New year-over-year data offers a snapshot of worker sentiment amidst economic uncertainty.
NASHVILLE, Tenn. – August 15, 2024 – Vaco, a leading global talent solutions firm, today released the third quarterly Vaco Talent Pulse Report of 2024, featuring results that signal a rise in employee and job seeker confidence across all three key areas measured, including job security, financial status and career advancement. This marks the fifth installment of the Vaco Talent Pulse Report, and the first quarter that year-over-year comparative data is available.
The Q3 data points reflect a stark departure from Vaco’s Q2 Talent Pulse Report results, which indicated reduced confidence levels amongst job seekers and employees. Most notably, the Q3 report showed respondents are feeling confident in their ability to acquire and retain a job:
- 45% are extremely confident in their current job search, as compared to only 35% of respondents in Q2 – a jump of 10 points in one quarter – and 39% in the third quarter of 2023, yielding a 6-point year-over-year increase.
- Only 26% of respondents reported feeling a lack of confidence in their job search, which is a 7-point drop from Q2 (33%) and a 2-point dip from a year ago (28%).
“Despite the economic uncertainty that has punctuated much of 2024, our Vaco Q3 Talent Pulse Report reveals a workforce that has remained determined and resilient in the face of market challenges,” said Vaco President Kevin Witt. “Compared to a year ago, confidence levels among job seekers and employees have shown improvement or stability across three areas of focus, including job security, financial status and career advancement. It is notable given elevated unemployment rates in both the U.S. and in Canada.”
“The data underscores a transition towards a workforce that is not only more adaptable, but also more optimistic, navigating economic fluctuations with grit and agility. Moreover, there’s a growing openness to contract work that highlights a shift in the labor market as companies adopt more strategic, creative and flexible hiring practices,” added Witt.
Additional highlights from the Q3 2024 Vaco Talent Pulse Report include:
- 44% of respondents are extremely confident in their ability to improve their financial situation in the next six months – up 8 points year-over-year (36%) and unchanged from Q2’s results (44%).
- Conversely, only 25% are unsure of their ability to secure a raise or improve their financial situation – a 7-point decline from a year ago (32%) and only a slight change from Q2 (26%).
- 47% reported being extremely confident in their ability to advance their career in the next year, up 2 points from a year ago (45%) and from Q2 (45%).
- More workers may be open to contract work in the coming months, as 53% of respondents either plan to or have already accepted a contract role this year, while 39% said they would only consider permanent roles.
The Vaco Talent Pulse Report is based on feedback from more than 10,000 respondents across the U.S. and Canada. To access the report, go to learn.vaco.com/talent-pulse-report-q3-2024.
About the Q3 2024 Vaco Talent Pulse Report
Poll questions to inform the Q3 2024 Vaco Talent Pulse Report were administered online through Vaco’s LinkedIn company profile on June 15, 2024, June 21, 2024 and June 29, 2024. Results and summaries are based on the 10,156 votes cast across the three polls. A highlight of follower demographics includes those from across the U.S. and Canada working in engineering, technology, accounting, finance, human resources and operations. The majority of people represented are either senior, manager, director, VP or entry-level.
About Vaco
The speed of change requires the talent of people. Vaco solves for both. With expertise in accounting and finance, IT and digital, and HR and operations, Vaco delivers critical talent solutions to clients by providing contract staffing, managed services, direct-hire staffing and executive search services. In addition to Vaco, the Vaco Holdings collective of brands includes MorganFranklin Consulting, a finance, technology and business advisory firm; Pivot Point Consulting, a Best in KLAS healthcare IT consulting leader; Focus Search Partners, a retained and interim executive search practice; and BUILT, a digital solutions company specializing in software, cloud, data and AI solutions. In addition to being named to Inc. magazine’s list of the fastest-growing private companies for the past 17 years, Vaco was also named to Forbes’ 2018-2024 lists of America’s Best Recruiting Firms as well as the 2017-2023 lists of Largest Staffing Firms Globally by Staffing Industry Analysts. Vaco annually ranks as one of the Best Staffing Firms to Work For. For more information, visit vaco.com.
