“Prolonged economic uncertainty is forcing organizations to operate in a leaner capacity and in some cases laying off parts of their workforces. These scenarios are causing burnout and insecurity as people are being tasked with additional responsibilities and team sizes get reduced. They're also seeing talented professionals get let go or people leaving for better opportunities, which leads to pervasive exhaustion and lower confidence levels across the workforce. You can clearly see this at play in the Q2 Vaco Talent Pulse Report.

Now more than ever, it is essential that professionals play to their strengths and control what they can control. In today’s fast-paced business environment, there’s less time for professionals to prove themselves; providing immediate value is imperative. New team members, whether a full-time employee or someone contributing on a contractual basis, should focus on delivering results, expertise and relief to the team. This will lead to increased personal levels of confidence as they contribute to organizational success in a competitive market.”

“From what we’ve been seeing in the job market, there are both less jobs but also less candidates. As such, companies are becoming more targeted and intentional with their open positions. The opportunities available are designed to maximize their efficiency. They’re looking for someone who can wear multiple hats and take on additional responsibility. In today’s market, negotiating a higher salary or compensation rate comes with the requirement of being an expert in that field and a commitment to growing and diversifying one’s skill set. As the workforce continues to experience layoffs and economic uncertainty though, candidates are cautious of taking a new position – if I’m first in, will I be first out?

Maintaining open communication with employers can help establish stability and a level of trust. Staying up to date on industry trends and organizational changes will help professionals navigate these challenges effectively. As organizations begin to regain their confidence, confidence levels among the workforce around their financial situation should increase in tandem.”

“Professionals are having to navigate a strange time right now being on the bubble of a recession. The great resignation that was a result of the COVID-19 pandemic saw a lot of workers voluntarily leaving their jobs, and we are seeing a lot less of that now. There is typically a correlation of financial growth for organizations creating professional growth opportunities, but with the economic uncertainty and continued layoffs across industries, it is impacting the psyche of workers and creating exhaustion and a sense of nervousness around their growth and stability. It’s important to find ways to develop mental resilience and not let that exhaustion weigh you down. It is equally important to recognize that advancement isn't solely about promotions; it's about becoming a better role model, a better leader and a better performer, especially when times are tough. Showing resilience and positivity is something organizations significantly value and often, those are the workers that end up having the most confidence and success throughout their careers.”