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You’ve probably heard of “The Great Resignation,” “Quiet Quitting,” and the many similar terms which have been used to describe the post-pandemic spike in resignations and drop in employee engagement.
These are not merely temporary trends or short-term reactions to a period of turbulence. In fact, at PageGroup, we believe that they amount to an “Invisible Revolution” – one with enormous implications for employers.
That’s why we commissioned Talent Trends 2023, an in-depth global study of almost 70,000 professionals around the world, the largest global talent study of its kind. This research has uncovered seismic shifts in employee attitudes and motivations, decisively showing that a new era of employee-worker relations is upon us. View the Full Report Here
For a snapshot of the transformation which is impacting employment markets specifically in the U.S., keep reading.
First and foremost, it is key to recognize that in recent years, professionals’ expectations of their jobs have shifted substantially. Our report shows that work-life balance, a competitive salary, and strong career progression prospects have become non-negotiable. And, crucially, the data indicates that professionals are willing to leave their roles in order to secure these things.
A startling 82% of our respondents in the U.S. are open to new a new job , despite most reporting reasonable rates of job satisfaction. Even if they are not actively applying for a new role, they are still open to making a move.
This openness to switching jobs is not confined to a particular industry or age group. As you will find in the full market report, this phenomenon is truly widespread.
In this post-pandemic world, many professionals have adopted a more “transactional” view of their jobs. After the disruption of recent years, the workforce’s collective emotional connection to the world of work has been diminished. This is already having significant consequences for employers when it comes to retention, as evidenced by the recent “Great Resignation.”
Workers are putting their own value first and evaluating jobs with a clear value equation: “What I get” versus “What I give.” Employers who cannot deliver in key areas will inevitably fall behind.
The study found that in the U.S., mental health and work-life balance have become even more important than many have realized, even if the conversation on these topics has grown exponentially in recent years.
Nearly half our respondents said that they would reject a job promotion if it would negatively impact their work-life balance, and seven in ten said that they would choose mental health and work-life balance over career success. For many, this balance is even more important than salary to their job satisfaction.
These elements of a company's culture and employee value proposition are no longer hygiene factors, but now staples in your offerings.
With that being said, an employee still won’t stay with an organization without some other key boxes being checked in their favor.
How employers approach this new dynamic will prove decisive in whether they thrive or just survive in the Invisible Revolution. A more empowered pool of professionals has emerged, and they are reshaping their relations with their organizations along more mutually beneficial lines. In practical terms, there are three specific areas which employers will need to address if they want to compete for top talent. They are:
When we asked respondents to rank the relative importance of different elements of a job, salary came out on top, flexibility was second, while career progression came third.
It's not enough to make a strong offer on just one of these three factors. They are now basic requirements for an appealing job, and employers must provide all three simultaneously.
Watch our Event: 3 Keys to Engaging America's Transformed Workforce
This just scratches the surface of the insights we’ve discovered with this comprehensive survey, the largest of its kind in the world. In our report, you’ll be able to dig deeper into the trends affecting multiple industries and markets and read our key recommendations to help you navigate this new talent paradigm.
The report outlines the needs, perceptions, and expectations of top talent, providing you with the info you need to meet their requirements head on and enable you to position yourself as an employer of choice. Leveraging this information will fortify your talent strategy in 2023 and beyond.
Download Your Free Copy Today or, if you're looking to hire, you can Request a Call Back to speak to one of our expert consultants today.
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Find out exactly what you should be offering top talent with our 2023 Salary Guides.
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