A new report released today by The Stepstone Group, a leading global jobs platform and parent company of IrishJobs, reveals that hybrid working is a key deal breaker for Irish jobseekers. Nearly half of jobseekers (47%) would refuse a job offer if there were no hybrid or fully remote working options offered, compared to a global average of 29%. The research also found that 61% of jobseekers would turn down an otherwise attractive job offer from an employer if they received a negative impression during an interview.
Published in partnership with Boston Consulting Group (BCG) and The Network, a global alliance of more than 70 leading recruitment websites, the new report titled How Work Preferences Are Shifting in the Age of GenAI, is based on survey data from more than 150,000 workforce respondents from 188 countries, including 1,746 respondents in Ireland, and is the fourth instalment in a series, the previous editions having been published in 2014, 2018, and 2021.
Findings also highlight the growing importance of corporate environmental, social and governance policy for Irish jobseekers. Almost one in five (18%) of jobseekers would refuse a job offer from an employer that didn’t have environmental or sustainability initiatives in place. 30% of jobseekers would not accept a job offer from an employer that didn’t offer mental health or wellbeing benefits.
A good work-life balance was the top job preference among Irish professionals, unchanged since the last report was published in 2021. Financial compensation, job security, and the amount of paid time off/holidays were the other most important work preferences in Ireland. Financial compensation has increased by six places since the last survey, indicating the impact of an increased cost of living on the workforce over the past number of years.
Findings also reveal how work preferences change across different age groups. While a good work-life balance is the most important job element for professionals aged 21 and above, interesting job content is the top component for workers under the age of 21. Financial compensation is the second most important work preference for professionals aged 21-50. Good relationships with colleagues overtake monetary considerations as the second most important job preference among workers aged 51 and above.
The research also revealed that when it comes to the balance of power in the employment markets, almost half of jobseekers (48%) believe they have at least some degree of choice in salary offers and can negotiate with employers.
Sam Dooley, Country Director of The Stepstone Group Ireland, responsible for IrishJobs says: “The Irish economy continues to expand, albeit at a more moderate pace, with the rate of unemployment remaining at a record low of 4%. Against this backdrop of near full employment, there continues to be significant competition among employers to attract and retain skilled talent.
“The insights from our latest Decoding Global Talent 2024 report, published today, provide an important insight for employers into the changing needs and preferences of professionals as they seek to meet their talent needs in this competitive environment.
Amidst such a tight labour market it’s crucial that employers regularly review and update their talent offerings to ensure they meet workers’ expectations. Providing employees with a good work-life balance remains the most important job preferences for professionals and should not be underestimated by employers in their job offering – it has consistently ranked as the top job preferences in our research since 2018.
“Our research also highlights the growing importance of hybrid and flexible working in the jobseeker agenda. With nearly half of jobseekers willing to turn down opportunities that do not provide hybrid or fully remote working options, employers should ensure they’re evolving their policies to address these needs and comply with new Government guidelines on the right to request remote work.”
Global Findings
The global findings of the survey reveal that three-quarters of workers around the world believe GenAI will bring some level of disruption to the workplace. But despite uncertain times, they remain confident about their place in the labor market: 57% of them are ready to retrain into new roles to stay ahead in their careers, and 64% feel they hold the upper hand when negotiating for jobs.
The findings of the study underscore the proactive approach workers are taking in response to the potential impacts of GenAI. By prioritizing reskilling and development, they are not only preparing to adapt to technological changes but also expressing confidence in their ability to thrive in an evolving labor market. This adaptability is key to maintaining a robust and resilient workforce in the face of ongoing technological advances.
Globally, workers are also clear about what they don’t want—54% would refuse an attractive job offer if they had a bad experience during the interview process. The importance of the recruitment process is underscored by the fact that a negative experience during recruitment is the second-most-significant dealbreaker in North America and Europe. Additionally, 40% of workers say they won’t work for companies that don’t offer mental health support or that have a perceived negative impact on society.
“In attracting global talent, a personalised, modern recruitment process is every bit as critical as providing a value-based workplace that supports the well-being of employees,” said Sebastian Dettmers, CEO of The Stepstone Group. “These are simply not just ‘nice-to-haves’ anymore.”
Interestingly, the impact of AI disruption is evident in what global talent desires in an ideal workplace. Job security was the most important factor for workers in East Asia and South Asia, particularly among those who perceived AI to have a greater impact on their future work. Learning and development topped the list for the Middle East and North Africa, sub-Saharan Africa, and Latin America, highlighting a strong desire to adapt, progress, and upskill in an evolving landscape. The highly competitive labour markets of recent years and the strong bargaining position of workers are reflected in financial compensation being the top priority for North Americans and work-life balance for Europeans.
Download the publication here.
More insights about the survey here.
