There aren’t too many surprises in Monster’s Future of Work Global Report. Employees still yearn for flexibility and better pay, and employers still yearn to hire in an increasingly competitive job market. But the report predicts some of the biggest challenges employers expect to face over the next three years, including difficulty finding skilled workers and ensuring employees get an adequate work-life balance.
“The market is infinitely more competitive and employers are willing to spend more money to attract talent,” said Scott Gutz of Monster.
Everyone is hiring
…but employers are struggling to fill vacancies. Recruiters said they lack confidence in their candidates and finding qualified workers remains a big problem. In technology specifically, 39% of respondents said they struggle with a skills gap, which is hurting their hiring efforts. And that’s just one piece of the puzzle; tech companies lack qualified recruiters, and candidates for companies like Meta and Google have complained about the interview process.
Still, more than half of those surveyed said they plan to replace or fill jobs, while 93% of employers overall are hiring. The biggest industries seeking hiring are engineering, automotive, retail, and insurance/real estate.
“While employers want to hire, their confidence in finding the right person continues its downward trend for the third year in a row,” the report said. “Hiring managers and recruiters expect fierce competition to find new talent.”
Give workers what they want
To stay competitive, companies said they were primarily looking to be more flexible, increase benefits and perks, provide job training and raise wages. In the tech industry in particular, increasing benefits and wages has been identified as a top priority. Others said they had started offering relocation allowances and severance packages and focused on diversity, equity and inclusion efforts.
But these changes are not always what workers want: older workers said they focus on pay, a safe environment and a workplace where they can communicate with colleagues, while younger workers said that they wanted job flexibility, career development opportunities and long-term opportunities. marketable skills.
The future of work is not hybrid for everyone
Some companies would bet their lives on remote work, but others aren’t so convinced. Less than half of employers surveyed said hybrid working is the future, and 42% of employers said flexible working options have helped companies retain workers and gain an advantage in the hiring process.
Companies everywhere are still slacking off on the entire office tenure. More than half of employers said they allow work-from-home days, while around 40% said they allow people to choose and change their own work schedule. Companies are clearly bowing to the wishes of workers; flexible working hours and remote flexibility were among the main wishes of the candidates.