IT’S TIME TO START TALKING!
The latest workmonitor: the voice of talent in 2024 from Randstad has just been released.
The Randstad Workmonitor, now in its 21st year, explores the views of working people in 34 markets across Europe, Asia-Pacific and the Americas. It aims to provide an inside look at their attitudes, ambitions and expectations as the world of work continues to transform
One theme is screaming out from every page for me: employers must start talking to their employees and really listen to what is being said. This is an imperative for organisational survival.
ABC
The top takeaway from the 2024 report is that a new talent ABC is emerging, and employers must adopt it to attract and retain their best talent.
Ambition
Ambition is no longer just about career progression. For talent, ambition puts work-life balance, flexibility, equity and skills at the heart of career decisions.
Balance
Talent values work-life balance as highly as pay. There is a continued strong desire for flexibility, both in terms of where and when people work.
Connection
“With generational and geographic divides - as well as personal circumstances - affecting the needs of their workers, employers must rekindle connections with colleagues to better understand how different career paths and working models will suit individuals. Doing so will allow employers to move away from broad-brush talent strategies and personalize their approaches.”
It's time to start talking – and listen.
“To be seen as aspirational places to work, employers need to embrace the idea of working in much closer partnership with talent, not only by developing their careers but also by building equitable workplaces where workers feel they belong. Organizations must demonstrate that they truly understand workers’ ambitions, their desire for balance and the need for connection. Only then will they be able to attract and retain the talent they need to realize strategic business goals in an environment of rapid change.”
Key findings
There were four key findings or global themes emerging from the research.
· Ambition and motivation
· Flexibility
· Equity and understanding
· Artificial intelligence and skilling
Ambition and motivation
For nearly two-thirds of respondents (60%), their personal lives are more important than their work lives.
Work-life balance now ranks as high as pay on worker’s lists of priorities (93%) – more than any other considerations.
When looking at their next career move, work-life balance is even more important (57%) than higher pay (55%).
Whilst 35% of people say they would quit their job if it did not offer chances of career progression, a higher 48% say they would leave if their work prevented them from enjoying life.
Employers need to acknowledge these changing priorities and offer more creative paths to progression that align with the different ambitions of talent.
It's time to start talking – and listen.
The following graphic from the report illustrates the need for employers to talk to employees more often.
34% of employees are never talked to about career progression, and 26% are only talked to once a year! Those two groups make up nearly two-thirds of the entire workforce.
There is a clear mismatch between what employers provide and what employees want, with 40% wanting these conversations at least once a quarter.
It's time to start talking – and listen.
Despite the challenging economic headwinds, employers must ensure they engage with their talent to realise their ambitions.
Failure to address this mismatch will see organisations struggle to attract and retain top talent. In an age of talent shortages - particularly in areas such as technology - this will have serious consequences for companies
There is no one-size-fits-all when it comes to ambition and motivation. Employers must create clear lines of communication with employees to understand what progression looks like to them and what motivations they need.
Employees want clarity about what training and development is available to them, their career choices with an employer, and the work-life balance achievable in their roles. Therefore, employers must provide frequent and clear feedback, enable staff to release their ambitions and regularly recognise their contributions.
It's time to start talking – and listen.
Flexibility
“Talent still demands and seeks flexibility to accommodate all of their priorities.”
The Randstad research indicates that while talent continues to demand flexibility, they have seen their employers wanting them back in the office.
As we know, many employers are demanding workers back into the office full-time.
Many employees changed their lifestyles significantly because of remote and hybrid working arrangements. Over a third (37%) have moved house or bought a pet on the assumption that working from home is here to stay.
When asked how strongly employers were enforcing a return to the office, 41% stated that their employer had become stricter about attendance.
60% put their personal life above their work life and career ambitions.
48% would quit a job that would keep them from enjoying life.
Working from home is non-negotiable for close to 4 in 10 workers.
37% would consider quitting if they were asked to spend more time in the office.
Employees are concerned about maintaining their current work-life balance, with more than half stating they would not take a job that could negatively affect this (57%). This is higher than those wanting better pay (55%) and benefits (50%) for a future career move.
Flexibility is more than just location. Flexible working hours are considered more crucial (41%) when deciding about a new position than a flexible work location (37%).
The younger generation is more concerned about flexibility than other generations.
“Workplace and time flexibility is most cherished by Generation Z (born between 1997 and 2005), with 46% prioritizing workplace flexibility and 51% preferring flexible hours when looking for their next job. And a significant percentage (48%) also described being able to work from home as non-negotiable.”
The following image from the report shows the generational differences.
The Randstad research suggests that tension between employer and employee regarding a return to the office will persist in 2024 as employees continue to demand flexible work arrangements that fit around their personal lives.
It's time to start talking – and listen.
Employers need to start talking and listening. They must provide opportunities for employees to co-create their working models. They must be transparent over changes to the flexibility they offer.
Employers must offer more creative and flexible approaches to working time and location, which will open the door to a wider talent pool and increase talent retention. In contrast, restrictive approaches are more likely to close them.
Equity and understanding
“The theme of belonging continues to dominate what workers want, with many favoring employers whose opinions, values and worldviews reflect their own and who actively improve equity in the workplace.
Equity in the workplace is different from equality. Equity is about taking action to ensure all individuals have the same access to opportunity.
This is reflected in the finding that workers wish to bring their full selves to work. They want their backgrounds, circumstances and preferences respected.
What is more, they are willing to build connections and work in partnership with employers to create equitable workplaces. Both concepts, equity and partnership, form a golden thread running through all the findings of this year’s report.”
The following image from the report clearly shows that if employers do not know their employees’ viewpoints, social and environmental values, stance on diversity and equity, and position on sustainability, they will struggle to retain and attract talent.
It's time to start talking – and listen.
There is an understanding gap. Almost a third (29%) of employees say their employer doesn’t understand their generation. This perceived lack of connection may explain to some extent why a quarter of respondents also feel uncomfortable sharing their viewpoints due to fear of judgment or discrimination (26%). In addition, more than half of all respondents (55%) are hiding aspects of themselves at work. Gen Z and Millennials exceed this average markedly, underlining that employers must put greater emphasis on winning them over.
Employers must create spaces for conversation to understand better the motivation and needs of different generations and groups.
There is a lack of psychological safety when a third of employees don’t feel they can bring their whole selves to work for fear of recrimination. Employers must tackle this cultural issue head-on.
It's time to start talking – and listen.
Whilst talent may be hesitant to change jobs during times of uncertainty, they will do so when the economy improves. Employers must take a long-term view if they are going to retain talent.
“Workers do not expect to sit back and let their employers struggle alone to meet their demands for equity, understanding and alignment on social and environmental values. Our data shows that people are willing to do their part to help with the improvements needed. This willingness enables employers to draw on this energy and involve talent in anything from advocacy to policymaking.”
It's time to start talking – and listen.
Artificial intelligence and skilling
Nearly three-quarters of respondents said they value training and development, both in their current role and when considering future opportunities (72%).
Around a fifth of respondents ranked communication and presentation skills (22%) and management and leadership skills (21%) among the top three skills they want to develop. Only two of the top five skills rated as most important by talent are hard skills (AI and IT), while the others are soft skills.
More than a third of workers (36%) say that they would not accept a job if it didn’t offer learning and development opportunities.
Around a third (29%) would quit a job if they weren’t offered skilling opportunities to future-proof their careers.
Employers must assess if adequate opportunities to upskill or reskill are available to all.
Employees don't put the onus for learning and development on their employer alone. They are willing to take some responsibility in partnership with their employer. This requires effective and practical ways of gathering employee feedback on the training they want and the quality of what is offered.
It's time to start talking – and listen.
Call to action
The need to attract, develop and retain great talent is more urgent than ever before. There are three actions employers must take.
Ambition - You must evaluate if the opportunities you are offering align with what you people want.
Balance – Listen to employees and revamp processes to accommodate a more flexible working world.
Connection - Employees want to bring their whole selves to work, yet many feel unable to do so. Establishing strong communication channels will allow employers to understand better what might enable individuals to do so.
”Addressing all three of these areas will not be easy. But in a world of talent scarcity, doing so will be a key differentiator for organizations.
By learning the new talent ABC, they can set themselves apart as employers of choice and drive the talent agenda of tomorrow.”
It's time to start talking – and listen.
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