Yahoo! HotJobs Survey Finds U.S. Job Satisfaction Continues on Upward Trend; Job Seekers Are Sacrificing Salaries and Career Growth to Land Jobs in 2010

Annual survey finds that while many workers are satisfied with their current jobs, one in four are ready to jump ship when the economy improves.

SUNNYVALE, Calif., Jan. 6, 2010 – Job satisfaction among U.S. workers was solid in 2009, but pessimism and desperation plague many job seekers who remain grim about prospects for the job market in 2010, according to Yahoo! HotJobs’ survey, released today. The Yahoo! HotJobs Job Satisfaction and Employer Outlook survey polled 2100 workers, job seekers, hiring managers and recruiters.

Some general findings of the Yahoo! HotJobs surveys include:

American job seekers, workers, and employers are pessimistic about the job situation in 2010 — more than two-thirds of respondents feel the economy will stay the same or get worse.
Competition for jobs is getting intense: nearly 40% of workers feel it will take more than six months to land a job, and hiring managers report seeing more overqualified candidates applying for jobs. However, the survey revealed some good news, as one in three employers expect hiring activities to increase in 2010.
Job seekers are willing to do what they have to do to make ends meet, such as take a job beneath their qualifications, take a job that pays less, or take multiple jobs. Employers may witness an exodus of new hires who used these tactics.
Workers are split on whether they will stay in their current position or find new jobs. However, one in four feels that because there are no good jobs in this economy, they will stay where they are.
Social media has not yet become a vital source in the job market — very few job seekers use social-networking sites for job hunting, and few employers feel social networks are an effective source for job posting.

"While overall job satisfaction continued on a high note during this year of recession, we're seeing pessimism that suggests workers are learning to just be happy they have a job," says Tom Musbach, managing editor for Yahoo! HotJobs. "Job seekers and hiring pros don't have high hopes for a job market rebound in 2010, but our survey also shows many companies intend to hire more than they did last year. It's incumbent on job seekers to remain resourceful, persistent, and positive to succeed in getting a job today."

SATISFIED FOR NOW, PESSIMISTIC ABOUT WHAT’S TO COME

Satisfaction levels for 2009 have not changed much from 2008. Currently, 38.3% are "very satisfied" with their jobs and are not looking to change jobs. In 2008, 38.5% felt the same.

This year, 44.6% of respondents said they are satisfied with their current job, but would consider a new job if the right opportunity came along, versus 38.2% of respondents in 2008.

The remaining group — those unsatisfied and actively looking for new jobs (17% versus 23% last year) — is mostly made up of recent hires. Among recent hires, 34% state that they’ve applied for jobs below their qualification level, and 30% have accepted a lower salary or fewer benefits.

“For employers, the statistic about unsatisfied recent hires is a warning sign,” says Musbach. “This is the same group that potentially took on the job while sacrificing salary or growth, and these are the people who could leave once the economy turns.”

The survey revealed that 40% of job seekers feel the job situation will get worse in 2010, and 35% of employers feel the same way. Almost 40% of respondents feel that it will take them more than six months to find a new job.

About 42% of hiring managers say they anticipate hiring activity for full-time, permanent employees to stay the same. However, 32% expect to see an increase in hiring activity in 2010.

In the meantime, job seekers will resort to:

Moonlighting or taking on a second job. (17%)
Starting their own businesses. (14%)
Returning to school. (11%)
Taking temp jobs, freelance jobs, using “get rich quick” tactics, and volunteering.

WHAT’S A JOB SEEKER TO DO?

More employees are planning to stay in their current job than they were last year (55% in 2009 vs. 43% in 2008), but the remaining half who are looking to leave their jobs are mostly doing so because they feel there is no career growth with their current employer, and because they feel they will be compensated better if they moved to a new employer.

So how will they find a new job? Not on social-networking sites. The survey found that only 9% of respondents have used social networking sites to find a job, and only 1% thinks it’s the most effective way to find a job. Moreover, 38% of job seekers feel that using social networks doesn't improve their chances of finding a job. And only 23% of hiring managers and recruiters are using social networks to promote their job openings.

According to the survey results, the top methods for finding jobs are: in-person networking (50% of respondents), company websites (43%), and online job-posting sites (42%). These methods are consistent with what employers said are the top ways to publicize their open positions.

“Forget sandwich boards and other wacky tactics — job seekers are sticking to the tried-and-true, and going to where they know the jobs are,” Musbach says. “As one of the leading job-research and posting sites, Yahoo! HotJobs has witnessed activity that is in line with the survey findings: Our user traffic has increased and we continue to be a top destination for employers.”

Musbach offers the following tips for job seekers:

Be flexible. Look beyond your usual industry; many of your skills may be transferable.
If unemployed, commit to action every day, and set small goals.
Tailor every resumé to the job description. Take your time with each resumé, as it is the first impression you make on the hiring manager.
Network: Join professional groups, stay in contact with former associates, and spread the word about your job hunt.
Stay positive. A genuine positive attitude is critical to making the right impression.

For more tips and information, visit: http://hotjobs.yahoo.com

About the Survey:

Job seekers and hiring managers were asked questions separately and the results were combined to create the Yahoo! HotJobs survey.

Worker and Job Seeker Survey: Data was collected from 1,341 adults living in the United States via an online survey. Respondents were surveyed between November 20 and December 8, 2009, and were recruited via the Yahoo! network and a third-party source.

Hiring Manager and Recruiter Survey: Data was collected from 806 recruiters and hiring managers from December 1 to December 7, 2009, via an online survey. Respondents had responsibilities either in the recruitment of new employees or hiring of new employees. Furthermore, all respondents must have recruited and/or filled at least one position in 2009. Respondents were recruited via the Yahoo! network and a third-party source.

About Yahoo!

Yahoo! attracts hundreds of millions of users every month through its innovative technology and engaging content and services, making it one of the most visited Internet destinations and a world-class online media company. Yahoo!'s vision is to be the center of people's online lives by delivering personally relevant, meaningful Internet experiences. Yahoo! is headquartered in Sunnyvale, California. For more information, visit http://pressroom.yahoo.com or the company's blog, Yodel Anecdotal (http://yodel.yahoo.com).

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Media Contacts:

Bahareh Ramin
phone: (310) 907-2931
Email: Bahareh@yahoo-inc.com
Yahoo! Corporate Communications