What is the Future of Employment During COVID-19?

The State of the American Worker:  What is the Future of Employment during COVID-19?  

There is no doubt that Americans are experiencing uncertainty over their employment futures, their career paths, and what work will look like in the coming months. As we consider current circumstances regarding employment and work,we gathered insights from a new American Worker Study conducted in collaboration with InnovateMR, with support from Women in Research. These insights build on findings from our ongoing Future of Money Study. 

What work looks like today

The Logica American Worker Study revealed that one quarter of American were furloughed (16%) or laid off (9%), and almost half (46%) are working less due to the COVID-19 pandemic, with a mix of increased and decreased responsibilities in their jobs. 

How we are feeling about work during COVID-19 

We see a tension between desire to continue working and expectations around whether jobs will still exist. Almost all American workers (94%) intend to continue to work at their job when the pandemic is considered over. Just two-thirds (67%), however, are extremely or very confident their job will still exist in six months. Only half of respondents (49% very/somewhat) are optimistic about their personal finances and income in the next six months.  

Job satisfaction and opportunities in current times

Employees seem to be noticing employers who are showing up for them, and it is impacting employee satisfaction. Two-thirds (67%) are satisfied with their employer, with more than one in five (23%) experiencing increased satisfaction with their employer during COVID-19. Fourteen percent report decreased satisfaction with their employer.

While we see employee satisfaction is increasing for some, career satisfaction is slightly lower. Just more than half (59%) are satisfied with their career in current times. And Americans are mixed in their outlook on what career opportunities look like for them in the future: 36% do not see career opportunities changing, 30% do see career opportunities changing, and 30% aren’t sure.

Key questions to consider

• What can employers do to support employees right now—financially and emotionally?
   
• What formal and structured employee benefits are needed, such as emergency savings funds or productivity tools?
   
• What do attitudes about work, careers and employment mean for financial brands, and how should they adjust their approach to meet the new consumer behaviors as a result of shifting attitudes? 

During times of economic disruption and employment uncertainty, it is vital to keep our fingers on the pulse of attitudes about the future and potential impact on consumer behavior. To learn more, you can see Logica’s latest Future of Money study here.

Related: What Will GenX and Millennials Pay With in the Future?

About the American Worker Study 2020: Impact of COVID

The American Worker Study 2020 was conducted by Logica Research in partnership with InnovateMR sample and fielding. The study was conducted online from May 20th to June 2nd, 2020, among 1,000 American workers 25-65 years old, who are working or were laid off or furloughed due to COVID-19. The study excludes frontline workers. 

This study was conducted in collaboration with some of Women in Research’s WIRexec program members: Lisa Wilding-Brown of InnovateMR, Brin Moore of Trusted Talent, Katrina Noelle of KNow Research, and Heidi Dickert, Consultant. This study was conducted in parallel with a study of the Women in Research community.