One out of Four Americans Thinks They Could Lose Job in Coming Year, Says Survey by Right Management Consultants

PHILADELPHIA-- (BUSINESS WIRE)--11/11/2003-- Right Career Confidence Index(TM) Registers 44.3, Down Slightly Since March; 85 Percent Say Laid-Off Worker Would Have Difficult Time Finding Work

One out of four American workers continues to believe they could lose their job in the coming year and nearly 85 percent say it would be difficult for a laid-off employee to find new work, according to a survey of 1,065 fulltime workers by Right Management Consultants (NYSE:RHT). These findings dropped the Right Career Confidence Index(TM) slightly, to 44.3, down from 44.5 eight months ago.

"The level of deep pessimism we first measured in American workers last March has barely lifted," said Richard J. Pinola, Chairman and Chief Executive Officer of Right. "Despite the fact that the economy has begun to recover, the job market continues to lag behind, and that is making American workers gloomy about their career prospects."

Just over 25 percent of respondents said it was somewhat or very possible they could lose their job in the coming year, down slightly from the 26.6 percent who said the same in March. A year ago, though, only one out of five Americans thought their job could be at risk. Pinola said there was a special message in the survey results for workers. "Tough job markets underscore the need for ongoing personal development. Employees increase their chances of being retained if they are constantly looking for ways to strengthen and improve their skills."

American workers were almost evenly split on the question of how likely it is they could move up in their present company during the next year. Responses were slightly more pessimistic than they were six months ago. Young workers and black workers were among the most likely to feel optimistic about moving up in their current jobs. Among workers aged 55 - 64, only one out of four thought moving up was possible, compared to the 49 percent of respondents overall who said upward career mobility was possible.

Workers were slightly more negative than they were eight months ago on the likelihood of replacing a lost job. Eighty-four percent said it would be somewhat or very difficult for a laid-off worker to find comparable employment. Employees earning less than $25,000 were slightly more optimistic about finding new jobs, while workers earning $75,000 or more were slightly more pessimistic about job replacement prospects.

The gloominess of the job market was not confined to the United States . Right Management Consultants also surveyed workers in 16 other countries. Workers in the United Kingdom were the most pessimistic about the possibility of losing their job, with nearly 30 percent saying it was a possibility. German workers were the gloomiest about replacing a lost job: 96 percent said it would be difficult to find another job at the same pay.

"Overall, this is a difficult global job market," Pinola said. "However, there is significant variation country to country. For example, workers in Sweden , Denmark and The Netherlands feel more positive than do workers in the U.S. , the U.K. and Australia ."

The survey conducted in the U.S. included two additional questions that were posed to workers about the likelihood of being promoted and whether they thought the unemployment rate would rise or fall.

"Thirty percent of American workers said it was absolutely impossible for them to move up in their present employment situation in the coming year," Pinola said. "That could prove to be a very expensive sentiment for employers. The economy will turn eventually, and those disenfranchised workers will probably be the first to jump ship when it does."

On the issue of unemployment, 72 percent said it was likely that the unemployment rate would rise further, down from the nearly 80 percent who said the same six months ago. "This is still a negative finding, but the drop suggests that some Americans feel the worst is behind them," Pinola said. "But for most, they clearly feel this lackluster job market is far from concluded."

About the Methodology

The Career Confidence Index(TM) is conducted by Right Management Consultants twice a year to measure career confidence among fulltime workers around the globe. The Index is based on telephone interviews with a random sample of 350 - 1,000 fulltime workers in each country, based on country size. In the United States , 1,065 fulltime workers, at all levels and with household incomes ranging from less than $25,000 to more than $75,000, were surveyed. These results are based on interviews conducted in September and have an average error margin of plus or minus three percentage points. Workers in the following countries were surveyed: Australia , Belgium , Canada , Denmark , France , Germany , Hong Kong , Ireland , Italy , Japan , the Netherlands , Norway , Spain , Sweden , Switzerland , the United Kingdom and the United States . The fieldwork was coordinated by ICR - International Communications Research of Media , Pa.

About Right Management Consultants

Headquartered in Philadelphia , Right Management Consultants (www.right.com) is the world's leading career transition and organizational consulting firm. It offers services to corporations of all sizes through a global network of more than 300 service locations and the Internet. The company is a worldwide leader in customized career transition solutions and also offers a wide range of organizational consulting services, including talent management, leadership development and organizational performance services. In combination, the two lines of business enable Right to help businesses manage the entire life cycle of their employees.

EDITOR'S NOTE: Interviews with Right executives in major U.S. cities and any of the 17 countries surveyed may be arranged by calling the appropriate media contact.

Detailed Summary Report is available by contacting the Media Contact.

Note: A spreadsheet is available at URL: http://www.businesswire.com/cgi-bin/photo.cgi?pw.111103/bb2
CONTACT: Right Management Consultants, Anne A. Buchanan, APR, 610-649-9292
SOURCE: Right Management Consultants
11/11/2003 09:05 EASTERN