The economic and financial crisis that thundered through the world economy in 2008 still rumbles on today. The downgrade of the US debt rating in August 2011, along with the economic chaos that has taken over the European Union in recent months, have done little to lend confidence to the bio/pharmaceutical market. When analyzing data from our 2011 annual employment survey, readers' outlooks are positive with regard to job security and business growth for 2012. Approximately 64% of respondents feel that their jobs will be secure in 2012, while 81% believe 2012 will bring improved business conditions or, at the very least, not decline.
At the end of 2010, the majority of survey respondents thought that business within the bio/pharmaceutical industry would improve in 2011, but given the enormity of global economic worries, it's no surprise that a speedy recovery has been somewhat delayed.JOB SECURITY IN TROUBLED TIMES
Breaking the data down by the size of the organization, those working in large companies (i.e., companies with more than 10,000 employeees worldwide) are sitting tight: 45.2% say they feel no more or less secure than last year, and 18.3% feel more secure. At small companies with less than 500 employees, anxiety runs higher, with 47.5% saying they feel less secure than last year, but a higher percentage, 30%, saying they feel more secure. The pattern is somewhat reversed when respondents discuss whether they were likely to leave their job involuntarily in the coming year; 10% of respondents working for small companies agreed, as compared with 22% in large companies.
Only 18.8% of all respondents agreed that leaving their job involuntarily was likely, but what about moving on to new pastures voluntarily? A strong 64% of respondents disagree strongly or disagree somewhat that they will leave voluntarily (34.7% were in agreement), so many are either satisfied at work, or mindful that the job market has seen better days. Once again, the size of the company plays an important role in this decision. While 25.6% of respondents from large companies agreed strongly or agreed somewhat that they would leave voluntarily in the coming year, more than half (52.5%) of respondents from small companies thought that they might voluntarily change jobs in the coming year.