Nearly 8 in 10 (78%) of U.S. workers are worried they will lose their job if a recession happens, according to the results of a recent survey from Insight Global. The staffing company has termed the current situation “The Great Apprehension.”
And workers’ fears are not unfounded — 87% of managers said they would likely lay off employees should the U.S. enter a recession.
Additional key findings from the survey:
- 47% of employees don’t trust their employer to adequately communicate its recession plans
- 56% don’t feel financially prepared for a recession
- 54% would be willing to take a pay cut to avoid a layoff
Insight Global recommends employers try to avoid layoffs if at all possible. CEO Bert Bean commented in a press release: “Instead, I encourage leaders to consider other solutions, such as building a plan that avoids layoffs and helps you grow through a recession. Get your employee base executing on that, because when you bounce back from a recession, you’ll need your people more than ever.”