When selecting an employer in 2024, workers’ top priorities now include an attractive salary and benefits, work/life balance, good training, equity and job security, according to an Aug. 12 report from Randstad.
While compensation remains the top desirable trait in employer value propositions, equity has become a much more significant factor, the report found.
“It’s clear that the American workforce is entering a new era where equity and longer-term financial security are moving to the forefront of employee priorities,” Marc-Etienne Julien, chief executive of Randstad North America, said in a statement.
“This shift is a powerful reminder that organizations must look beyond the traditional salary offer to attract and retain top talent,” he said. “This means embracing more inclusive compensation models and fostering workplaces where everyone, regardless of background or role, can see a future for themselves.”
In a survey of more than 5,000 U.S. adults, job switching behavior appears to be on the rise, with a 2% increase in job changes during the second half of 2023 and a predicted 3% jump in the next six months of 2024. The increase suggests a “robust trend toward mobility,” according to the report, particularly among Gen Z employees.
Gender and age disparities in compensation also seem prevalent. Women and older employees, specifically baby boomers, reported fewer instances of equitable compensation and benefits satisfaction. Employers may need tailored strategies to bridge this gap, the report found.
Although more companies say they’re striving for pay equity and transparency, about 34% still don’t have a pay equity strategy in place, according to a beqom survey. More than half of compensation decision-makers said they doubt their company meets global standards, and 45% said their approach to pay equity hurts their ability to attract talent.
Pay structures are beginning to change to meet equity and transparency goals, according to a Payscale report. However, while organizations have become more transparent, they still only tend to disclose data to individual employees and only when required to do so, the report found.
