American Worker Survey

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American Worker Survey

Throughout 2018 Prudential Financial, Inc has been surveying the American Worker on various personal, financial, educational, and community related issues to understand the perspective of the American worker.

The 4th American Worker Survey conducted in September 2018 focuses on the relationship between businesses and the community in which they operate. The following is the SBA’s key takeaways from this survey and perspective on the data:

  • Financial considerations are the most important factor in deciding “Where to Live” 
  • As a nation the “cost of living” is the most important factor in determining where to live (63%). This number is considerably more significant than the factors coming in second and third in consideration.
  •  
  • The feedback from the Midwest is reflective of traditional Midwest values with the most important factors in choosing where to live being:
  • “It’s Where I Grew Up” (31%)
  • “Quality of Schools” (28%)

These two responses – higher than other regions in the county – tracks with the SBA’s understanding of “why businesses are located in Schaumburg”. From the SBA’s economic research, the “quality of schools” is often one of the most important considerations for a business in locating/remaining in Schaumburg. The ability for a Schaumburg business to partner with educational institutions that produces “exceptional” talent means a competitive advantage in the businesses market place.

  • Characteristics of a Thriving Community – Low Crime 
  • American workers prioritize two characteristics of a thriving community above all others. The most important factors for a thriving community is a low crime/personal safety record (69%) and economic opportunity (63%). These datapoints match nicely with Schaumburg’s profile as the community was recognized in 2018 as:
  • Schaumburg ranks 18th on “Illinois’s Safest Cities” (SafeHome.org, June 2018)
  • Schaumburg ranks 5th on “Best Illinois City for Jobs” (WalletHub, September 2018)
  • Schaumburg ranks #7 on “Best Places to Live in Illinois 2018” (Areavibes, September 2018)

The Prudential American Worker Survey data is further evidence that Schaumburg has strongly positioned itself as an attractive destination for living and working.

  • Workers Want Community Involvement 
  • One key insight from the survey was that the American worker wants businesses (of all sizes) to play an active role in their community. “59% believe that the private sector should have a moderate-to-large role in helping communities thrive”. This data with the corresponding belief that “Small Businesses” and “Large Employers” are best suited to provide financing for a thriving community suggest that an employer should be visible in the community.
  • As the number of open positions surpasses the total number of unemployed this feedback indicates that for an employer to be successful in filling their jobs, they should have a local presence.
  • If your business is looking to give back to the community – to help it thrive - the SBA has an active and vibrant non-profit community that would love to discuss partnerships with your organization.

The 4th edition of the American Worker Survey provides key insights into the needs and consideration of talent across the US and regionally. With job openings at record highs understanding the specific needs of talent in our area will assist Schaumburg and our businesses in better hiring and retaining the American worker.

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