% of women said they would do the same.
Along with recession worries, layoffs are stoking fears among US workers too.
The survey found that 87% of managers would "likely" have to lay off their workers in a recession. Meanwhile 47% of workers surveyed said they "don't believe their employer would adequately convey its recession plans."
Bert Bean, CEO of Insight Global, said layoffs should be the last resort for employers.
"Instead, I encourage leaders to consider other solutions, such as building a plan that avoids layoffs and helps you grow through a recession," Bean said.