Workforce Trends that are Here to Stay
With Q4 starting next month, it’s a good opportunity for leaders to review current workforce trends and begin strategizing for 2025. This year, Korn Ferry released a workforce report in which they surveyed thousands of professionals globally to discover top priorities for a new job, what keeps them at their current job, what motivates them to start looking for a new one, and how companies can encourage employees. You can download the full report here, but here are some key points:
Top Priorities for Staying at a Job
- Generous Compensation
- Flexible Working Hours
- High Job Security
- Nice Colleagues
- Strong Manager
- Learning and Development Opportunities
Remote and flexible work started with the pandemic and will only be prioritized more. So, it cannot be stressed enough that a flexible work environment is a major factor for employees. 60% of those surveyed stated they would stay in a job they hate if they had flexible working hours, and 75% claimed that the ability to work from wherever is critical. While in-office work policies can be divisive between employees and leaders, most professionals want to work away from the office, and managers who enforce this mandate are likely to see top talent leave.
Top Reasons for Leaving a Job
- Low Compensation
- Lack of Career Advancement Opportunities
- Lack of Job Security
- Inflexible Working Hours Policy
- Poor Company Culture/Values
Salary is the leading reason why people ultimately decide to stay or leave their jobs. The survey also found that people were interested in the total package of compensation and benefits, not just salary. 81% agree that it’s vital that a company understands the importance of benefits. Even more so, 54% of employees believe their company provides them with a salary and benefits that match their contribution to the company, and 40% believe their contributions are worth more than what they are being compensated.
Culture Appeal
It’s not surprising that employees prioritize nice colleagues and a strong manager. 73% said connection with their colleagues is one of the most important factors. Moreover, employees feel that when they have a strong manager, they feel supported with their learning and development and believe that when that is supported, companies prioritize well-being over profits. All this is contingent on company culture. When the right culture is created, all these factors fall into place.
As you begin to plan for 2025, it’s important to consider what employees want and add those elements to shape how you will attract and maintain talent.
