Now that we've welcomed a new year, many of us are taking action steps to move towards our goals. Do you envision yourself in a new career, or are you reaccessing your priorities in the workplace?
Companies: AI recruitment tools for assessments and scheduling
Candidates: AI tools for resume optimization, job search, and interview preparation
Increased Empathy in the Workplace
Relocation and Reassignment
In our first December 2023 poll about cultivating a culture of growth, our followers voted career development pathways (38%) and recognition for efforts (36%) as the most effective ways to build a culture of growth that attracts, engages, and retains talent. (Read the blog here.)
To follow up on this poll, we asked our 218K+ LinkedIn followers to vote on the hiring trends they believe will be most important in 2024.
“Which of the following do you predict will be more important to candidates in 2024?"
Poll options included the following:
We received a total of 716 votes with the results listed below:
Flexibility (location/hours) received the most votes with 51%.
Total Compensation came in second with 21% of votes.
Work/Life Integration came in third with 19% of votes.
Career Progression came in last with 9% of votes.
A positive result of the pandemic is that companies realized they could be successful with employees working remotely, and many employees loved the flexibility, cost savings, and improved well-being. According to a workplace flexibility survey by Deloitte, 94% of respondents stated they would benefit from work flexibility, with the primary gains being less stress, improved mental health, and better integration of their work and personal lives.
Employees care about their total compensation package, which may include base salary, bonus pay, employee benefits, perks, commissions, and tips. Total compensation is important and can function as an effective retention tool according to Compt. Companies competing for top talent may be willing to offer more generous total compensation packages, including relocation packages to attract and retain top talent.
In a recent workplace burnout survey by Deloitte, 77% of respondents reported that they had experienced burnout at their current jobs at least once. As the demands of a full-time job, family, friends, social activities, and other responsibilities increase, so does the stress level and risk for burnout. Companies can promote work/life integration by starting at the top - recognizing the role of leadership in setting the tone of the workplace culture. This includes encouraging employees to use their time off, offering programs to alleviate burnout, and creating opportunities for employees to bring their authentic selves to work.
Although this category came in last, employees want to know their opportunities for advancement including lateral moves and job rotations to diversify and develop their skills. A career progression plan also helps employees and their team members to create goals, providing direction and focus to align with organizational objectives. According to a 2022 study by McKinsey & Company, a lack of career development and advancement was the most common reason for employees leaving a job.