Survey after survey reveals that compensation and benefits are the main reasons people look for new job opportunities. But, that is under normal job market conditions.
Today’s job market is not normal. Let’s get more specific about what employers can expect now. A survey of 3,500 American workers by GoodHire revealed shocking viewpoints of workers in today’s marketplace.
Highlights of Key Findings:
• A whopping 68% of Americans would choose remote working options over in-office work.
• 85% of Americans believe that their colleagues and other employees around the nation prefer working remotely rather than working from the company office.
• 45% of Americans would either quit their job or immediately start a remote work job search if they were forced to return to their office full-time.
• 85% of Americans prefer to apply for jobs that offer remote flexibility, while just 15% would apply for a position that requires total full-time office work.
• 70% of Americans would forfeit benefits to maintain remote working status, most commonly: health insurance, paid time off, retirement accounts, and more.
• 74% of Americans believe that companies not offering remote working arrangements will lose major talent in the workforce.
• 64% of Americans believe companies that do not offer remote working arrangements will have to increase salary offerings to entice job seekers to apply.
Compensation always matters. Let’s never forget this. Even when a candidate says it is not their primary motivator for seeking new employment, don’t believe it. It always matters. Yet, the statistics above reveal that remote or hybrid work arrangements ranks #2 in an employee’s career decision.
Leadership at Thrive HR Consulting is quoted in a CNBC article that employers are missing out on up to 70% of candidates if flexible or remote work arrangements are not offered. One PwC survey found 65% of workers were looking for a new job as of August 2021. Better salaries and benefits and more workplace flexibility were their top reasons.
Candidates are calling the shots in today’s job market. If your business culture requires workers to be onsite, that is reality for your business. Nothing wrong with it. Just be prepared to miss out on hiring a substantial percentage of “A” players. And, you may have to pay more to entice your new hire to come to the office.
If you need help sourcing top talent in today’s competitive marketplace, give us a call at 317-578-1310.