Year-end surveys seem to be indicating that the spate of bad news in financial markets and oil prices is having an impact on American workers. An annual survey by one of the larger placement firms, Hudson, indicates that some glumness has hit the workforse. After facing some ups and downs in 2007, U.S. workers' outlook for 2008 is glum, according to Hudson, which has conducted an annual survey for serveral years. Its survey indicates that workers are less optimistic about the job market heading into the new year than they were a year ago. Furthermore, nearly half (46 percent) feel their organizations' leaders are expecting the economy to get worse next year. Just 22 percent state that executives think the economy is getting better. Work Force Uneasy With 2008 Employment Prospects: At this time last year, just 15 percent of workers thought their employment prospects would be worse in the new year. Currently, however, more than one in five workers (21 percent) share that sentiment heading into 2008. In addition, 30 percent say it is not at all likely they will be looking for a new job next year, compared to 26 percent one year ago. "When many signs point to a slower economy, it is only natural for workers to take fewer risks and opt to stay at their current jobs," said Robert Morgan, co-president of Recruitment and Talent Management, Hudson. "While this may give a boost to retention rates, company leaders should not forget about the importance of bringing fresh talent into an organization." Financial Outlook No Better: Compared to 2006 when 63 percent of employees said they expected to earn significantly or a little bit more in 2007, just 57 percent of workers today share that sentiment about the new year. Additionally, slightly fewer workers expect a holiday bonus this year (23 percent) than last year (24 percent). Looking Back at the Hudson Employment Index in 2007: In 2007, the Hudson Employment Index(SM) set a number of records. The Index's all-time record high was recorded in March 2007 when it peaked at 109. At that time, 44 percent of workers said their finances were improving and 32 percent believed their company had plans to add headcount. Just eight months later, the Index hit a record low of 91.9 in November. In that timeframe, the number of workers optimistic about their finances fell 10 points to 34 percent. Just one-quarter of employees expected hiring in November, which is also a record low. The average Index reading through November 2007 is 102.8, nearly a point lower than the 2006 average of 103.7. While workers expected less job growth this year than in 2006, they anticipated fewer layoffs and were less concerned about job security. The Index had an average reading of 101.5 in 2005 and 106.2 in 2004. All All All All
Workers Workers Workers Workers
2007 2006 2005 2004
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Employment Index 102.8 103.7 101.5 106.2
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Average Number of Workers Expecting
Hiring 30% 31% 31% 32%
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Average Number of Workers Expecting
Layoffs 15% 16% 17% 18%
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Average Number of Workers Concerned
About Job Loss 18% 19% 21% 18%
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About the Survey: This Hudson survey is based on a national poll of 2,000 U.S. workers conducted November 30 - December 1, 2007 and was compiled by Rasmussen Reports, LLC, an independent research firm (www.RasmussenReports.com). Hudson is a leading provider of permanent recruitment, contract professionals and talent management services worldwide. | 
