Work in 2023: Shifting Priorities and Employee Expectations
Posted on 19th October 2023 at 10:48
In a world marked by economic uncertainty and global challenges, it comes as no surprise that the expectations and priorities of today's workforce have undergone significant shifts. The 20th Workmonitor report from Randstad, a global HR services provider, paints a vivid picture of these changes based on insights from 35,000 employees worldwide. From job security to work-life balance, this report is a comprehensive guide to understanding what makes today's workers tick. Join us as we delve into the five key takeaways from the Workmonitor 2023 survey.
1. Job Security: A Lingering Concern
The specter of a global recession looms large over the minds of many employees. According to the Workmonitor report, 37% of workers are worried about the possibility of losing their jobs, and over half express concerns about job security amidst economic uncertainty. This paints a stark picture of the deep-seated anxieties that permeate today's workforce. As the world grapples with economic challenges, job security remains a top concern for many.
2. Work-Life Balance: A Non-Negotiable Priority
Despite the turbulent economic atmosphere, one thing remains unwavering: the desire for a better work-life balance. The survey reveals that a resounding 61% of respondents would not accept a job that disrupts this balance, with younger workers aged 18-34 being particularly adamant about it. It appears that even in the face of economic adversity, the need for personal time and fulfillment remains at the forefront of employees' minds.
3. Unretirement: Rethinking Retirement Plans
Economic factors have spurred significant changes in retirement plans. The data from the survey shows a remarkable trend of older individuals returning to work or delaying their retirement. The percentage of those planning to retire before the age of 65 has decreased from 61% in 2022 to 51% in 2023. This trend reflects a response to the financial challenges posed by the current economic landscape, emphasizing the need for financial security in later years.
4. Expectations: Seeking Financial Support
The rising cost of living has pushed many workers to seek financial assistance from their employers. The survey results indicate that 39% of employees are actively looking for pay raises outside of their usual pay review periods. This shift highlights the urgency with which workers are pursuing better compensation to cope with the increasing cost of living. It's a clear indicator of the economic pressure that employees are under and their expectation for support from their employers.
5. Belonging: A New Priority
Over the past three years, the world has experienced profound changes that have led people to reevaluate the significance of work in their lives. In this context, the desire to find a sense of belonging in the workplace is emerging as a driving force behind career decisions. Whether it's being part of a cohesive team or contributing to the mission of the organisation, employees are increasingly looking for meaning and connection in their work. This shift underscores the importance of a supportive and inclusive work environment.
The 2023 Workmonitor report by Randstad presents a compelling insight into the evolving landscape of work. It highlights the deeply rooted concerns of employees in the face of economic uncertainty, while also shedding light on their unwavering commitment to maintaining a healthy work-life balance. Moreover, the changing retirement landscape, growing financial expectations, and the pursuit of belonging at work emphasize the shifting dynamics of the modern workforce.
As employers and organisations adapt to these evolving trends, it's clear that the employee-employer relationship is in a state of flux. Recognising and addressing these priorities will be crucial for creating a harmonious and productive work environment in the years to come. In a world where change is the only constant, understanding the evolving needs and aspirations of the workforce is the key to a successful and resilient future.
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