This new Workmonitor by Randstad provides the voice of employees around the world on what they want and expect from their employers and how willing they are to ask for it. It offers insight into what is shaping the new world of work in each of the 34 surveyed markets across Europe, Asia Pacific and the Americas.
There are five key takeaways from Randstad’s Workmonitor 2023 survey, one of the largest global studies of its kind. Unsurprisingly, job security and work-life balanced ranked highly among workers’ expectations and priorities. Perhaps more striking was the finding that many older people are returning to work, with 70% deferring retirement due to their financial position.
1. Job security
Fears of a potential global recession are concerning many employees. The survey finds that 37% of workers were worried about losing their job, and more than half were concerned about job security as a result of economic uncertainty.
However, a large majority said they felt secure in “some way”, while a quarter said their personal situation had got better in the six months before the survey. Nevertheless, 23% of respondents were looking to work more hours to cope with high living costs.
Workers in Latin America were the most worried about employment security with 60% concerned about losing their jobs. Their counterparts in Northwestern Europe were the least worried, at a much lower 24% of respondents.
2. Work-life balance
The current atmosphere of economic uncertainty hasn’t affected people’s desire for a better work-life balance, the survey says. Well over half (61%) of respondents wouldn’t take a job if it disrupted this, particularly younger workers aged 18-34.
The report also found that 34% would quit their job because of a toxic working environment, while almost half (48%) would leave a job if it “prevented them from enjoying their life”
The recent phenomenon of ‘quiet quitting’ is also reflected in the survey. Over 30% of respondents said they were performing the bare minimum in their jobs.
3. Unretirement
The survey data shows that many older people are returning to work, while others are delaying their retirement plans, because of economic factors. It says there’s been a significant decline in those who planned to retire before 65, down to 51% this year from 61% in 2022.
Randstad says analysis of the UK labour market reveals a record number of people aged 65 and older are looking for work. However, 32% of those surveyed said they needed work in their lives.
“Whether for meaning and purpose, social interaction or to experience the challenges that come with a job, employment for many is more than just a paycheck. It keeps them connected and gives them a sense of belonging,” the report says.
4. Expectations
The soaring cost of living has prompted many workers to seek financial help from employers, with 39% looking for pay rises outside of their usual pay review period, the survey results show.
Almost 30% said they needed help with energy, commuting and other expenses. But around half of respondents said they were already receiving some form of financial help from their company.
Aside from financial security, work flexibility remains especially important to many workers. The report says 45% of respondents would only work jobs with accommodating hours, while 40% require remote/hybrid arrangements and 27% have even left roles that weren’t flexible enough.
Most workers (83%) said they preferred working flexible hours, and 71% cited a flexible location as important. Women, often the primary caregivers, also valued flexibility more than men regarding working hours (85% vs. 81%) and location (72% vs. 69%).
5. Belonging
“The events of the past three years have led many to reassess the value and purpose of work in their lives, and people are clear about what they want. A desire to achieve a sense of belonging in the workplace – as part of a team or the overall organization they work for – is driving career decisions for many,” Randstad says.
Of the respondents surveyed, 54% said they would leave their job if they didn’t think they belonged at a company. And most feel it’s important for an employer's values to align with their own, with 42% saying they wouldn’t accept a job if this weren’t the case.
When it comes to employer’s values, 77% said sustainability, diversity and transparency are important to them. However, there is a generation gap around the issue of sustainability, with almost half of young (Gen Z) respondents saying they would refuse to work for an employer “that didn’t make a proactive effort to be more sustainable”. Just 35% of their oldest peers said they felt the same way.