Employees across many industries have spent the last two years seeking — and often receiving — previously unimaginable perks and compensation, part of the pandemic-fueled labor market shift.

But in a new survey conducted by the Harris Poll for Bloomberg News, 58% of respondents said they believe companies have more leverage in the job market these days, an increase of five percentage points from January.

The change in sentiment comes at a time when it’s hard to figure out exactly where the US economy is headed. On one hand, the labor market is red hot. The economy added double the number of jobs as expected last month and recent data showed that initial unemployment claims dropped for the first time in three weeks, suggesting continued demand for labor.

Rarely does a day go by, though, without another big company announcing layoffs. Apple is letting go of recruiters. Robinhood slashed a quarter of its workforce. Peloton just eliminated hundreds of jobs. Half of US companies are planning layoffs, according to a recent survey.

With that in mind, employees say they are feeling less empowered to ask for everything from raises to remote work. In the poll, 59% indicated that even though they would like a raise with inflation near the highest level in decades, they don’t feel comfortable asking for one.

“It’s a little bit of a game of chicken,” said John Gerzema, chief executive officer of the Harris Poll. “The calculus is: I either want to lock in greater pay right now by asking for a raise or moving to another job to get a raise. However, being worried about a recession, I’m now also consciously thinking about my job security.”

Increasing Tension
Workers are also concerned about remote work. For two years, surges in Covid-19 cases meant that even bosses staunchly entrenched in the return-to-office camp have struggled to force employees back.

But with many major firms now saying this will be the last summer of fully remote work, employees appear to be picking up on the message. In the poll, only 51% of respondents said they believed they could negotiate to work from home or in a hybrid setup without fear of repercussions. 

To be sure, Americans still say they’re emboldened by the strength of the job market. Six in ten employees agreed that they could readily seek out jobs with higher pay. What’s more, over half say they are likely to try securing other job offers in order to get raises at their current jobs. That number is unchanged overall since January, but it rose nine percentage points for those in Gen Z.

Bold Moves  | A majority of Gen Z and Millennials are very or somewhat likely to seek out a competing offer to get a raise at their current job
“It’s conflicting messages completely,” said Maggie Mistal, a career consultant and executive coach based in New York and Florida. “Layoffs are happening and people start to say, ‘Is my job in jeopardy?’ But also some industries are growing.”

Workers cite today’s volatile economy as a reason not to leave their current posts. A full 62% said current economic fluctuations are a reason they plan to stay at their current jobs. The figures were even higher for Gen Z and millennials.

This survey was conducted online from Aug. 12-14 among a nationally representative sample of 2,007 US adults.