CULTURE COMPLETES THE FULL PACKAGE What Workers Want Report 2017 hays.co.uk/what-workers-want
CONTENTS Introduction 1 About us 2 About the report 3 Key findings 4 Recommendations 6 The full package 8 Spotlight on gender 14 Sector overviews Accountancy & Finance 16 Construction & Property 18 Education 20 Engineering 22 Human Resources 24 Information Technology 26 Insurance 28 Legal 30 Life Sciences 32 Marketing 34 Office Support 36 Procurement, Manufacturing & Logistics 38 Sector summary 40 Contact us 42
CULTURE COUNTS CREATING AN ENGAGED WORKFORCE Welcome to our What Workers Want Report. This report provides insight into the priorities of employees today and some of the nuances that influence their career-related decisions. Employers should use this guide to provide support when building effective recruitment and retention strategies. Our highly acclaimed annual UK Salary & Recruiting Trends guide offers insight into salaries and hiring trends across the UK and always prompts further questions on the dynamic between employers and employees. What Workers Want allows us to explore some of these themes further and consider more closely what is fuelling some of the decisions driving employee career behaviour. Based on the survey findings of over 13,650 respondents, this report explores the importance of four key factors pay, culture, career progression and benefits that are pivotal to the decision about whether to stay in a current job or whether to accept a new one. Understanding how these four factors are prioritised can give employers a competitive edge in the employment market. This is particularly pertinent in today s challenging and somewhat uncertain economic climate where, in a number of sectors, the competition for talent is intense and employees appear to be dissatisfied in their current roles. We are still faced with a situation where professionals in sectors such as construction, IT, finance and engineering are in high demand and often receive multiple job offers. For this very reason, it is important that employers consider the total package they are offering. Our survey results show that whilst pay is the single most important factor when deciding whether to accept a job or to stay in a current role, the other elements of culture, career progression and benefits collectively influence more of the decision-making process (55%). While pay is important, only one employer can pay the most and to be competitive in attracting and retaining the best talent, organisations should not rely on pay alone to help them keep existing employees and secure new ones. For example, culture is the second most important factor in the decision-making process for employees. Not only did our findings show that professionals say they would be prepared to take a pay cut to work for an organisation that is a better cultural fit, but they are also looking for an employer with a diverse and engaging culture. Career progression is also important to employees with a significant proportion of professionals striving to achieve senior executive positions. However, providing employees with a clear career path may not be enough. When it comes to promotion, employees rate achieving greater recognition and respect most highly. Receiving additional professional development and training is also viewed as more rewarding than moving up a level or getting an improved job title. An awareness of this should prompt employers to fully explore the breadth of their career development practices both during internal career review meetings and when hiring. Employees want to be fully aware as to what employers can offer and to be empowered to make selections that best suit them, from the type of health insurance to the form of training. Our survey results show that these elements, which are so important to professionals, are not always being effectively communicated during interviews. Improved communication of policies and practices in this area should be prioritised in the recruitment process. This report therefore provides invaluable insight, which can support an organisation s recruitment and retention strategies to ensure they are best positioned to attract, secure and retain the people they need. I hope you enjoy reading this as much as we ve enjoyed compiling it. I m sure it will prompt further discussion and we look forward to pursuing these debates with you to help enhance your people strategies. Nigel Heap Managing Director, Hays UK & Ireland What Workers Want Report 2017 1
ABOUT US Our passion lies in helping people to develop their careers, and employers to grow their organisations with the right people. Our expertise With around 2,000 recruiting experts in 95 offices across the UK we place over 600 candidates in new roles every day, across 22 different industries and professions. We are the market leader in the UK and recruit across the private, public and not-for-profit sectors. We recruit for permanent and temporary roles for organisations of all sizes and in all locations across the UK. Competition for skills is high in many of the industries we recruit for and our geographic reach and market-leading database enable our consultants to search over four million candidates globally. This gives employers access to the widest possible talent pool and increases our chances of finding the right match for your organisation. We know that speed and accuracy are essential when recruiting, and have enhanced our database with Google technology to search and review candidate profiles quickly and effectively to enable us to find the best people in the fastest timeframe. Our services Our expert recruitment consultancy is further enhanced by a suite of additional services. We can support your talent management strategies with services including: Career transition services Digital recruitment campaigns Executive search Managed services Project solutions Recruitment Process Outsourcing We also offer comprehensive salary benchmarking, which provides specific and detailed analysis and information bespoke to your organisation, role(s) and location. For further information contact the team. Visit hays.co.uk/salary-benchmarking We are the most followed recruitment company on LinkedIn with over 1.6 million followers and we are LinkedIn s Most Socially Engaged Global Recruitment Company. Our access to this network is unrivalled. Recruiting across 22+ skilled and technical professional areas Accountancy & Finance Healthcare Construction & Property Human Resources Digital Technology Information Technology Education Insurance and Financial Services Energy, Oil & Gas Legal Engineering Life Sciences Executive Marketing Financial Markets Office Support PA & Secretarial Procurement & Supply Chain Project & Strategy Retail Sales Social Care 2,000 recruiting experts 95 offices across the UK 100 permanent jobs filled in the UK each day 500 people placed into temporary assignments in the UK each day 2 What Workers Want Report 2017
ABOUT THE REPORT Our new What Workers Want Report is centred around the factors that influence an employees decision about whether to stay in a job or accept a new role. These four factors pay, culture, career progression and benefits were identified as key to the decision-making process. By asking respondents to weight each of these factors according to the importance they attribute to them, we gathered insight into where employers should be focusing their efforts. We then probed further, comparing employees expectations to the workplace experiences employers currently offer. In addition, we examined differences between genders, generations and seniority levels, as well as across 12 of the specialist areas that we recruit for. This has allowed us to provide a unique, in-depth understanding of the motivations of professionals, enabling you to significantly enhance your recruitment strategy and better retain valuable talent. Methodology We carried out a survey in February 2017, which secured over 13,650 responses. The survey was sent to people on the Hays database (not limited to current jobseekers) and allowed us to gain the perspective of both employees and employers. The survey was completed by professionals across the UK, from across 12 different specialist skilled and technical areas. It was also completed by hiring managers and HR professionals from a variety of organisation types and sizes across the public and private sectors. The survey size allowed us to analyse the data according to level of seniority, gender, generation and sector. Key indicators 66 % 28 % Focus their job search on securing a higher salary Loyalty Expect to work for fewer than five employers 62 % 39 % Cultural fit Prepared to take a pay cut to achieve a better cultural fit Development Would decline a job if it didn t offer professional development 78 % 51 % Ambition Consider themselves ambitious to progress their career Work-life balance Deem that they have a positive work-life balance What Workers Want Report 2017 3
KEY FINDINGS This comprehensive report is focused around the four key elements pay, culture, career progression and benefits that people factor into their decision-making process when considering whether to stay with an organisation or whether to accept a new job., the findings show that there are few differences between what makes somebody stay in a role and what attracts them into a new role. Results show that professionals are interested in the full package that their employer has to offer and are looking for an organisation that will invest in their personal development. Reinforcing with employees what is available to them throughout their career and what choices they may have in terms of benefits or training, for example, will help keep staff engaged long-term. Effective communication of these options to potential hires is also important. The chart below examines how the key factors of pay, culture, career progression and benefits influence an employee s decision about whether to stay with their employer or join a new one. Respondents were asked to weight the different elements according to how much importance they attributed to each of them. How professionals decide whether to accept a new job vs. stay with their current organisation Competitive pay is important, but not a stand-alone influence, not surprisingly, is the single most important factor, influencing around 45% of a worker s decision as to whether to accept a job or to stay in their current role, and two-thirds say their job search is focused around achieving a higher salary. Setting and maintaining a competitive pay level is therefore important. However, 55% of a worker s decision is also influenced by other factors, so employers need to think beyond purely pay and consider the other factors such as culture, career progression and benefits. This is particularly true for the younger generations, who are less motivated by pay alone. Further to this, pay is the only factor on which employees say they are willing to compromise. Almost two-thirds (61%) stated that they would consider taking a pay cut in order to achieve other elements that are important to them, such as their ideal benefits package. This highlights how important it is for employers to look at the overall package they are offering and not focus on pay in isolation. 11.5% 19.1% 24.9% 44.5% Benefits Career progression Culture 12.1% 17.6% 24.8% 45.5% Cultural fit is a differentiator requiring greater focus Employers and employees agree that a good cultural fit is important. 97% of employers say cultural fit is very or quite important, rating it above the individual s potential and qualifications when assessing a new hire. Employees also rate culture as the second most important factor influencing their career decisions. In fact, 62% say they would be prepared to take a pay cut to work for an organisation that offers a better cultural fit. An effective discussion on the culture and what that means for employees should therefore be a key part of the interview process. Unfortunately, that does not appear to be the case. Although 87% of employers state they discuss culture during interviews, only around two-thirds (63%) of employees say culture was discussed in their last interview. This means that a significant number of candidates are not hearing the information that is important to them when weighing up a potential new job. STAY ACCEPT Taking the time to understand and sell what it is about your workplace culture that creates job satisfaction in addition to setting clear expectations at the interview and beyond, may well be the differentiator in your recruitment and retention programmes. 4 What Workers Want Report 2017
Professionals want training, but may be underutilising what s on offer 78% of the workforce consider themselves ambitious and over a third (38%) aspire to senior management. When promoted, aside from better pay and benefits, 40% of professionals stated that they most wanted recognition and respect, followed by training and development (28%). Both of these were rated above things like moving up a level (21%) and securing a better job title (4%). This illustrates the importance that people place on their learning and development. This seems to be understood, as 70% of employers offer some form of training. However, less than 40% of professionals say they actually receive training, with the biggest gap evident in the number of employees who receive third party training (37%) versus the number of employers who say they offer this (74%). The importance of training is also apparent during the recruitment process where all seniority levels, from C-suite to junior management, always consider an organisation s training policy when assessing whether to apply or not. In conclusion, employers should re-appraise how they both communicate and actively promote the training and development programmes that are available for new and existing employees. Candidates look for policies on benefits before applying Although benefits are the least influential factor, when compared to pay, culture and career progression, they are not overlooked. Candidates will almost always consider what benefits policies are available to them before deciding whether or not to apply. For example, the majority of professionals (84%) stated that they consider an organisation s flexible working policies, 85% of professionals consider health and wellbeing offerings, such as health insurance, and 86% will look for training programmes and continued professional development policies. Should employers not promote their benefits policies effectively, they run the risk of losing good candidates by not highlighting parts of the overall rewards package that may be expected as standard. Interestingly, 31% of professionals will always consider an organisation s diversity policy, with an additional 35% sometimes looking for it, reflecting a growing interest in this area. If employers have diversity policies or initiatives, they should be sure to highlight them to prospective employees. Reinforcing with employees what is available to them throughout their career and what choices they may have in terms of benefits or training, for example, will help keep staff engaged long-term. WHAT DO TODAY S WORKERS WANT FROM THEIR CAREER? The full package It is clear that professionals across all seniority levels, genders and generations are looking for their employer to enable a positive career experience that develops their job satisfaction. Forging a successful career is important, and ambition and loyalty are clearly evident, but they also want a better work-life balance. A combination of factors creates that positive career experience. is important and needs to be competitive, but given that 55% of employees base their career decisions on aspects other than pay, employers need to look at how else they can achieve a competitive edge. For example, cultural fit is highly prioritised by employees and should be a key area of focus for employers, particularly when promoting new opportunities. More effective communication may in itself resolve some of the gaps between employee expectations and what they are experiencing. Employers should ensure that line managers and their hiring community are well-versed in their organisational culture, knowledgeable on career progression and informed on benefit and development programmes. They should then ensure that these vital components are discussed in-depth during both recruitment and career development conversations. What Workers Want Report 2017 5
RECOMMENDATIONS Using the information gleaned from this report, we have outlined some key recommendations for employers to consider. Following these will help employers better retain and attract the skilled professionals they need, and help them build their talent pipelines for the future. Prioritise communication as part of your recruitment and retention programmes Promote the total package from your online platforms through to your people managers Professionals are interested in everything that their job has to offer from pay, career progression and culture to benefits. Yet, based on the findings, it is evident that there is a gap in employee awareness as to what is available to them. Ensuring information is easily accessible and communicated consistently from when someone first comes across your organisation online through to their regular dealings with their manager may be what gives you a competitive advantage in recruiting and retaining talent. Employers should consider assessing their own hiring managers knowledge of the organisation s benefits policies, for example, to ensure they can confidently explain the detail of what their organisation has to offer prospective candidates. This may also act as a positive retention mechanism, creating an opportunity to re-engage with middle management about what they may or may not be utilising as part of their own package. Celebrate staff achievements Today, all generations and seniority levels prioritise recognition and respect and their own personal development, so review whether your promotion criteria and rewards are in line with what your employees want a positive experience. Think about how you recognise and celebrate your staff successes, as this may be key to keeping your staff happy longer-term. Make sure your managers have access to communication channels to promote achievements across the organisation, not just within their own team. Finally, use your staff s milestones to reinforce key messages about what is available to them, such as professional development. Employees want an employer who will invest in their learning and development but they may be hesitant to ask for it, as results show they are underutilising what is on offer. Take the opportunity of a promotion, for example, to demonstrate your commitment to your staff by emphasising to them what is available. Interviews need to be two-way The interview is a key time for you to let a prospective candidate know what is on offer. Despite employers stating that they discuss many of the pertinent elements of the job and the rewards package during interviews, far fewer candidates acknowledged this. To address this issue, and to ensure the interview fosters a two-way discussion helping both parties determine if this is an ideal match or not, employers should consider a review of their interview structure and questioning techniques. Additional training of hiring managers may also be necessary to improve the recruitment of a good candidate match. 6 What Workers Want Report 2017
What to focus on? 1 2 3 4 5 Promoting the total package Investing in a range of training options Building a strong workplace culture Offering recognition and respect with promotions Benefits options What to avoid? 1 2 3 4 5 Sole focus on salary Only offering in-house training Screening based on qualifications alone Promotions based primarily on seniority Fixed benefits If you are not sure how these findings could be applied to your organisation or want to discuss any of the insight raised within this guide please speak to one of our recruiting experts. Visit hays.co.uk/offices to find your local consultant. What Workers Want Report 2017 7
THE FULL PACKAGE PAY IMPORTANT BUT CULTURE DECISIVE is the single most important factor for professionals, yet they are not satisfied by salary alone. In fact, other factors such as career progression, the organisation s culture and benefits are collectively more influential to a person s career-related decisions. Professionals, however, are somewhat dissatisfied in their current roles. This may not necessarily be the result of employers not offering what their employees want, but may instead be due to a lack of awareness of what is available to them, pushing them to look elsewhere. To be competitive in recruiting and retaining professionals, employers should ensure they are offering a total package and communicating all aspects of it effectively, from interview through to career development conversations. Percentages at a glance consider pay to be the single most important factor when deciding whether to accept a new job or stay in their current one 78 of employees are ambitious would decline a job opportunity if no training or development was offered 86 always or sometimes consider training policies when assessing employers 45 62 49 38 39 40 63 would be prepared to take a pay cut for the right cultural fit rate their work-life balance as average, poor or terrible want to reach senior management hope for respect and recognition from a promotion of employees said culture was discussed during their last interview benchmarking important There can be no denying that pay is an important factor for professionals. 45% of a professional s decision to accept a job or stay in a role is influenced by the pay that is on offer. This is the case regardless of gender, generation, seniority or sector. However, one of the more prominent gaps is evident between the generations, with the older generations putting more emphasis on pay. Baby Boomers weighted pay more heavily in their decision compared to Generation Z (51% compared to 40%). When asked what they most want from a new job, two-thirds (66%) of candidates state that they would focus on securing a higher salary. Benchmarking can help give employers access to the most up-to-date information so they can position salary at a competitive level and ensure that money doesn t become a barrier to attracting talented professionals. Perhaps unsurprisingly, pay also remains high on the agenda for professionals considering a promotion. 58% of employees would expect a pay rise of above 10% and 10% would expect a pay rise of above 20%. How important is pay when considering whether to accept a new job? (%) Baby Boomers (born 1940 to 1960) 51 Generation X (born 1961 to 1982) 47 Generation Y (born 1983 to 1995) 41 Generation Z (born after 1995) 40 8 What Workers Want Report 2017
Younger generations motivated by bonuses Not only is salary important to employees, but bonuses also have an important role to play as a key part of the rewards package. However, over half (51%) of respondents stated that performance-related bonuses are either demotivating or have no impact. This is a notable figure and employers might want to consider how they use bonuses given their apparent lack of impact on staff motivation. However, despite younger generations placing less importance on pay overall, the findings show that they are still motivated by financial rewards. Three-quarters of Generation Z, compared to just over a third (36%) of Baby Boomers, stated that they find bonuses motivating. Employers therefore need to consider whether their bonus strategies are effectively aligned to the younger generations and ensure they are focused on driving positive behaviours and performance. Do you find performance-related bonuses motivating? (%) Motivating No impact Demotivating Baby Boomers (born 1940 to 1960) Generation X (born 1961 to 1982) Generation Y (born 1983 to 1995) Generation Z (born after 1995) 36 44 20 46 35 19 61 26 13 75 14 11 49 34 17 doesn t provide satisfaction in isolation Almost two-thirds (61%) of respondents stated that they would be willing to take a pay cut if a new job offered everything else that is important, with almost a third (32%) stating that they would accept a pay cut of over 5%. It is also noteworthy that men are more willing to take a greater pay cut than women to secure a better job. Not only are 62% of men prepared to take a pay cut, but 37% are willing to take a pay cut of over 5%, compared to only 29% of women. Just over a third (36%) of employees also stated that they would be prepared to take a pay cut to secure more annual leave. This was slightly higher amongst Generation X and Generation Z (both 38%). Professionals are also prepared to compromise on pay to achieve a better cultural fit (either in terms of securing a role which is a better fit for their personality or for their personal needs). Almost two-thirds (62%) of respondents stated that they would be prepared to take a pay cut to achieve a better cultural fit with an organisation. This is true across genders. Over half (52%) are willing to take a cut of up to 10%. Would you take a pay cut if a new job opportunity offered everything else that was important to you? Such as ideal benefits, career progression and location (%) Yes, above 20% Yes, 15% 20% Yes, 10% 5% Yes, 5% 10% Yes, below 5% No Male 3 3 8 23 25 38 Female 2 2 6 19 31 40 2 2 7 21 29 39 Almost two-thirds (62%) of respondents stated that they would be prepared to take a pay cut to achieve a better cultural fit with an organisation. What Workers Want Report 2017 9
Professionals looking for a diverse and engaging culture Cultural fit is no longer a nice-to-have given that there is considerable dissatisfaction amongst the workforce over a third (36%) of workers are dissatisfied or indifferent to their current role. A quarter (25%) of employees state that they prioritise culture both when considering staying with an employer and when considering a new job, and it is the second most important factor in the decision-making process. In line with this emphasis on culture, it is noteworthy that 85% of employees said it was very important to get on well with colleagues in the workplace and this number rose to 94% for Generation Z. Employers should factor this in when recruiting so that they build teams that work effectively together. However, this is not about recruiting the same type of person into a team because diversity is firmly on the radar of employees. Two-thirds (66%) say they always or sometimes consider diversity policies when assessing a new employer. This reflects a growing interest in this area. Professionals are not the only ones who recognise the importance of culture, as the vast majority of employers (97%) state that employing people who demonstrate a strong cultural fit is very or quite important. Indeed, when looking at what employers deem to be important when considering a new hire, cultural fit comes second only to a candidate s skillset. Almost a quarter rank it above a candidate s potential and even their qualifications. How important is it that you get on well with colleagues in work? (%) Very important Quite important Not important 85 14 1 How important are the following when considering a new hire? (%) Skill set Cultural fit Potential Qualifications 39 24 21 16 A workforce that is stressed and off-balance Professionals are feeling overworked. Almost half of the workforce (49%) rate their work-life balance as average, poor or terrible. It therefore is not surprising that over two-thirds (67%) say that they would be attracted to work for an organisation that restricts out of hours working, such as overtime, checking emails and taking calls. 49 % rate their work-life balance as average, poor or terrible It is also evident that work-life balance gets worse in correlation with seniority: a higher number of C-suite and senior managers rate their work-life balance as poor or terrible compared to non-managers (20% C-suite, 18% senior management compared to 12% non-management). Addressing work-life balance issues with staff of all levels could therefore be a strong retention tool, in particular with senior management where there is such high competition for talent. When looking for a new role, over a third (37%) of professionals across all seniority levels and generations are hoping it will offer an improvement to their work-life balance, ranking this higher than aspects such as long-term opportunities or a more challenging role. How do you rate your work-life balance? (%) Excellent Good Average Poor Terrible C-suite Senior management 13 38 29 15 5 10 37 35 15 3 Middle management 12 41 33 12 2 Junior management 12 44 31 11 2 Non-management 15 42 31 10 2 12 39 33 13 3 10 What Workers Want Report 2017
Progression means more than a promotion Although career progression was only weighted the third most influential factor in employees career-related decisions, the workforce is ambitious and this is important. 78% of employees are ambitious and 81% of employers say they want their prospective employees to be ambitious. Employers and employees both state that the benefit of this ambition is that they work harder and get better results. Over a third (38%) of workers would like to reach senior management and a fifth (21%) aspire to reach C-suite level. It is also noteworthy that aspirations to reach senior management differ very little between the genders, but far fewer women say they want to reach C-suite level (15% of women compared to 29% of men). The findings also show that the younger generations (Generation Y and Z) are more eager to reach C-suite level, with around a quarter (25% Generation Z and 24% Generation Y) looking to reach this level compared to only 16% of Baby Boomers. This highlights the importance of having effective retention and succession plans in order to nurture this ambition and promote progression to the top jobs. When promoted, aside from better pay and benefits, 40% of professionals stated that they most wanted recognition and respect. This was followed by over a quarter (28%) who stated that they wanted training and development. Both of these were rated above aspects such as moving up a level (21%) and securing a better job title (4%). Professionals want to be invested in, to be able to develop a strong profile and personal brand within their organisation and to be recognised for their accomplishments. What level of seniority do you hope to reach in your career? (%) C-suite Senior management Middle management Junior management Non-management Other Baby Boomers (born 1940 to 1960) 16 27 18 3 3 33 Generation X (born 1961 to 1982) 20 39 15 3 2 21 Generation Y (born 1983 to 1995) 24 43 12 2 1 18 Generation Z (born after 1995) 25 38 11 4 5 17 21 38 14 3 2 22 Aside of pay and benefits, which of the following is most important to you when you are promoted? 1 2 3 Recognition and respect Training and development Move up a level 4 5 6 Increase in budget Better job title Increase direct reports 78% of employees are ambitious and 81% of employers say they want their prospective employees to be ambitious. What Workers Want Report 2017 11
Training underutilised by employees Professionals want investment in their learning and development. All seniority levels, from C-suite to junior management, stated that they always consider an organisation s training policy when assessing whether or not to apply. 39% of employees even say they would decline a job opportunity if the employer could not offer any professional development or training. The importance that employees place on their learning and development seems to be understood, as 70% of employers state that they offer some form of training. However, there is a disparity between what employers say they offer and when employees say they receive. This mismatch is even apparent during interview where 76% of employers say they talk about career progression, yet only 38% of candidates state that this was discussed. This mismatch is also evident when looking at the types of training. Although 87% of employers say they offer on-the-job training, just over half (55%) of employees say they receive it. While 74% of employers say they offer third party training, such as towards formal industry qualifications, only around half this number (37%) say they actually receive it. This is particularly noteworthy given that it is the most desired type of training. There is also a significant gap when looking at mentoring. 60% of employers say they offer it, 47% of employees say they would like it, but only 23% of employees say they receive it. The lack of focus, investment and communication of the training support on offer is likely to be having a negative effect on staff retention. Training support within organisations (%) Offered by employers Desirable from a new employer Received by employees On-the-job 55 66 87 Third party 37 70 74 In-house 43 52 72 Mentoring 23 47 60 Benefits expected but not prioritised Compared to pay, culture and progression, the least important factor in the decision about whether to stay in a current job or accept a new job is benefits. However, there is a level of expectation from employees who view benefits as part of the standard offering. This may explain why benefits are ranked lower and employees are not prioritising them. An organisation s policies are key in shaping the benefits packages on offer to employees, and professionals take this into account when assessing a potential new employer. The top three benefits policies considered are: training, health and wellbeing, and flexible working. Health and wellbeing policies are also important, with 85% of employees stating that they consider these policies. Flexible working continues to be a desirable benefit. It was the highest ranked benefit in the Hays Salary & Recruiting Trends 2017 guide, with two-thirds (66%) of employees rating it as important. 85% of employees also state that they deem flexible working to be very or quite important in a future organisation and 84% state that they always or sometimes take an organisation s flexible working policies into consideration when assessing a potential new employer. Social responsibility, and maternity and paternity policies are far less frequently considered by employees (19% and 15% respectively). 12 What Workers Want Report 2017
What policies do you take into consideration when assessing a potential new employer? (%) Always Sometimes Rarely Never Training 49 37 9 5 Health and wellbeing 49 36 10 5 Flexible working 47 37 11 5 Diversity 31 35 20 14 Social responsibility 19 41 27 13 Maternity/paternity 15 21 26 38 Interviews are a missed opportunity Based on the above findings, it is clear that employees are prioritising the total package. Results also show that employers views are aligned with their employees in recognising the importance of professional development and culture. Despite this, employees don t appear to be clear as to what their current employer offers. This lack of clarity is also reported during job interviews. For example, although it is positive that over half (55%) of employers state that they discuss the benefits on offer with potential candidates during interviews, only just over a quarter (28%) of employees recall this. This suggests a breakdown in communication or a potential mismatch in what is considered to be a benefit. 13% of employees stated that they would be tempted to consider a new job if it offered benefits more aligned with their needs. Further to this, it appears that employers are not always discussing or prioritising aspects that pertain to culture, such as work-life balance. For example, during interviews almost a quarter (21%) rarely or never discuss health and wellbeing policies with a potential employee, and over a quarter (28%) state that flexible working is not important to their organisation. Culture is a hugely important factor to an employee s decision and interviews are a key stage to evaluate cultural fit. However, although 87% of employers state that they discussed culture during their last interview, only 63% of employees agree. With such a gap, employers should consider how well they are articulating their cultural message and whether their assessment practices are helping them to find a great match. What was discussed during your last interview? (%) Employees Employers 42 53 Culture 63 87 Career progression 38 76 Benefits 28 55 Improved communication may drive loyalty Over a quarter (28%) of respondents expect to work for fewer than five employers during their career, so generally professionals are not looking to job hop. Younger generations are even more loyal to organisations. 39% of Generation Z stated that they expect to work for fewer than five organisations, compared to only 27% of Baby Boomers. With one-third (34%) expecting to be in a role for between two to five years before a promotion, it indicates there is potential to achieve loyalty from the workforce. Better communication about what is available to employees, at the initial interview and in subsequent development conversations, may help staff to stay engaged and remain loyal. Setting clear expectations from the outset, and maintaining this dialogue, will be key to ensuring job satisfaction is achieved. What Workers Want Report 2017 13
SPOTLIGHT ON GENDER Given that many organisations are focused on narrowing the gender gap, it is critical they understand how expectations and motivations differ between the genders. Our survey findings showed some marked differences some can only be tackled over time with a significant cultural shift others can be addressed within organisations to support retention and facilitate the building of a gender diverse workforce. Focus on culture across both genders When looking at the findings, it is clear that there are key similarities and differences between the genders that employers need to be aware of. Both genders weight pay as most important to their decision about whether to stay in a job or accept a new job. However, men place slightly more emphasis on it, with just over 46% stating that pay is important in a new job compared to nearly 45% of women. Women attribute slightly less importance to career progression in a new job (18%), but slightly more importance to the organisation s culture (26%). Over a quarter of women feel culture is important when considering staying or whether to accept a new job. Almost two-thirds (63%) of women state that they would be prepared to take a pay cut to work for an organisation that offers a better cultural fit, compared to 61% of men. However, men are prepared to give up more of their salary to achieve it, with almost a third (32%) stating that they would be prepared to take a pay cut of 5% or more to achieve a better cultural fit, compared to only 28% of women. Nearly a third (31%) of employees stated that they always consider an organisation s diversity policies when assessing a potential new employer, so organisations should ensure they have these in place and are communicating them effectively. However, slightly fewer women recall discussing culture during their last interview (62% of women compared to 64% of men). This a significant gap for employers to address given that over a third don t receive this valuable insight into the organisation s culture at a critical time during their recruitment. Stay 11.5% 11.8% Benefits 11.5% 12.2% 19.5% 17.9% Career 18.8% 17.5% progression 23.6% 23.9% Culture 25.8% 25.5% 45.4% 46.4% 43.9% 44.8% Male Accept Stay Female Accept This chart examines how the key factors of pay, culture, career progression and benefits influence an employees decision about whether to stay in an organisation or whether to accept a new job. Would you be prepared to take a pay cut to work for an organisation offering a better cultural fit? (%) Yes, 5% or above Yes, below 5% No Male 32 29 39 Female 28 35 37 Women seeking wellbeing from work-life balance The level of job satisfaction and how professionals rate their current work-life balance is relatively even across the genders (around half rate their work-life balance as average, poor or terrible). Improved wellbeing and lower stress levels are perceived to be the main benefits of an improvement to work-life balance for both genders, but a higher percentage of women compared to men believe this to be the case (47% of women compared to 33% of men). In contrast, fewer women (13% compared to 20% of men) believe that the main benefit of improved work-life balance is that they will be more productive. Women also put a greater emphasis on flexible working. 53% of women state that it is very important in a future organisation compared to 43% of men. 14 What Workers Want Report 2017
What do you perceive to be the main benefits of an improved work-life balance? (%) Male Female Improved wellbeing 33 47 More time with friends and family 25 29 More productive 13 20 Putting reward and recognition at the heart of promotions When looking at what is important to men and women when they are promoted there are several differences, although they both value pay and benefits above everything else. Outside of this, women are more inclined to want respect and recognition from a promotion (40% compared to 38% of men). Women also put more focus on securing additional training and development opportunities as part of a promotion (30% compared to 25% of men). Women showing less aspiration to reach the very top job The survey findings also reveal that although both genders are ambitious and want to progress to senior management (38% for both genders), fewer women are aspiring to reach board-level positions within their organisations. 29% of men want to reach C-suite level such as Chief Marketing Officer and Chief Financial Officer compared to only 15% of women. This could reflect that the support and development structures still are not in place for women and that the glass ceiling is still limiting women s ambitions. Top three aspects that are important when promoted (%) Male Female Recognition and respect 38 40 Training and development 25 30 STEP CHANGE NEEDED TO ADDRESS DIVERSITY We work with organisations to help them understand where their diversity challenges lie, how their recruitment strategies can help overcome them, and where the opportunities are. Many organisations are actively looking to open up their talent pools and increase the number of female applicants due to the prevalence of skills shortages. Understanding the primary motivators that the different genders have will help in attracting and retaining the best. Organisations should concentrate their candidate attraction strategies on positive career experience and the training on offer, rather than solely on salary and financial rewards. While culture is important to both men and women, they have slightly different priorities and employers should consider this at all times. Having a strong employer brand which conveys a diverse culture, particularly to talented women, will be key. Employers must ensure they proactively discuss the topic at interview stage. If using promotions as a way to retain their female talent, employers should emphasise the aspects that matter most to them namely recognising their achievements and ensuring promotions are accompanied by additional training and development opportunities. They should also consider how they can help women to raise their personal brand within the organisation to support their development even further. However, although there has been some progress we still need to see a shift towards more women aspiring to the most senior board-level positions within their organisations. It is therefore essential for employers to ensure that all employees, regardless of gender, are aware of the professional opportunities available to them, and are confident they can excel in positions of leadership. Yvonne Smyth, Head of Diversity, Hays What Workers Want Report 2017 15
ACCOUNTANCY & FINANCE Finance professionals have high aspirations to reach senior management positions, and want recognition for their successes. Recognising and rewarding top talent is key for employers to attract and retain the best. How professionals decide whether to accept a new job vs. stay with their current organisation Benefits Progression 11.4% 18.9% 12.1% 17.1% Career decision influencers There are many similarities between the overall findings and those for accountancy and finance professionals. They gave similar weightings to pay, culture, career progression and benefits as the overall average when deciding whether to stay in a role or accept a new job. It is also evident that there is minimal difference between what makes somebody stay versus what attracts them, which is again in line with the overall findings. Culture 24.4% 24.2% was given the highest weighting of the four, and has more influence on the decision to accept a new role (almost 47%) than the decision to stay in a current organisation (over 45%). This focus on pay consequently impacted the importance placed on workplace culture and career progression, with both being given lower weightings. However, workplace culture is still a significant factor in whether accountancy and finance professionals accept a new job or stay in a role, amounting to nearly a quarter of the decision. 45.3% 46.6% Career progression is the third influence and accounts for nearly 19% of the decision to stay compared to 17% when considering accepting a role. Progression may not factor as strongly in the decision to accept a new role as career paths in this profession are typically very structured and usually follow a clear path, making it more of a standard expectation. STAY ACCEPT Benefits were given the lowest weighting by those working in accountancy and finance. It does however still account for nearly 12% of the decision, in line with the overall averages for both staying in a role and accepting a new one. Seeking recognition Accountancy and finance professionals are driven, with just over three-quarters (76%) saying they are ambitious. Delving deeper, qualified private sector accountants (81%), part-qualified accountants (76%) and credit controllers (75%) are amongst the most ambitious. As a result, 28% aspire to reach C-suite level, such as CEO or CFO, higher than the 21% overall average, and an additional 40% want to reach senior management. Financial remuneration is a key aspect of a promotion, and 69% of professionals would expect a pay increase of between 5% to 15% when considering taking on a new role. Bonuses too are integral to rewarding employees. Over three-quarters (78%) of accountancy and finance professionals would prefer a pay and bonus split of majority fixed pay with a small bonus (greater than the average of 69%), and 57% say they find bonuses motivating (higher than the average of 49%). However, it is not just about pay. 44% of accountancy and finance professionals say the most important part of a promotion is the recognition and respect it brings, greater than the overall average of 40%. Seniority matters too, with only 6% saying seniority is not important (lower than the average of 10%). Interestingly, moving up a level has the same value to finance professionals as the training and development options available (both 23%). This is contrary to the overall average where higher focus was placed on training and development. However, training is still a consideration. Whilst finance professionals are less likely than the overall average to want to receive training support from their employer, 44% say the most important way professional qualifications support their career is by giving them added credibility. This is given precedence over being a requirement for the job (17%), allowing professionals to do their job effectively (13%) and allowing them to earn more (10%). Despite the importance placed on career progression, there appears to be a mismatch in communication around promotion expectations. Over half of employees (55%) expect to be promoted within two years of starting a new role, yet only 47% of employers agree. Employers should therefore clearly communicate promotion plans and remuneration incentives with finance professionals to avoid losing out on ambitious individuals. Ensuring suitable channels are in place to promote individual and team successes to the wider organisation is also an important way to motivate employees to achieve their best. 16 What Workers Want Report 2017
Insights Key indicators Accountancy & Finance These professionals attribute the same importance to pay as the overall average Cultural fit Over three-fifths would take a pay cut for a job that offered a better cultural fit Ambition Over three-quarters of accountancy and finance professionals consider themselves ambitious 66 % 24 % Loyalty Under a quarter expect to work 66% for fewer than five employers during their career 28% 61 % 32 % Development Almost a third would turn down 62% a job offer if it didn t offer any training or development 39% Work-life balance Over half of accountancy and 78% finance professionals have a good or excellent work-life balance 51% 76 % 51 % What level of seniority do you hope to reach in your career? Accountancy & Finance C-Suite Senior Management Middle Management 28 % 40 % 13 % 21% 38% 14% How do professional qualifications support your career? (%) Give me added credibility Requirement of my job Allow me to do my job effectively Allow me to earn more Allow me to develop new skills Other 7 9 44 10 Top tip Professionals hope their achievements are recognised on their way to progressing to the top jobs. Help employees to raise their professional profile and credibility within the organisation by recognising and rewarding successes. 13 of accountancy and finance 55 % professionals expect to be promoted within two years of starting a new role 17 What Workers Want Report 2017 17