Workers across all industries are anxious amid tumultuous job environment
Mentions of 'anxiety' on Glassdoor surged 338% throughout 2023
CFRA research director Ken Leon discusses the state of the U.S. economy and shares his outlook for next year.
Workers across all industries were egregiously anxious this year thanks in large part to concerns surrounding layoffs, return-to-office policies and the acceleration of artificial intelligence, according to job review site Glassdoor.
In fact, Glassdoor reported that mentions of the word "anxiety" surged 338% in 2023. It's gotten so much attention that it's been named Glassdoor's word of the year.
Anxious American Workers - Word Mentions 2023
- Layoffs: +293%
- RTO: +476%
- ChatGPT: +2,639%
- Burnout: +12%
Source: Glassdoor Data
Mentions of the word "layoffs" increased 293% over the year and the term "RTO," which stands for "return to office," jumped 476%. Mentions of "ChatGPT" rose 2,639% and "burnout" rose 12%, according to Glassdoor data.
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Daniel Zhao, lead economist of Glassdoor's Economic Research team, told FOX Business that the term "anxiety" captures a broad set of trends that workers faced in 2023 and will likely continue to face in the new year.
It's unsurprising given that the year kicked off "with a very negative tone" due to layoffs sweeping several industries and fears of a potential recession to follow suit, he said.
Taking a mental health break during the workday can be beneficial for your overall health. (iStock / iStock)
On top of that, employers called their employees back to the office during the weakening labor market, and although AI has been around, new developments in the area pose concerns that it could dramatically disrupt how we work.
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"This is not just purely about mental health, which, of course, is a component," Zhao said. "There's also been economic anxiety."
Part of the reason that people were so anxious in 2023, according to Zhao, was not just that there were layoffs but that "this would escalate into a recession."
Daniel Zhao, lead economist of Glassdoor's Economic Research team, told FOX Business that the term "anxiety" captures a broad set of trends that workers faced in 2023 and will likely continue to face in the new year. (iStock / iStock)
However, moving into the new year, Zhao said there is an opportunity for economic optimism.
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"I think there's increasingly a cautious optimism that we are going to get that soft landing," he added. "Hopefully, as inflation comes down, as the labor market stabilizes, there's less imminent concern of mass layoffs or a recession."
On top of that, he is also hopeful that with the labor market in a better and more sustainable position, there will be a better understanding of hybrid work arrangements, which will ease anxiety, he noted.
His comments come just after the Federal Reserve on Wednesday held interest rates steady for the third straight time, signaling that its nearly two-year battle against high inflation may finally be coming to an end as policymakers forecast a series of cuts in 2024. The move sent the Dow Jones Industrial Average to a new all-time high above 37,000.
FOX Business' Megan Henney contributed to this report.