Work-life balance overtakes pay as a top priority for the workforce
In a shift of workplace priorities, employees worldwide now rank work-life balance above compensation, according to the latest Randstad’s latest Workmonitor which surveyed over 26,000 workers in 35 markets across Europe, Asia Pacific, and the Americas. This marks the first time in Workmonitor’s 22-year history that work-life balance surpasses pay as the leading motivator.
The research also found that talent is taking action if their expectations are not met, as 45% say they have campaigned for better conditions at work. This is further shown by 44% reporting they have quit a job because they thought their workplace was toxic, an increase of over 33% compared to last year.
“Many expected the challenging economic conditions of 2024 to temper talent expectations, but the Workmonitor shows the opposite has occurred,” Randstad CEO, Sander van ’t Noordende, said in a press release. “We have seen a new baseline established with talent continuing to hold multifaceted expectations.”
The report also shows that talent wants their workplace to align with their values and preferences, as 29% have already quit because they didn’t agree with the viewpoints or stances of their leadership. Up by an increase of over 26%, close to half (48%) wouldn’t accept a job if the company didn’t share their social and environmental values. A similar proportion (43%) have considered leaving because of their employer’s stance on political issues.
Meanwhile, 31% have left a job because it didn’t provide enough flexible working. Younger workers are more likely to enjoy it as a benefit, with close to half (40%) of Gen Zs saying they’ve been given more flexibility in terms of location in the past six months compared to 17% of Baby Boomers.
Randstad also found that 83% of talent also want their workplace to provide a sense of community. Over half (55%) are willing to quit if they feel they don’t belong, an increase from last year’s 37% global average.
In some cases, pay is deprioritized over the community at work, as 36% of respondents wouldn’t mind earning less money if they had friends at work. At the same time, this has a bearing on talent’s productivity, as 85% believe they perform better on the job if they feel a sense of community with their colleagues.
The research also highlighted that learning and development continue to be essential for talent, yet there’s an expectation-reality gap.
Last year, 29% said they would quit if they were not provided development opportunities to future-proof their careers, a figure climbing to 41% this year. AI is the most sought-after learning and development opportunity (23%), followed by IT and technological literacy (11%) and management and leadership skills (7%).
Despite this demand, 36% of talent report not receiving such training opportunities from their employers. This tallies with Randstad’s employer data which show that only 9% of businesses offer coaching programs that are open to all employees. Compounding this, the demand for inherent skills such as continuous learning, resilience, empathy, and ethical judgment has surged by 81%.
Further data showed that when given the choice, talent was most likely (26%) to want to work in the office three days a week. However, according to their reported company policies, 31% of employers want talent in the office full-time, with less than a third (29%) expecting three days or less.
It comes as Randstad’s in-demand skills report showed that fully remote roles have declined by around 50%, while hybrid roles surged by 300%.
There’s also a breakdown of trust when it comes to flexible working, as 28% of talent do not think their manager trusts them to maintain productivity while working from home.
“For today’s talent, the significance of work is complex and needs to be personalized,” van ’t Noordende said. “They are setting the terms on what truly matters to them as individuals and within their communities. Successful businesses are those that will adapt and adjust to this new talent baseline. The solution lies in empowering our key resource: people.”