In fact, nearly 60% of those surveyed said that they view skills development as their 'golden ticket' and would set aside higher pay in favour of a brighter future. Some 52% also indicated the desire to achieve a greater work-life balance and viewed time to enjoy their leisure activities as more important than the next step up the corporate ladder.
"The workplace is certainly changing and it seems that money doesn't necessarily dictate as a motivating factor for employee job-changing habits. While salary remains the main driver of attraction and retention, employers now need to consider how they can assist their employees to prioritise their professional growth while achieving personal fulfilment. This is vital to establishing and maintaining a reputation as an appealing company for which candidates wish to work," said Kelly Group Sales Executive Tracey Czakan.
The KGWI 2014 study reveals that, geographically speaking, more employees from the Asia Pacific and China (APAC) region seek work-life balance (65% versus 52% globally) and skills development ahead of higher pay and career advancement at 66% versus 57% globally. An interesting fact is that APAC-based employees are also more likely to trade in larger salaries and promotions in return for a flexible work schedule (48%) and the opportunity to start their own businesses (47%).
When viewed by generations, the statistics show that Gen X employees place their work-life balance higher on their list of priorities at 55% than Gen Y and Baby Boomers at 52% and 49%, respectively. Furthermore, an entrepreneurial spirit is more evident in Gen Y (45%) and Gen X (41%) than their Baby Boomer (30%) and Silent Generation (19%) counterparts. Professionals in engineering, IT (63% each), science (61%), as well as finance and accounting (60%) all follow the global trend of placing increasing emphasis on skills development and a healthier work-life balance.
"Essentially, attracting the right talent goes beyond a number at the bottom of an employee's payslip, promotions, work-life balance and skills development. The geographic presence, size and type of an organisation factor highly on the wish lists of candidates. Responses to the KGWI 2014 study reveal that companies that are the most appealing to work for are those that are large or mid-sized established firms with a global presence," explained Czakan.
In fact, the findings of the KGWI 2014 study also reveal that companies with an international footprint are three times more likely to attract employees when compared to national or regional organisations. Furthermore, 23% and 27% of candidates display a preference for large and mid-sized companies, respectively, while 9% favour smaller businesses. Established firms with longevity are more attractive to 41% of the global talent pool with listed companies appealing to 16% and start-ups to 4% of candidates.
"Globally, there is hope for employers facing geographic talent shortages because the KGWI 2014 study reveals that 70% of candidates are willing to relocate if they feel the job opportunity will advance their careers. In South Africa, however, this statistic is slightly different with 20% indicating an unwillingness to move for a job opportunity. Of those who expressed an interest in relocating countries for the purposes of work, 40% indicated Europe as their destination of choice," added Czakan.
"With skills development at a high point on the national agenda it's not surprising that 44% of those surveyed by the KGWI 2014 agreed that they would give up higher pay in exchange for the opportunity learn new skills. Locally, we also value our work-life balance with just under one-third indicating that they would definitely exchange career advancement for time to focus on their personal activities. The opportunity to start a business also rates highly on the scale, with 34% citing their entrepreneurial spirit as more important than career growth and advancement," concluded Czakan.
It is clear is that while giving employees higher pay and promotions may indeed improve retention, candidates are willing to make compromises that lead to a greater sense of personal fulfilment. With that said, employers who are in tune with their employees' needs will maintain the competitive edge when it comes to attracting top talent no matter where in the world they may be.
