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For business leaders, navigating the current talent landscape can feel like steering a ship through a storm. Uncertainty reigns, with economic pressures swirling and employee expectations evolving rapidly. To gain a clearer view of the horizon, we delved into the motivations and desires of both candidates and hiring managers in our 2024 Hiring Trends Report. Today, we'll unpack the key takeaways, equipping you with insights to attract and retain top talent in this dynamic market.
The Great Reshuffle Continues
78% of respondents are actively seeking new opportunities or considering a move within the year, a significant jump from 72% in 2023. This underscores the ongoing "Great Reshuffle," where employees feel empowered to pursue new opportunities. While financial considerations remain relevant, with 41% eyeing higher salaries, a shift in priorities is emerging.
Beyond the Pay Check
Today's talent seeks more than just a hefty pay check. Pursuing new challenges (26%) and finding a thriving culture (19%) are increasingly important. This highlights the need for employers to offer stimulating work, foster a positive environment, and invest in career development. Remember, competitive salaries and benefits remain crucial, but they're no longer the sole differentiators.
A Market in Flux
Hiring managers anticipate both growth and contraction in specific sectors. Marketing, Business Development & Sales, and Operations & Business Support are poised for investment in some sectors, while Marketing and Operations & Support might face shrinkage in others. This creates a potential talent shift, with workers moving toward thriving industries. Businesses must be prepared for both increased competition for talent and potential redundancies in certain areas.
The Global Impact
Global events, particularly AI and automation (25%), are influencing hiring decisions. While only 5% actively invest in this domain, its disruptive potential cannot be ignored. Brexit, the situation in Ukraine, and broader economic factors further complicate the landscape. Business leaders need to stay agile and adapt their strategies to navigate these complex realities.
Salary Matters, But It’s Not Everything
With 78% seeking new opportunities, understanding salary expectations is crucial. While some are drawn to higher base salaries or improved packages, salary satisfaction has risen by 7% compared to 2023. 29% would consider a 5-10% raise, and 22% aim for 10-15%. Interestingly, only 42% of those who requested a raise in 2023 received it, potentially explaining the increased openness to changing jobs.
The Power of Perks
Beyond basic salary, additional benefits play a role. Bonuses are common (51%), but their effectiveness is questionable. Comments regarding unrealistic criteria and unmet targets raise concerns about their true value. Other benefits like shares, pensions, car allowances, and enhanced leave are offered by varying degrees, but ultimately, a holistic and engaging work environment matters most.
Beyond Remote Work
While remote work remains appealing, many businesses are calling employees back to the office for collaboration and learning. However, flexible working hours beyond remote options are less common. Can employers attract and retain top talent by offering flexibility beyond just location? This is a question worth exploring.
Investing in the Future
With 33% seeking promotions, upskilling and development are critical. Yet, only 25% have dedicated career paths, and investment in learning and development remains low. This presents a gap between employee aspirations and employer support. Businesses must bridge this gap to attract and retain talent in the long run.
Culture Counts
A staggering 76% have been with their current employer for less than 3 years, highlighting the importance of retention. Shockingly, only 7% received counteroffers to stay, and most declined, emphasising that money isn't the sole factor. Poor workplace culture (43%) remains the primary reason for leaving. Fostering a diverse, inclusive, and positive work environment is not just an ethical imperative; it's a strategic necessity.
Turning Insights into Action
In this dynamic talent landscape, understanding these trends is crucial for success. At We Are Adam, we are talent attraction specialists, helping businesses acquire the exceptional individuals they need to thrive. Through our executive search, headhunting, and talent advisory services, we connect leading companies with top talent across various disciplines, including C-suite, HR, Marketing, and Commercial.
Whether you're navigating the complexities of global markets, shaping an engaging work environment, or seeking exceptional leaders for your team, We Are Adam can be your trusted partner. Explore our services and connect with us today to discuss your unique talent needs.
Dive Deeper: Download the Full Report and Unlock Valuable Insights!
This blog post has only scratched the surface of the dynamic talent landscape in 2024. For a comprehensive analysis and even more data-driven insights, download the full Hiring Trends Report here: https://www.weareadam.com/2024-hiring-trends-report
In the full report, you'll discover:
Detailed breakdowns of industry-specific trends and salaries across marketing, HR, commercial and more.
Actionable advice on attracting and retaining top talent in a competitive market.
Expert quotes from business leaders just like you.
Exclusive data to help you make informed decisions about your talent strategy.
Don't wait! Download the full report today and equip yourself with the knowledge you need to navigate the talent shift and build a winning team.
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