Money not all that talks to job seekers
26 March 2016, 12:34
Johannesburg - “Type of work” is now equal to “compensation” as a motivator for career decisions among candidates globally, according to a recent survey by ManpowerGroup Solutions.
While money still talks, today’s candidates are equally interested in how work integrates with their daily lives. No longer are jobs just cash machines that facilitate the golden years of retirement.
About 56% of global candidates identified “type of work” as one of the top three factors in making career decisions - overtaking “compensation” at 54%. That means nearly six out of ten candidates believe that what they do is as important as how much they get paid.
When it comes to motivating candidates to switch jobs, however, compensation gets their attention - an increase in pay is twice as powerful as type of work.
Today, candidates’ complex motivations vary with their country’s culture, economic conditions and job market dynamics," reveals the global candidate preferences survey. Motivations for making career decisions and immediate job switching strongly correlate with market location. However, job search behaviours and preferences are more closely tied to age.
Important factors in making career decisions included the type of work (78%), compensation (81%), benefits offered (50%), geographic location (53%), opportunity for advancement (51%), schedule flexibility (35%), company brand or reputation (28%) and industry (27%).
For many, technology has blurred the lines between work and leisure time. Employees are often expected to be available 24-7 to their employers and work-life balance has become a challenge for a majority of the workforce. As a result, employees’ relationship with their jobs is shifting. While it was previously a means to an end (e.g., weekends, vacations, retirement), a job is now a more integrated part of a holistic way of life.
"As the talent shortage grows, making it more difficult to find candidates with the right skills, businesses should understand exactly what job seekers look for," explained Kate Donovan, senior vice president of ManpowerGroup Solutions.
“People with in-demand skills are making different career choices today based on lifestyle preferences and beliefs. This complicates traditional recruitment models and forces companies to think differently about their recruitment and workforce management strategies."
According to Jim McCoy, vice president of ManpowerGroup Solutions, several generational differences were revealed in the study, including Generation Y's desire for better on-boarding, upward mobility and the need for employers to value corporate social responsibility.
“From bold new strategies that involve collaboration within industries, to old-fashioned boots-on-the ground tactics, employers need to customise their outreach to attract and retain the best talent across the globe,” said McCoy.
Applying to jobs online is the number one method (34%) global candidates use in their job searches. And although the majority of those surveyed (77%) had previously worked with a recruiter on a job search, nearly one in four candidates prefer to search, identify and pursue job opportunities on their own from start to finish — five times as many who prefer to solely use a recruiter.
Global candidates overwhelmingly pointed to the increasing importance of company brand when making career decisions. Over half of all candidates (56%) said brand is more important to them than it was five years ago.
Globally, over one third of candidates (37%) self-identified as “continuous candidates” - those who agree with the statement “I am always looking for the next job opportunity.”
Corporate social responsibility (CSR) also emerged as an important motivator and an important aspect of an employer’s brand for Gen Y. Among those who identify CSR as one of the three most important aspects of a company’s brand, 58% are Gen Y.