When it comes to what candidates are looking for in a new role, results show a consequential change in how employees view and approach work. Aside from salary, which unsurprisingly remains the top priority for 89% of respondents, a further 78% value elements which contribute to their overall working experience – such as learning and development opportunities, a strong company culture, remote working, and flexible hours – over more tangible factors such as benefits and office location. As such, base reward benchmarking is now a minimum hurdle for companies, who now have to pay much closer attention to the changing needs of a workforce who are now valuing location flexibility over a next-generation office space.
Cian O’ Maidin, founder & president of NearForm, says: “We live in a new era where workers no longer need to be physically co-located to get their jobs done. It is no longer necessary for a person to have to move to a big city in order to have high-quality career opportunities. In fact, high costs of living mean that a person living in a large city has to earn significantly more in order to have an equivalent quality of life as those living in less populated areas. Furthermore, the amount of time spent commuting to and from work can often add up to multiple hours each day and adds an economic burden on commuters. In the software industry, the reality is that there are more jobs available than people to do the jobs – therefore quality of life, employee experience, culture and personal development are critical elements of providing people with an environment where they are happy to stay.”
As society moves into a new hybrid working world, debates have surfaced over the remuneration levels required for those in fully-remote roles. However, only just over a quarter (26%) of employees would accept a pay cut to continue working from home, highlighting the delicate balance that must be maintained for organisations looking to retain and attract top talent.
James Madeley, People Director at NearForm, adds: “These findings represent a clear call-to-action for employers wanting to find and keep the best talent in a challenging and transforming market. It is crucial that businesses move on from outdated location-centric models of work and redesign employment around an experience-first framework, encompassing remote and flexible working options and improved quality of life. Only those employers that re-evaluate their company culture to apply wholesale and permanent change in their offering will be able to entice and keep star talent in the months ahead.”
Learn more about our findings, and how to maintain performance in times of digital transformation during the tech talent crisis in our upcoming webinar.