Employees are seeking more than just a paycheck. They are looking for competitive salaries, comprehensive benefits, and a supportive work environment that promotes their overall well-being. As the cost of living continues to rise, employees are increasingly focused on securing higher wages to keep up with inflation.
However, employers are taking a more conservative approach, offering salary increases between 3-5% rather than the 5% or more that workers are expecting.
Jobs survey 2024
Employees crave investment in the human aspect of work.
Despite employers’ cautious approach, employees are not backing down from their expectations. A survey found that 16% of respondents intend to ask for a pay raise, and 40% of them are expecting an increase of over 5%. However, only 59% of employers plan to offer an increase of this amount. This shift in the market reflects a more cautious approach by employers, as they seek to balance the needs of their workforce with the financial realities of their businesses.
Salary guide 2024
While salary remains the number one motivator for employees considering a new job, there are other areas where employers can make a difference. Promotional opportunities, for example, are a significant motivator for candidates, and having a clear career path can entice employees to stay with a company.
In addition to salary, employees are also seeking comprehensive benefits that support their overall well-being. Paid time off is the number one benefit employees are seeking, with over 20 days of annual leave being the ideal. However, only 45% of employers offer this benefit. Investment in professional study is another top benefit for candidates, but only 55% of employers surveyed offer this.
Mental and physical health and well-being programs are also important to employees, with 60% of employers offering these programs. Yet, only 42% of employees are satisfied with their well-being, indicating a need for employers to revisit their well-being programs and determine which ones their staff really want and how they promote them.
Employees are seeking more than just a paycheck. They are looking for competitive salaries, comprehensive benefits, and a supportive work environment that promotes their overall well-being. Employers can meet these expectations by offering competitive salaries, comprehensive benefits, and a supportive work environment that promotes their overall well-being.
By doing so, employers can attract and retain top talent and position themselves as employers of choice in today’s competitive job market.
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